It takes time and resources to attract, recruit and retain top talent. Once an employee has been brought into an organization, it is in the best interest of the company to retain them. Failure to do so could lead to turnover, which may end up being costly as the time and effort put into recruiting and training the employee will be lost.
Employees in creative professions are not seeing much in the way of salary increases despite being in demand. It was recently detailed in an article from Adage that a survey of marketing professionals by recruitment firm 24 Seven revealed that 77 percent of respondents were hiring more or as often as they were last year, but salary increases did not show much of a rise. In fact, they had declined from a 5.5 percent average increase last year to 4 percent this year.
Despite the lack of raises, the survey also found that creative talent was in demand, noting that 70 percent of respondents said they had been approached with opportunities. The article goes on to note that for some employees looking for a better salary, the only solution is to switch jobs.
Salary is a significant motivator. A fair salary shows employees that they are respected and valued for the contributions they make. When employees have been with an organization for some time, they should be reviewed and considered for a raise. If companies do not take this step to compensate employees for their continued performance and effort, they make seek employment with an organization that will.
Retaining valuable talent is a high priority for HR departments. Offering competitive compensation is one way that organizations can look to attract and retain the talent they need for an innovative and well-run business. HR software solutions helps HR departments keep track of key employee details that can help determine salary requirements.