It seems that the world of recruiting is growing increasingly competitive. Because of this more competitive environment, employers are finding themselves in a constant race to up the ante to attract and retain employees. Preliminary results of the 2017-2018 Agribusiness HR Review found that attracting and retaining talent is the current top concern of human resource professionals. The top two methods for combating the ever-increasingly competitive recruiting world is by offering better benefits and higher compensation. Competition for talent means more than offering a bigger paycheck and ice cream on Fridays. In the compensation and benefits arena, employees are interested in a total package of salary and benefits that reward them for the job done, incentivize them to do more, and are offered a solid benefits package.
Other insights provided from the HR Review noted that the most common months for reviewing salaries are January and December and increases are commonly implemented in January. As it is already October, now makes the perfect time to start planning how your company plans to compete for today’s talent. Of course, before determining what you will offer, it is important to take closer look at your compensation strategy, or develop one if you haven’t already. Determining what and why you will offer a certain compensation and benefits plan is essential to successful execution. In addition, knowing which benefits and compensation tactics excite your employees can make the difference between a successful compensation and benefits program and an unsuccessful one.
If you’re wondering what the market is doing in terms of compensation and benefits, Agcareers.com offers two products that help employers to take the guess work out of what everyone else is doing. The Compensation Benchmark Review (CBR) is AgCareers.com’s agribusiness salary survey. This online tool is designed specifically for the needs of the agribusiness industry. The CBR provides meaningful salary and benefits data on a wide array of positions. Data is available in multiple reporting formats to easily benchmark and compare data. To get started, email firstname.lastname@example.org.
About the Agribusiness HR Review™
This annual survey provides data on a range of human resource practices relevant to participating agribusinesses over the last twelve months within the U.S. (separate Canadian edition also available). The new 2017-2018 full report will be released in January. Data from 101 agribusiness companies provided information to document emerging industry trends.