Do You Need to Raise Your Wages?: A Step-By-Step Guide to Evaluating Your Wage Practices
With low unemployment and a record number of job openings, many of us are considering what we need to do to attract and retain talent. While there are multiple drivers to attraction and retention, wages is one of the most clear-cut considerations. Learn a step-by-step process for evaluating your company's wage levels and practices, to determine whether raising wages will contribute positively or negatively to its bottom line.
Learning Objectives:
- Learn how to find and interpret relevant market data, to determine the external competitiveness of your wage rates.
- Know the key drivers of your company’s attraction and retention challenges, to determine whether wages are a top concern.
- Understand variable compensation components, to determine whether adjustments will lead to positive business outcomes.
- Analyze what an increase in varying degrees of wage rates will cost the business, relative to the cost of turnover and unfilled positions.
Mary Ila Ward, SHRM-SCP
Mary Ila Ward, SHRM-SCP, SPHR is the owner of Horizon Point Consulting which drives to move the workplace forward through innovative people practices. She has a background in corporate recruiting, economic and workforce development, talent management and leadership coaching and training.
A huge believer in work-life integration, she helps organizations realize how they can hire for fit while improving diversity, engage employees by supporting them holistically, and drive home the importance of career development to communities and organizations.
She graduated from The University of Alabama, with a BS in Business Management and holds Master’s degree Industrial and Organizational Psychology from Middle Tennessee State University.