Competitive compensation strategies

Participate in two CUES surveys by March 31 and take full advantage of industry data to support your talent management efforts.

by Michael Becher, CPA, CUES Skybox

As job surpluses, quit rates and employee turnover rates continue to rise, so too does the need for employers to attract and retain employees. These factors have led to increases in employee expenses in the form of rising salaries, training and fringe benefits. Given the current labor market, finding and retaining skilled employees is one of the most important issues facing employers.

One important way organizations attract and retain talent is through competitive pay—more specifically, identifying the compensation offerings that equate to employee longevity while simultaneously conforming to your credit union’s pay policies.

Three questions need to be answered when trying to identify your competitive pay model:

  1. What is your compensation strategy?
  2. Where do you find reliable sources of compensation data?
  3. How do you apply your compensation strategy to the data?

 

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