Why companies should pay top level salary in a client driven market

In certain sectors of IT, Technology, and Digital recruitment, there may initially appear to be an abundance of qualified individuals, largely influenced by prevailing market conditions. Some companies during these times opt to recruit at the lowest salary tier in the hopes of securing top-notch candidates.

This approach is not without consequences and is ultimately unsustainable. Companies adopting this practice may find themselves facing a disillusioned team, as undervalued employees will begin  seeking alternative opportunities. A high turnover of staff can be highly destabilising for any company.   

Instead of following this short-sighted path which yield shot term results , savvy businesses should capitalise on the current market conditions to attract the best talent and hire at the top  end of their salary brackets. Offering competitive salaries not only helps secure top performers now but also fosters employee loyalty when the market inevitably shifts towards a candidate-driven environment, which it will. 

Intuitive and professional recruiters serve as the eyes and ears on the ground, possessing valuable insights into market dynamics and the evolving worth of skills. Rather than succumbing to the temptation of immediate cost savings, companies can benefit from a strategic approach to compensation. Now is the time to be discerning and forward-thinking, ensuring that your team remains motivated and engaged through thoughtful salary benchmarking. 

If you're interested in exploring a discussion on competitive yet sustainable salary benchmarking, to attract and retain the best talent, please contact our team for a non-obligatory conversation.