set the perfect pay rates in 3 easy steps.

Great people are the driving force behind successful businesses like yours. And hiring and retaining those great people starts with setting pay rates that lead to a competitive offer.

Fortunately, there are several salary calculators out there to make the job simpler for you. We've broken down how to use them here.

Paying at a competitive level can not only help you attract better candidates — it helps you retain them long-term, too.

how to establish the right pay rate

1. use a salary calculator to get the latest data for your market

Unless your organization is already broken down into clearly defined pay grades — or even if you just want to confirm your pay scale is still competitive — then a salary calculator can be a useful tool. A salary calculator from a reputable source can help you get the latest pay information for new positions you're looking to fill.

• Select the positions you intend to research, and divide them into entry-, mid- and senior-level groupings.
• Filter by job title, industry and location to get the most accurate results based on salaries in your area.

2. set an ideal range based on your results

Typically, salary calculators will give you an average number to work with based on different tiers of employee experience. What you do next with that information depends on your organization and its goals.

Once you have the average pay rate for a position, start evaluating where your business would like to fall around it.

• If you're looking to attract hard-to-find talent, then paying above the average market rate may be wise.
• It's generally not recommended to pay below the median unless your brand reputation is exceptionally strong or you offer market-leading benefits.

3. monitor salary data regularly

Salary data is always changing as the hiring market fluctuates. What's competitive in one quarter may only be average in the next, so it's important to stay on top of the latest changes.

• Identify positions each quarter that seem to be the most in-demand on the market — they will be your biggest churn risks.
• Input those positions into your salary calculator, filtering by the same criteria as in step one.
• If there are any changes, adjust your pay rates accordingly to bring yourself back into the competitive range.

partner with a staffing firm

Using a salary calculator will give you all the information you need to set your pay rates accurately. However, you might not have time to search all the positions in your organization and keep track of them on a regular basis. In that case, a staffing agency can help by:

• providing you with the latest salary data so you don't have to use a calculator on your own
• sharing insights into the latest trends in worker expectations so you can provide outstanding perks and benefits to go along with pay
• helping you build a more robust employee retention strategy that goes beyond just offering competitive pay

start paying like a pro

If you follow these steps you'll be well on your way to setting attractive pay rates and keeping yourself in the running for top talent. Or, if you'd like extra assistance and are looking for a staffing partner, Randstad can help.

We have the expertise you need to take your business to the next level. We can provide detailed, up-to-date pay data as well as invaluable insights into hiring trends within your industry. We’ll also connect you with a wide pool of qualified talent with the right skills and experience for your organization.