Are you an employer in Kenya (or on a path of becoming one)?
Are you losing top talents to competitors?
Are you wondering how can you ensure fair compensation for your employees?
The answer is salary surveys.
Whether you are fresh or have been in the industry for a while, you may not know how much is enough for each candidate due to the frequent changes in the labour market. Relying on data published online or consulting from friends may give you a hint, but not the accurate answer.
This is where salary surveys in Kenya kicks in.
- They show you where you stand
Are you under-paying or over-paying your employees?
Are you at risk of losing some of your coveted employees or gaining them?
The only way to know whether you are operating within the desired pay range and the probability of attracting top talents is to consult salary surveys that have benefitted thousands of organizations to streamline operations.
Truthfully, the labour market in Kenya and worldwide is undergoing massive changes. Whether it is in terms of job titles, remote versus on-site, or contract versus full time basis, the changes are all over. That however does not mean that you as an employer you are helpless to the changes.
A salary survey will help you to find your spot, discover your strengths and shortcomings, and see clearly the areas that need attention such as compensations, working conditions, employees’ desires, or the industry’s specifications.
- Help to reduce turnover
Employees are the most valuable assets in a company. Research showed that 44% of employees quit in search of high paying jobs, regardless of how long they have been in the company. Even with the pandemic, there has been mass exodus from jobs all around the world. In a report published by CNBC, more than 3.9 million people in USA quit their jobs in June and were confident that they could find well paying jobs elsewhere.
To attract competitive candidates and retain those who are in the company, then you should compensate them fairly. The only sure way of ensuring this is to know the market trends and adjust.
Even though you cannot eliminate turnover, adjusting your compensation where necessary will be instrumental in retaining and attracting the best talents. It boosts the employees’ morale and reviews, thus creating a cycle of growth.
- Quick hiring
How long do you take to extend an offer?
Can the timeline work if you need to fill a position immediately?
While there is no definite time of when a job offer should be made, National Association of Colleges and Employers (NACE) Recruiting Benchmarks Survey reported that employers extend a job offer to college graduates after approximately 24 days.
Salary surveys can help you to make decisions quickly. This is especially important in the wake of the pandemic where remote work has led to the creation of new jobs that need to be filled quickly and employers are scrambling for talents.
If you want to fill a role quickly, the salary surveys will help you to extend a job offer quickly and conduct smooth negotiations with prospects unlike when you may have to pause to your research, invest a lot of time in negotiations, or lose them at the last minute to competitors.
- Informed decision-making
HR professionals who conduct salary surveys in Kenya look at myriad aspects. They have access to vast collections of data and are the first to know about any changes in industry, job responsibilities, or working conditions. Reports about salary surveys in Kenya when provided by the right HR professionals are quite comprehensive.
They reveal the competitors and the base salaries of different roles, ranges, working hours, allowances, bonuses, retirement benefits, and other aspects. If for instance the company is losing top management to competitors, the data will reveal the severity of the risks and act as a compass on what should be done.
With such comprehensive reports, you will then know what to do to ensure you are compensating fairly, adhering to the industry’s guidelines, and plan future compensation, business development, and talent retention strategies.
Salary surveys shed more than just the figures that certain categories of employees are getting. They also impact hiring and operational decisions massively. Following the market trends and consulting salary surveys will cushion you from massive financial losses due to turnovers.