Salary and benefits are important factors in attracting and retaining talent in Africa.
Several studies have proved this point.
With 15 years of experience in recruitment and after conducting nearly 100 salary and benefits surveys in Africa, Future Options Consulting agrees with this perspective: remuneration is an important factor in attracting and retaining staff.
Therefore, HR managers are required to ensure that the organisation offers competitive salary and benefits to attract and retain competent employees. Reliable market information is essential for establishing competitive rewards.
You can access market information through a salary and benefits survey.
When do you know it’s time to conduct salary survey?
- High employee turnover: If you notice a high employee turnover rate, it could be a sign that your salaries are not competitive.
- Difficulty hiring skilled workers: When the organization's compensation and benefits fail to measure up against industry standards, you may struggle to attract and retain highly skilled employees.
- Employee feedback: When employee surveys or feedback sessions reveal that your employees feel undervalued or underpaid, it may be a sign that it is time to conduct a salary survey.
- Most importantly, when you unable to advise the Board: When the Board asks you to explain the loss of talent, you may need facts and figures.
What do you get out of a salary survey?
- Data-Driven Decision Making: With a salary survey, you can make informed decisions crucial for organizational success. With a data driven approach, you can minimize the risk of overpaying or underpaying employees.
- Competitive Advantage: You can position your company as a desirable employer by offering competitive salaries and benefits that align with industry standards.
- Retaining Top Talent: You can address any discrepancies in the salary and benefits structure.
- Employee Performance and retention: Once you have the facts and figures, you communicate to the employees clearly what is in the markets and what you offer.
By conducting a salary and benefits survey, you can make more informed decisions of reward and retention-based data. You can align your reward strategy and support the business strategy. Salary and benefits surveys help your company attract and retain top talent, drive employee engagement and performance.
To embark on this transformative journey, partner with Future Options to conduct industry-tailored salary and benefits surveys. Contact us at firstname.lastname@example.org to get started.