One of the biggest factors in terms of hiring qualified candidates is competitive pay. Especially in a candidate-driven market like that of the Dallas Fort Worth area, companies need to understand expectations and be able to work within the current salary framework. So how can you ensure that our pay rate will be competitive when you start looking for qualified candidates. Here is a closer look at the expected pay rate outlook for 2020 and how you can ensure your jobs are fair.
Projected Salary Growth
According to recent data, the annual increase in compensation costs in DFW, last measured in September of last year, stood at 2.3%. When compared to other southern metropolitan areas, like Atlanta, Miami, and Houston, it’s mid-range. Compensation cost increases in those cities ranged from 1.7% to 3.3%.
However, projections for actual salary increases expected in 2020 are currently standing at just 0.1%. This is demonstrating that in spite of low unemployment, wages are simply not growing. If your company is unable to make huge increases in individual raises, there are other benefits you may be able to provide to attract top talent and ensure that your jobs are fair.
Resources for Education
If you’re unable to make high increases in wages, another aspect that is valuable to a lot of new employees is access to education or assistance paying off student loans. Millennials and Generation Z are both coming into the workplace with very high student loan debt and not a lot of resources to pay them back.
Or they may be interested in completing higher education or training for certifications but are concerned about the price and the increase in their debt load that will impact them in the future in terms of buying a home or other financial goals.
Additional benefits, beyond healthcare, can also attract top talent to your workplace. The most sought-after benefit for many employees is the increased importance of work/life balance. Flexible schedules, work from home options, and additional PTO can provide a lot of incentive for your employees.
This also gives them an overall sense of fairness. If everyone is given additional time off or access to flexible schedules, employees at different stages in their lives will not feel as though others are getting unfair access.
Room for Career Growth
Finally, your new employees want to know that they have an opportunity to develop their skills and talents in your organization. They want room for career growth, advancement, and leadership roles. If you provide this, along with compensation increases for the additional duties, they will feel a sense of accomplishment and fairness in salaries.
Career growth doesn’t have to be overnight, and you can manage employee expectations in this process. Just be aware that there is a need and focus on what employees enjoy as well as the skills they bring to the table.
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