Upping the Ante: Paying More for Peak Performers

August 17, 2020
|
Author: Glenn Hunter

Nothing is more important for the success of an organization than hiring and retaining employees who are passionate, dependable, productive and fully engaged in the company and the roles they play. And one big key to high engagement, recruiters and hiring managers know, is paying workers fairly and competitively.

Your best employees are hard to replace. Many times, paying them more than your competition helps with retention.

Determining the right salary is easy with LaborIQ® by ThinkWhy, a software tool that delivers instant access to real-world salary information based on education, experience and skills across job titles and locations throughout the U.S.

But what about an organization’s very top performers? Those who contribute at a high level and would be hard to replace? Once again, a data-analysis tool like LaborIQ by ThinkWhy can be used to identify just how much extra may be warranted, depending on where in the country the top employee is working.

For example, consider the median and recommended salaries for an employee with two (2) to four (4) years of experience and a bachelor’s degree who works in San Francisco, Dallas-Fort Worth or Raleigh, North Carolina. Using the software tool, median and recommended salaries can quickly and easily be found for, say, a Customer Service Representative, a Human Resources Manager, an Accountant, a Business Operations Manager and an IT Support Specialist. (LaborIQ by ThinkWhy actually offers salary answers for a whopping 19,000-plus jobs.)

Median and Recommended Salaries chart
Source: LaborIQ® by ThinkWhy

As shown in the chart, the gap between median salaries and those suggested for an organization’s most coveted performers can be wide. A top-performing Customer Service Representative in San Francisco, for example, could rake in nearly $15,000 more than the metro’s median salary for CSRs. While the gaps for other jobs in other metros are narrower in the chart, they are still substantial inducements for an organization’s peak performers.

High engagement is a non-negotiable “no-brainer” for business success. Thankfully, an intuitive tool is now available telling organizations just how much their top performers should earn to ensure they continue to stay engaged at a high level.

ThinkWhy continuously monitors and forecasts labor data at all levels, measuring impact to MSAs, industries, occupations, businesses and salaries across the U.S.