Attracting top talent to your mission-critical roles in 2023 requires a strategic and comprehensive compensation strategy that goes beyond base salary. In addition to state and local pay equity laws, organizations must consider factors such as performance bonuses, long-term incentives, retirement benefits, health insurance, paid time off, sick leave and current compensation trends taking place in the career marketplace.
Though the strength of an organization’s compensation strategy can significantly impact its ability to attract and retain top talent, many midsize organizations do not have the capabilities or bandwidth to research, formulate and implement an effective strategy.
As industry-leading executive compensation consultants, the CRG Search team uses metrics-driven data and decades of executive search experience to help build your compensation and benefits strategies and win the war for talent in 2023. We offer a range of consulting tools and solutions – including market research, candidate assessment and offer negotiation – to ensure our clients find the right candidates for their most important roles.
Here’s how CRG Search consulting tools and solutions can help your organization build and implement a successful compensation and benefits strategy that attracts – and retains – winning talent.
Keys to building a successful compensation strategy in 2023
Research comparable salaries
A competitive salary is a crucial component of a successful total compensation strategy that attracts top talent. When developing a winning compensation strategy, organizations should take into account location-specific compensation data.
At CRG Search, we can build a custom-fit competitive compensation package for your organization. Using the CompAnalyst compensation tool, we access the latest comprehensive data on salary ranges and bonuses in organizations and locations relative to your targeted industry and function.
With this information, our team of executive compensation consultants can identify potential gaps in your current compensation strategy and provide solutions to improve it. Our experts can also help conduct market surveys, analyze job descriptions and requirements, and provide expert guidance on industry-leading practices.
Offer competitive benefits
While a competitive base salary is an essential factor for many candidates when making a career decision, there are other factors they consider – including but not limited to bonuses, benefits and long-term incentives – when evaluating career opportunities and offers.
Offering flexible work arrangements, professional development opportunities and a comprehensive health insurance plan can make an organization more attractive to potential candidates. Additionally, offering long-term incentives (such as stock options or profit sharing) can help align the interests of team members with those of the organization and encourage them to stay for the long term.
The CRG Search team can deploy CompAnalyst market data to compare your monetary and non-monetary compensation offerings to those of competitors in your industry and relevant function. Doing so can help identify potential gaps in your current compensation strategy and provide recommendations for improvements in line with industry standards – or better.
When comparing offers from different organizations, candidates may also consider the benefits offered by each. The CRG Search team can help shine a light on your organization’s competitive compensation package by providing a side-by-side comparison of the benefits offered by your organization versus those offered by your competitors, in turn providing a clear vision of the value when choosing your organization over another.
Evaluate and adjust compensation benefits regularly
To remain competitive in the war for talent in 2023 and beyond, organizations should continuously evaluate and adjust their compensation and benefits strategy to reflect changes in the market and the needs of their employees. This may involve conducting regular market surveys, tracking industry trends and analyzing the performance of current team members. This is particularly important in fast-changing industries where new data and trends can quickly become outdated.
As your retained executive search partner, the CRG Search team provides ongoing support – such as revisiting compensation packages to ensure your organization maintains the competitive edge required to attract top talent, maintain favorable employee retention rates and drive success.
Win the war for talent with CRG Search on your team
A competitive compensation strategy is only one part of a successful hiring process. To truly attract top talent, you also need a proven executive search process capable of producing qualified candidates who fit your organization’s culture, mission, values and growth goals.
At CRG Search, our team of executive search consultants has the experience, expertise and tools to find and hire the best talent for your organization. With an average of 15 years of professional and executive search experience, our team members provide personalized support and advice throughout the hiring process. We use a custom 30-step process and The Predictive Index® to ensure efficient, high-quality hiring decisions that save your organization time and money. Our team offers the expertise and credibility you need to make better hiring decisions and generate outcomes that will make successful growth a reality in your organization.
When you’re ready to implement a total compensation strategy that attracts winning talent, improves employee satisfaction and supports success in 2023, the CRG Search team is ready to talk. Contact CRG Search today to learn more about how our compensation analysis toolkit and industry-leading expertise can support your organization’s growth goals in 2023 and beyond!
