The average costs to replace an employee are:
· One to two times an employee's yearly salary
· $1,500 for an hourly worker
· 100% to 150% of an employee's annual salary for technical positions
· Up to 213% of an employee's annual salary for C-suite positions
When I work with employers, they often want to use free or low-cost salary survey data.
But if you benchmark your jobs annually and ensure that the total compensation opportunity is competitive, that helps you keep employees and attract new ones.
So, one way to demonstrate the need to spend money on salary surveys is to compare the cost of turnover to the cost of salary surveys.
How much does your employer spend on salary surveys each year?
· Zero
· $1 to $5,000 USD
· $5,001 to $10,000
· $10,001 to $20,000
· $20,001 to $30,000
· $30,001 or more
· I don’t know.
Please answer in the comments below.
#compensation #rewards #salarysurveys #marketpricing #hr #humanresources #pay #totalcompensation
(Sources: LinkedIn, PeopleKeep, and Applauz)