With an unemployment rate of 3.9% in 2018 and an average of 196,000 jobs being created monthly for the whole year, the labor market was tight and it seems to be getting tighter in 2019.
According to the annual Randstad US 2019 Salary Guide, these positive economic indicators have created an extremely competitive labor market place. The challenge for anyone looking to hire in 2019 is how to address the compensation conundrum.
For small businesses, this means competing with large enterprises for a dwindling talent pool of qualified candidates. And workers are fully aware of the leverage they have.
In the Randstad report, 66% of workers consider strong benefits and perks package an important factor when considering a job offer. And only 39% of workers are satisfied with the benefits their employers currently offer.
In the press release for the report, Jim Link, chief human resources officer, Randstad North America, goes on to explain the competitive salary market in the workforce.
Link said, “Simply put, the data we’re seeing around the tighter labor economy means the definition of a ‘competitive’ salary has changed.”
Adding, “It’s no longer enough for organizations to pay on par with other companies. Being competitive now means employers must offer salaries and benefits that differentiate themselves in a very tight labor market.”
The Randstad Salary Guide has accurate benchmarks for employers to ensure they are offering competitive salaries for new hires. The salaries cover engineering, finance and accounting, healthcare, non-clinical healthcare, human resources, information technology, life sciences, manufacturing and logistics, and office and administration.
You can download the guide here.
Salary Guide Sources
Employee salaries are a vital decision all business owners must make. Paying your employees a competitive rate is crucial in attracting and retaining a loyal, contented workforce, which will help drive your business forward.
Knowing what the right salaries are for different positions and for specific industries is a key challenge many small business owners face. Fortunately, help is at hand.
If you’re struggling to know what the right salary is for your employees or for a new job opening at your business, take a look at where to find the best salary guides so you have a clearer understanding of what you should be paying employees.
SalaryList provides information related to salaries provided by the United States Department of Labor. You can search for details on specific jobs, companies and states on this popular salary guide tool.
Bureau of Labor Statistics’ Occupational Outlook Handbook
The Bureau of Labor Statistics’ Occupational Outlook Handbook provides businesses with insight on salary data for thousands of jobs. You can search for data from occupational groups, such as media communication, healthcare and management, and then search for specific positions within teach sector.
The popular job search site Totaljobs has a salary checker feature where you can compare average salaries for any job. You can also view salaries for the top sectors and the highest and lowest salaries for specific positions based on the job advertisement placed on Totaljobs.
PayScale enables you to see the latest compensation research from the PayScale Data Analytics team. Through big data, business owners can see market pay trends and insights on issues, ranging from compensation best practices to pay equity, to ensure your business nurtures employee satisfaction through the right pay and salary practices.
Head to the global employment website Monster.com to use the salary calculator in order to find out what the average pay is for different jobs within specific sectors.
IEEE Salary Survey
If you operate an engineering company you can find out what the best salaries are to pay your engineering staff at the Institute of Electrical and Electronics Engineers Inc. (IEEEE). The tool is one of the most accurate available to engineering-based businesses, though it does require paid membership to access the tool.
Career Builder provides a free salary calculator that small business owners and HR professionals can use to check what the right pay is for different jobs.
Glassdoor is essentially a company review site where employees leave feedback about employers. The site has a salary search feature, which provides details about compensation for certain jobs at specific organizations.
Salary.com is a useful tool for business owners wanting insight on the right rates to pay employees. The site lists every position within a specific field designed to help businesses supercharge the impact of compensation at their organization.
Job Star’s salary surveys provide data and descriptions of the salaries of hundreds of jobs. The surveys are compiled for different sources and can be searched through occupation and industry.
If you work in the IT industry and are wanting to know what to pay members of staff, you can order a salary survey or opt to download specific pages from the Janco Associates Inc. website.
On Salary Expert you can find the market pay range for specific positions, industries, locations and more. Salary Expert provides businesses of all sectors and locations with quality compensation benchmarking for thousands of jobs based on global data.
The international recruiting experts Hays features a salary checker tool on its site where you can check the average salaries in different sectors, job titles, locations, experience level and areas of expertise.
Indeed is a leading job search site which features a salary search tool. From warehouse worker positions to engineers, sales representative to project managers, you can find out what the average salaries are, by both hourly rate and per annum, for specific jobs on Indeed to ensure you pay your staff a competitive salary.
You can compare the pay of over a thousand job descriptions in more than 300 cities across the United States using the Homefair compensation calendar. The information is presented in a concise, informative and easy way, meaning no time is lost finding out what the right pay is for your employees.
So there are now salary guides. But I guess it is still at the discretion of the business owner to follow it or not.