Have You Considered A Salary Survey For Your Company?
The HR Coffee Room by 1BC Consulting, Inc.
Did you know that one of the main reasons why employees leave a company is because of low compensation? Whenever an employee resigns from his/her job, it creates turnover cost for your company. Now that doesn’t mean that all turnover is bad, in fact some turnover is indeed good for the business. One of the measurements you can adopt to reduce employee turnover, is conducting a salary survey.
Conducting periodic salary surveys should be a priority for every organization and it should be budgeted on a yearly basis. The data offered from these surveys will provide you adequate compensation information within the industry you operate in, and will allow you to find out if your company is competitive with the market. In a workforce that is so competitive, you need to constantly maintain your organization ahead of the game.
Let’s take a moment to consider all the costs associated with employee turnover – beginning with employment ads, screaming resumes, interviewing, hiring, training, reduced productivity, lost opportunity costs, etc. According to a Forbes article, here is what it may really cost an organization every time an employee leaves:
- For entry-level employees, it could cost between 30% and 50% of their annual salary to replace them
- For mid-level employees, it could cost upwards of 150% of their annual salary to replace them.
- For high-level or highly specialized employees, it could cost about 400% of their annual salary.
If you’re looking into conducting a wage/salary survey for specific positions, you have to take action right now and not wait until your next best employee leaves you.
Contact us today at 786-408-0700 to assist you with a wage/salary survey for your company. You may also send us an email to email@example.com and a representative will gladly assist you with the process.
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1BC Consulting, Inc.
Address: 8400 NW 36th Street, Suite 450
Doral, FL 33166