Often when candidates accept a new job opportunity, it’s for a higher level position or for more money. This advancement could be what attracted them to the job at the time, but will it keep them satisfied?
Say you had a job ad that asked for a candidate with 3 to 5 years’ experience and the salary offered at the time sounded appealing to the person matching that requirement. However, once that candidate is in your position, they will grow to have more experience, perhaps 5 to 8 years’ experience or more. Will the salary you used to attract them still be suitable for the knowledge they’ve gained? Some organizations have annual raises, but as industry or occupational hiring demand evolves it may not be enough to retain talent.
For your talent management and retention, consider examining advertised market salaries to see if your current or offered compensation match your required level of experience or the current experience levels of your employees. Consider your key employees or hard-to-fill positions and examine those salaries. Below are median market salaries for some commonly advertised and hard-to-fill jobs at different experience levels, according to data from WANTED Analytics. The market salary is the compensation listed in job ads used to attract candidates, not necessarily the pay agreed upon between employer and employee.
Median Advertised Salaries by Experience Level for In-Demand Jobs
Of the jobs listed in the chart, Customer Service Representative was the most in-demand. Median advertised market salaries for this occupation are lower than the others listed. However, you can still see that the advertised salary increases depending on the level of experience required. Customer Service Representative jobs asking for candidates with 0 - 2 years’ experience commonly advertise a salary of about $27K. These same jobs that require candidates with 8+ years’ experience have a median salary of $38K. Software Engineer job ads commonly advertise the highest salaries in relation to the other jobs listed above. Software Engineer job ads requesting 0 - 2 years’ experience often advertise a salary of about $85K and openings seeking 8+ years’ experience advertise a median salary of about $115K.
You may expect salaries to increase when more experience is requested. However, it’s important to remember that your candidate will gain more experience while working at your company. To remain competitive and retain your talent, you want to ensure that you’re offering a salary that your employees will be satisfied with as their skills and abilities grow.
This article originally appeared on Analysis, a WANTED Analytics blog. __________________________________________________________________
Ashley Zito Rowe writes for the WANTED Analytics blog, Analysis, and her wine blog, NJ Wine with Me. Ashley’s articles and insight have been featured on or cited by Forbes, HR.com, ERE, American Staffing Association, Philly.com, GetOutsideNJ, and Hometown Quarterly. She is also a Marketing Manager for WANTED Analytics, focusing on customer and social media engagement. When Ashley isn’t researching hiring trends or drinking NJ wines, she’s likely to be adventuring somewhere in NJ, painting something, or watching Disney movies.