Today's employers face a multitude of challenges when it comes to talent acquisition and employee retention:
- The growing skills gap and ongoing labor shortage have created a highly competitive job market.
- The impending inflation concerns combined with the labor shortage are driving up salaries.
- The aftermath of COVID-19 is dramatically shifting workers' expectations.
Employers looking to remain competitive in today's fast-paced job market must establish a compensation package that has the power to attract and retain talent, while also not depleting their company's budget. However, it can be difficult to determine this optimal compensation level without the right data and insights.
This is where Randstad can help. For years, we have been working with clients to develop effective strategies, such as calculating optimal compensation, to improve both recruitment and employee retention outcomes. We work with companies from various locations and industries, including those managing a large workforce.
If your company, like so many today, is struggling to acquire and retain top talent or you have concerns about your company's ability to do so in the future, keep reading to find out how a partnership with Randstad can help.
Before your company can determine the optimal salary range for each role, it must clearly understand industry standards and emerging trends. Unfortunately, gathering these insights can be quite difficult, especially in a post-pandemic market. Fortunately, our teams at Randstad handle this process for you.
Every year, we create in-depth salary guides for various industries and locations. Our guides not only include salary data your company can use as a benchmark to compare its current salary offerings but it also takes a closer look at emerging trends and shifts within each market. We also highlight each industry's top roles, skills, and qualifications and denote any major shifts.
This data is crucial for establishing a competitive compensation package and completing yearly salary reviews.
With this salary data in hand, our Randstad teams can help you define the optimal salary range. The good news is that when done correctly, a pay raise can often pay for itself, through savings in overtime, hiring costs and absenteeism, as well as an increase in productivity.
While industry insights are essential, understanding workers' expectations is equally important. Without a clear understanding of what workers really want, it could be difficult to establish a compensation package with the power to attract candidates in today's busy job market or to show your current workers that the company cares about their needs.
This factor is especially true in a post-pandemic market. COVID-19 has shifted workers' expectations dramatically. While salary is, and will likely always be, the number one motivator for changing jobs, today's workers are looking for more. The fact is that salary isn’t everything, today’s workers also want the right employee benefits and non-financial rewards, such as flexible work schedules, hybrid work options, more paid time off, better training and career advancement opportunities, and job security as part of their overall compensation package.
How do we know this? Because we ask them. Every year, Randstad conducts a global survey of thousands of workers across different industries in 34 markets. This research provides insight into the global workforce's behaviors, expectations and motivators. We deliver these insights in our annual Randstad Employer Brand Research report, broken down by location.
This information is invaluable when creating a compensation and benefits package because it provides a clear picture of what benefits candidates, as well as your current workers, expect from an employer. Your company, in turn, can use these insights to create a benefits package that meets the workers' expectations.
Randstad doesn't work as a standalone service. Instead, we partner with our clients to develop a cohesive process that doesn't just drive results, but one that also delivers the specific results your company needs. We understand that our customers have various talent management goals, demands and challenges. For this reason, we offer fully customized talent recruitment and workforce management solutions.
We always take the time to better understand each client's unique needs before developing a customized strategy to improve hiring and talent management results. For example, with our Randstad Inhouse Services, your dedicated consultant works right on-site, day in and day out. This real-time, hands-on experience gives our teams the ability to provide the specific services your company needs and to develop cohesive strategies that improve outcomes.
This close partnership, combined with our extensive knowledge of the fluctuating job market and more than 50 years of recruitment and talent management experience, gives us the expertise necessary to help your company establish core talent management strategies, such as the right compensation package.
Download one of our latest case studies to find out how Randstad can help you establish the right compensation and retain your employees.