Employee salaries play a key role in what makes your company successful. You need to consider current and future company revenue, the opportunity cost of investing money in employees rather than another area, and the impact of salaries on the hiring process. Because compensation may be a deciding factor in whether an all-star accounting or finance candidate goes to work for you or a competitor, you need to offer an above-average salary. For help with salary negotiation, reach out to Alliance Resource Group, a leader in accounting and finance recruitment services in Orange County, CA.
2019 Financial Salary Guide & Employment Outlook
At Alliance Resource Group, we know that finding and retaining the right talent is not easy. A significant part of the challenge is putting together a proper compensation package that is attractive to the candidate and fits the requirements of the company. For this reason, we created our 2019 Financial Salary Guide & Employment Outlook to act as a resource and help you with the process. Knowing whether your compensation is in line with the market will play a key role in attracting and keeping your best employees.
Reasons to Offer Above-Average Salaries
In today’s tight labor market, there are a variety of reasons to offer above-average salaries. For instance, the number of accounting and finance candidates with the required skills to excel in a role is very limited. You need to do all you can to attract and retain them. Also, offering above-average salaries means you expect above-average work. Incentivizing a culture of high output encourages workers to perform accordingly. Additionally, above-average salaries can lead to more employee referrals. Top talent may refer other high-level performers to your business, increasing your odds of improving your workforce. Further, above-average salaries improve retention. Employees who are paid and treated well are less likely to leave.
Benefits Outweigh Costs
The benefits you receive from offering a competitive salary far outweigh the costs. For instance, although initially there may be less profit for your company, over time you will improve job satisfaction and employee retention. Along with having fewer high-level professionals handling the workload, you will save money by lowering recruiting costs. Also, offering a competitive salary will improve company culture. Employees will feel even more valued and appreciated for their contributions and continue improving their performance.
Download Our 2019 Salary Guide Today
Download Alliance Resource Group’s 2019 Salary Guide today, then contact us for all of your finance and accounting staffing needs in Orange County and LA!