Competitive wages matter to employees.
If you are like most professionals who work for an HR service provider, such as a Professional Employment Organization (PEO) or Administrative Services Organization (ASO), you are always thinking about how you can help your clients improve the efficiency of human capital management (HCM) to run their businesses.
One key area to consider is competitive wage analysis. Do your worksite managers know what they should pay their employees? When their star employees are up for review, do they know if they are paying them the local market rate?
The answer more than likely is going to be a resounding “no.” But it doesn’t have to be. As a provider of HR services, helping your clients answer key questions like this can increase the value you deliver to them, and retain them for the long term.
How Employee Wage Analysis Helps Your Business
Here are 3 ways competitive wage analysis can help your clients and your business:
- Employee Retention: If your clients don’t pay salaries competitively, based on an individual role and geography, then the likelihood that great employees leave is amplified, significantly. Competitive wages are a key part of employee satisfaction. Read more about employee retention strategies
- Profitability: Making smart decisions about what employees are paid has major implications on the bottom line. And when you can help your clients use employee wage analysis to increase profitability, you build trust and boost your relationship with them
- Growth: Showing your prospects how you can help solve a problem that should be top of mind for all hiring managers will help you cultivate opportunities and win new business
Helping clients get access to information on competitive wages quickly and in an easy-to-understand, actionable format is simply a win-win scenario.
PrismHR’s Integration with JuvodHR Makes Wage Analysis Easy
Check out this video below for a quick look at the power of competitive wage analysis for employees.