Subscribe / Unsubscribe Enewsletters | Login | Register

Pencil Banner

How to attract and retain tech talent by using compensation benchmarking

Sharon Florentine | May 2, 2014
Companies that rely on top tech workers are turning to real-time compensation benchmarking tools to ensure they're paying competitive rates to both attract workers with in-demand skills and reduce turnover.

"Developer demand is skyrocketing. These guys often have two or even three offers on the table at once, so they were able to pick and choose, and we needed an edge," Bottorff says.

Leveraging PayScale's data and the real-time compensation benchmarking tools allowed her to find qualified new talent and to make existing talent compensation more competitive. It also drastically reduces the chance that good employees might leave for a more lucrative offer.

Focusing on Employee Retention

"It's not just about how much to pay new hires. As our business has evolved, the responsibilities are changing and necessary skills are evolving for our team members, too," Bottorff says.

"In the past few years, Java and C++ would have been enough to qualify almost any hire. But now, Android and VoIP are mandatory on top of baseline development skills. I need to know how to compensate employees who've kept up and added those skills," Bottorff says.

Using real-time compensation planning and benchmarking tools allows organizations to determine the value employees have to the business, and also evaluate how new knowledge and skills should be rewarded, Bottorff says.

"I have the tools to see how my workforce has matured, and I know I'm paying for the skillsets they actually have learned," Bottorff says. "My jobs can keep up with the value of the employee to the business. By recognizing that they are becoming more valuable to the market and paying them accordingly, I can reduce the chance that they'll leave," she says.

 

Previous Page  1  2 

Sign up for CIO Asia eNewsletters.