How to decide salary of employee? Facts: • Most of the time, compensation is defined by business owner of SME’s without considering any latest update of market rate, competition & talent shortage in market. • Employee retention continues to be a top concern for the majority of businesses & compensation is a top reason people voluntarily left a company. • While 73% of employers consider their employees fairly paid, only 36% of employees feel they are paid fairly. Solution: • Demand for high skill candidates is high but availability of high skill candidates is less, as very few companies are really investing for learning & development of their employees. Invest for development of your employees. • Take help of recruitment consultancy firm to get fair idea about market rate for job position, for which you want to recruit. • Consider inflation rate, demand of similar job profile in market & availability of required talent to finalize salary range for any job position. • Don’t wait for annual performance review but take real time feedback time to time to get real picture of what is in mind of your employees. • Top performing companies are giving pay rise to their employees year after year & more likely to embrace transparency, exercise variable pay practices and valuing their employees more highly than average companies. • Always recruit fresher & train them as per your requirement & work culture, in long run this will be cost effective solution for your staff requirements. If you found above mentioned tips useful for your company & want to implement the best HR Practices for growth of your company, please contact us. We are providing world class services for small & medium enterprises for establishment of HR Management Systems to improve productivity & sustainability of business. Synergy Resource Solutions “We Help You to Grow” HR Recruitment & Management Consultancy S-302, E-Wing, Second Floor, SOBO Centre, Gala Gymkhana Road, South Bopal, Ahmedabad-380058 Contact No (M): 9974017011, Email: [email protected]