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With an unemployment rate of 3.9% in 2018 and an average of 196,000 jobs being created monthly for the whole year, the labor market was tight and it seems to be getting tighter in 2019.
According to the annual Randstad US 2019 Salary Guide, these positive economic indicators have created an extremely competitive labor market place. The challenge for anyone looking to hire in 2019 is how to address the compensation conundrum.
For small businesses, this means competing with large enterprises for a dwindling talent pool of qualified candidates. And workers are fully aware of the leverage they have.
In the Randstad report, 66% of workers consider strong benefits and perks package an important factor when considering a job offer. And only 39% of workers are satisfied with the benefits their employers currently offer.
In the press release for the report, Jim Link, chief human resources officer, Randstad North America, goes on to explain the competitive salary market in the workforce.
Link said, “Simply put, the data we’re seeing around the tighter labor economy means the definition of a ‘competitive’ salary has changed.”
Adding, “It’s no longer enough for organizations to pay on par with other companies. Being competitive now means employers must offer salaries and benefits that differentiate themselves in a very tight labor market.”
The Randstad Salary Guide has accurate benchmarks for employers to ensure they are offering competitive salaries for new hires. The salaries cover engineering, finance and accounting, healthcare, non-clinical healthcare, human resources, information technology, life sciences, manufacturing and logistics, and office and administration.
You can download the guide here.
Salary Guide Sources
Employee salaries are a vital decision all business owners must make. Paying your employees a competitive rate is crucial in attracting and retaining a loyal, contented workforce, which will help drive your business forward.
Knowing what the right salaries are for different positions and for specific industries is a key challenge many small business owners face. Fortunately, help is at hand.
If you’re struggling to know what the right salary is for your employees or for a new job opening at your business, take a look at where to find the best salary guides so you have a clearer understanding of what you should be paying employees.
SalaryList provides information related to salaries provided by the United States Department of Labor. You can search for details on specific jobs, companies and states on this popular salary guide tool.
Bureau of Labor Statistics’ Occupational Outlook Handbook
The Bureau of Labor Statistics’ Occupational Outlook Handbook provides businesses with insight on salary data for thousands of jobs. You can search for data from occupational groups, such as media communication, healthcare and management, and then search for specific positions within teach sector.
The popular job search site Totaljobs has a salary checker feature where you can compare average salaries for any job. You can also view salaries for the top sectors and the highest and lowest salaries for specific positions based on the job advertisement placed on Totaljobs.
PayScale enables you to see the latest compensation research from the PayScale Data Analytics team. Through big data, business owners can see market pay trends and insights on issues, ranging from compensation best practices to pay equity, to ensure your business nurtures employee satisfaction through the right pay and salary practices.
Head to the global employment website Monster.com to use the salary calculator in order to find out what the average pay is for different jobs within specific sectors.
IEEE Salary Survey
If you operate an engineering company you can find out what the best salaries are to pay your engineering staff at the Institute of Electrical and Electronics Engineers Inc. (IEEEE). The tool is one of the most accurate available to engineering-based businesses, though it does require paid membership to access the tool.
Career Builder provides a free salary calculator that small business owners and HR professionals can use to check what the right pay is for different jobs.
Glassdoor is essentially a company review site where employees leave feedback about employers. The site has a salary search feature, which provides details about compensation for certain jobs at specific organizations.
Salary.com is a useful tool for business owners wanting insight on the right rates to pay employees. The site lists every position within a specific field designed to help businesses supercharge the impact of compensation at their organization.
Job Star’s salary surveys provide data and descriptions of the salaries of hundreds of jobs. The surveys are compiled for different sources and can be searched through occupation and industry.
If you work in the IT industry and are wanting to know what to pay members of staff, you can order a salary survey or opt to download specific pages from the Janco Associates Inc. website.
On Salary Expert you can find the market pay range for specific positions, industries, locations and more. Salary Expert provides businesses of all sectors and locations with quality compensation benchmarking for thousands of jobs based on global data.
The international recruiting experts Hays features a salary checker tool on its site where you can check the average salaries in different sectors, job titles, locations, experience level and areas of expertise.
Indeed is a leading job search site which features a salary search tool. From warehouse worker positions to engineers, sales representative to project managers, you can find out what the average salaries are, by both hourly rate and per annum, for specific jobs on Indeed to ensure you pay your staff a competitive salary.
You can compare the pay of over a thousand job descriptions in more than 300 cities across the United States using the Homefair compensation calendar. The information is presented in a concise, informative and easy way, meaning no time is lost finding out what the right pay is for your employees.
This article, “15 Mesmerizing Examples of Resources Small Business Owners Should Use as A Salary Guide” was first published on Small Business Trends
In a crowded market, sometimes it’s best to stand out. What’s your best tip for how to home in on your niche and define what’s unique about your personal brand?
These answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year and have created tens of thousands of jobs. Learn more at yec.co.
1. Develop a Consistent ‘Signature Move’
Most marketing and public relations outreach are the same across businesses in particular industries. To differentiate yourself and stand out in a niche or market, it is crucial to develop a signature move. This could be your branding or logo, or the use of paper materials such as handwritten thank you notes in the digital age. Always do the same thing, and be consistent with all your clients. – Ryan Bradley, Koester & Bradley, LLP
2. Find an Area You’re Passionate About
Start by choosing a niche that you’re truly passionate about, one in which you will aim for nothing but excellence. This will work in creating loyal brand ambassadors. It’s equally important to be completely authentic in your approach. Do not try to mimic other successful brand stories, because falsehood is not that hard to detect. Your voice, personality and values should be yours for real. – Derek Robinson, Top Notch Dezigns
3. Write Your Brand Story
To identify what makes your personal brand unique and convey it to others well, sit down and write your brand story. Just listing a bunch of adjectives on your LinkedIn profile or website won’t work. Writing your brand story will help you tell a cohesive story. Write a paragraph or two about how your values, beliefs, and passions have shaped you and how you use them to create value in your work. – Chris Christoff, MonsterInsights
4. Research Your Competition
Just like you would do with your company, you should do with your personal brand, too — you’ve got to research your competition to determine how to stand out. Do some digging online to find the profiles and websites of other personal brands in your niche or industry. Take a look at what they’re doing, and what they’re not doing, to discover how you can stand out from the crowd. – Blair Williams, MemberPress
5. Focus on Your Initial Purpose
Every company in a crowded market sets out with a plan to blow away the competition. Whether it’s alleviating pain points in existing alternatives, simplifying complicated features or adding missing options, there is always a reason for a beginning. Focus on your initial purpose to define what is unique about your brand. – Stephanie Wells, Formidable Forms
6. Go After a Sub-Niche
The secret to effective niche marketing is to be one step ahead of the competition. This means that you need to find a niche inside your chosen niche and appeal to that demographic. If your chosen niche is vegetarian recipes, for example, then focus on the sub-niche of vegetarian potato recipes. Once you’ve dominated that sphere, you can effectively branch out into other sub-niches and grow. – Bryce Welker, CPA Exam Guy
7. Ask Your Customers
Customer feedback is an important element to help you define what’s unique about your brand. Ask customers if they like your product and request feedback about what they would like to see you build next. You can then see if your competitors have some of the most popular features that they requested. If they don’t have one, you’ve found a new differentiator. Let your customers differentiate you. – Syed Balkhi, WPBeginner
8. Position Yourself as a Trusted Advisor
In the crowded business financing market, we’ve got to give our target market a clear reason to choose us over the competition. We do our best to stand out from the crowd by promoting our reviews/testimonials, being transparent and employing a more consultative approach. Everyone is looking for transparency, as well as a consultative approach versus an overtly sales-driven approach. – Jared Weitz, United Capital Source
9. Identify Your Strengths
Create a SWOT analysis for your brand, categorizing your strengths, weaknesses, opportunities, and threats. After you have written them down, take a look at your strengths and create a marketing message that really gets those across. Make sure all your strengths are included in videos and copy throughout your site, as well as ads on social media. – Jared Atchison, WPForms
10. Give Your Audience What They Want
It seems like everyone wants to build a brand to feel the “fame” — but go further than that. Do something more powerful and focus on the audience. Now my posts reflect what my audience wants to see and hear; simultaneously, I am authentic and myself. There will always be people who don’t like what you’re doing, but it’s OK because as long as the majority like you. That’s when you have a brand. – Sweta Patel, Startup Growth Mode
11. Gather Industry Recognition
Some of the easiest marketing collateral your company can acquire is social proof in the form of awards and industry recognition. There are awards for every vertical on every scale (national and local) and tons of partnerships you can enter into. Whether it’s “best of” awards for workplace culture or performance, these are excellent selling points to advertise your brand. – Kristopher Brian Jones, LSEO.com
12. Know Who You Don’t Want to Attract
The last thing you want to do with your personal brand is being everything to everyone. Get a very good understanding of your strengths and your weaknesses and double down on your strengths. Make sure to be clear about who you don’t want to attract and be very clear about it in your content and your imagery. – James Guldan, Vision Tech Team