Recruiting is an ever-changing challenge, especially if you don't have a big budget. If you're looking for a new avenue, consider using LinkedIn. It may look a little intimidating, but we can help you get comfortable. You will also be able to reach a wider audience of those who may not be searching for a job, but can spread the word to their own networks when you have a position to fill.
Have you ever suggested paying an employee more than the going rate and gotten some pushback? When you set your salary ranges above the market rate, you are using a lead-the-market compensation strategy. While it comes with financial risk, it can have several benefits.
Continue reading to learn what a lead-the-market compensation strategy is, its advantages and disadvantages and how to know if a lead-the-market compensation strategy is right for your company.
Are you considering implementing a lag-the-market compensation strategy? Although lag-the-market strategies are usually rife with pitfalls, there are some benefits to implementing a temporary or mixed approach. But it has to be the right plan for you. So, if you’re considering lagging the market, read this first.