Salary Setting Strategies for New Job Roles

As a hiring manager, setting salaries that attract and retain top talent without breaking the bank can sometimes be a challenge, especially in the current market. However, with the right approach it is possible. Take a read of our guide to help you set salaries that reflect market conditions and job responsibilities without straining the budget.

1. Conduct a Thorough Job Analysis

Start by clearly defining the responsibilities and duties of the position. Identifying key responsibilities, required skills, and the necessary experience will help you set a fair and competitive salary. A job analysis ensures what you’re offering is reflective of the role and the value of it within your company.

2. Perform Market Analysis

Research is your best friend. Gather salary data on similar roles within the industry to use as benchmarks for your own position. Utilise resources such as industry reports, salary surveys, and online databases to understand what others are paying and help you stay competitive.

3. Set Salary Ranges

Based on your market analysis, set salary ranges for roles. Define the minimum and maximum salaries for the position. Ensure these ranges are flexible enough to adjust for high-performing candidates or extraordinary circumstances.

4. Incorporate Non-Monetary Benefits

Don’t underestimate the value of non-monetary benefits. These can include flexible working hours, professional development and training opportunities, health and wellness programs, team or company events, and a positive work culture. Such benefits can enhance and drive job applications without stretching the salary budget or encourage applications from within the organisation.

Setting competitive salaries that reflect market conditions and job responsibilities that aren’t through the roof is possible, with some research, analysis and by incorporating other benefits. Regular salary reviews and transparency will also aide your hiring process and attract candidates.

Have you set your salary and are you ready to hire? Let’s chat and understand your business’ needs and find your next team member. Contact us on 01509 615290 or via email on admin@centogroup.com.