What Does “Competitive Pay” Really Mean?

Blog

It’s no secret that top talent expects to be paid top dollar. Even with a developed recruiting program, a strong, positive culture and a comprehensive benefits package, it will be difficult for your company to attract and retain the best employees without a competitive pay policy.

What is “competitive pay”?

Most HR professionals suggest that being competitive with compensation means paying an average of 5-10 percent more or less than the market average pay for a job or a group of jobs.

What is the market average rate?

The market average rate for a job is the average pay for a position. By ordering or engaging in pay surveys, you can study what market average pay is nationally, regionally and locally for various positions, and determine whether your pay is competitive.

Click here for more information on wage statistics and pay averages.

We do more than cover small businesses and individuals with the right insurance policies and benefit plans – what motivates our team is helping you save more so you can invest more in your team, family, and goals.

Recent Articles

Federal Changes to HRA, HSA, and FSA for 2024

There have been federal changes to Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), and Flexible Spending Accounts (FSAs) play important roles in managing healthcare expenses for both individuals and employers. These accounts offer different tax advantages and financial benefits, but it’s critical to stay updated on the rules and regulations governing them. If you’re […]

Sign Up for Our Newsletter!

Never miss an update from AUI – sign up for our newsletter today for the latest from our team and industry!

This field is for validation purposes and should be left unchanged.

Request a
Personalized Quote

Tell us a little about your insurance needs, then we will contact you for a quick conversation about what you do, what you love, and how we can help!