Written by: Malina Long at Santa Cruz Works
As a business owner, you have several aspects of your business to juggle at all times. One of the most important is hiring, retaining, and fairly compensating employees. According to data from Paychex and IHS Markit, hiring at U.S. small businesses with fewer than 50 employees has slowed for five consecutive months. According to a recent CNBC/SurveyMonkey Small Business Survey, fifty percent of small business owners said it was harder to hire in the third quarter of 2022 than it was a year ago, while 28% say they have open roles they haven’t been able to fill for at least three months.
Hiring new team members can be challenging, especially now, which makes retaining talented employees even more important. The pandemic has dramatically shifted our world and caused us to rethink our work-life balance. Are you paying employees enough? Are you caught in the in-between land of trying to figure out how to do raises fairly, equitably, competitively, and cost-effectively?
Candice Elliot, a values-based Human Resources Strategist and owner of Fortress and Flourish, will be hosting a webinar on October 26th to share 5 successful pay benchmarking tips to help managers enact equitable raises, attract awesome new hires quickly, repel people who aren’t right for the job, retain star employees, and feel relief knowing how their pay rates stack up to the market.