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Are You Paying Your Employees Enough?

03/10/2016

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Are you paying your employees competitive wages? Are you hiring and trying to determine compensation packages for your open positions? Have you lost employees to other companies due to their more superior compensation packages? If you responded with uncertainty to any of these questions, then conducting a compensation report for the industry you are in will help you determine the right answers.

What is a Compensation Report?

Compensation reports are used to illustrate the typical compensation package level of a particular job role (lawyer, doctor, marketer, etc.) within an industry. A compensation package is the sum of direct benefits (salary, allowances, bonus, commission) and indirect benefits (vacation, paid leave, pension plans) that an employer gives to an employee in exchange for work.

Why You Should Run Compensation Reports?

When you run a compensation report, you will see the overall compensation package for the job function you ran the report for. This will provide crucial information to ensure that you are neither underpaying or overpaying for that position. Underpaying employee puts a damper on employee morale, productivity and retention, while overpaying for a certain position is just a waste of money. Compensation reports give you the basis for ensuring that people within a certain role are compensated fairly. 

Interestingly enough, management occupations, legal occupations, and architecture/engineering occupations are respectively the top three highest paying industries in Nashville, Chattanooga, and Knoxville. Conveniently, LBMC Employment Partners has offices in all three cities.

If you are looking to hire these positions, or any other position for that matter, LBMC Employment can help you run a compensation report, while LBMC Staffing Solutions can help you find an ideal candidate.