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Understanding the wage landscape is a key part of the recruitment and hiring process. In order to expand the talent pool and attract the right fit, companies need to offer competitive wages and benefits. Pay can not only account for a successful hire, but also employee engagement and reduced turnover.
In turn, it's also important for Managers and HR to be well-versed in compensation and competitive salary in order to address raise requests and career advancement.
Here are 4 sites that offer salary and wage comparison services:
1. PayScale: Their site offers an interface for recruiters, as well as individuals. For the recruitment portion, they recommend requesting a demonstration of their PayScale Insight Lab. This tool can "strenghten your organization's pay strategy with a modern compensation platform that leverages market data, visual analytics and automated survey management." They offer a variety of other tools as well.
2. Salary.com: Salary.com offers a CompAnalyst tool, which is allows businesses to "harness employee value in your organization through fair pay practices that drive engagement, productivity, and retention." They have a small business and an enterprise platform and offer various membership packages.
3. Glassdoor: Glassdoor is one of the fastest growing jobs and recruiting sites and offers a straight forward tool to calculate compensation based on position and location. This is more individually based, but Glassdoor does offer a free employer's account.
4. Indeed: Indeed, much like Glassdoor, offers a quick and easy Salary Search. Their search is based on 500 million points of data, its free and they show you a list of jobs that fit your skills and pay preferences. There is also an employer portal for posting jobs and tips on how to increase brand awareness and attract the perfect fit.