compensation analysis

Compensation benchmark  

TalenTrust analyzes your compensation practices and provides essential data and market insight to ensure you remain competitive in a tight labor market, so you attract and retain the best talent.

Talent & Culture Report Card

Your company’s ability to find and keep people is based on much more than your recruiting tactics. It’s dependent on several interrelated factors. Take this brief quiz to help identify areas of strength and opportunity within your organization’s human capital strategy.

How to Find and Keep the Right People

Nineteen percent of job seekers say compensation was the #1 factor for leaving their job in the last year. Money matters. You may have a range in mind that you want to pay for a particular position. Or, maybe it’s a new position and you’re unsure what the pay level should be. Before you start looking for the right person, search the market to see how closely the compensation you plan to offer matches what candidates expect and are getting. If you are not in alignment with the market, you’ve created a barrier to getting the best person for the job.

The obvious remedy is to increase the compensation you offer. But compensation isn’t the only way to attract and engage. If you can’t realistically pay more, here are examples that can help get candidates excited about your opportunity: reduce the level of required skills or experience; look for a more junior person you can train to close the gap over time; or offer strong professional training and development programs. And always highlight what makes your organization special: your culture, team spirit, growth opportunities, and any special perks and incentives that combine to make your company a great place to be.

It Doesn't Pay to Be Cheap

If there is one word that cuts through the complexity of employee compensation, it’s fairness. Fair pay for the actual work, and fair pay in relation to colleagues and market expectations. There are many reasons to make fairness the cornerstone of your compensation philosophy and practices, not the least of which are an increased ability to recruit and retain top talent. A reputation for fairness contributes to a stronger employer brand and helps increase employee productivity and loyalty. Being cheap, or even perceived as cheap, does the opposite.

Too many busy employers develop their compensation policies, then put them on a shelf and forget about them. You can’t afford to do that in this competitive talent market. If you don’t regularly review and compare what you offer with what others in the market provide, you won’t know where you stand—and it could be costly to wait for the market to tell you.

Advice on compensation? It's in the book.

“I remind companies regularly that the amount of money you pay your people is not just a financial decision; it is also a tangible symbol of how much you respect them. I tell companies to please pay a fair wage. So many companies like to play games with compensation.”

Kathleen Quinn Votaw, CEO, TalenTrust

“We are in a niche industry and it’s challenging to find the right people with the right skillset and distinct cultural fit.”

Teresa Charles VP Human Resources, APR