We’ve just learned the Topgrading definition of an A-Player -someone who’s in the top 10% of all performers at any given salary range. How, then, do we know the right salary range to choose for the position?
That’s where your knowledge of your marketplace (or lack therof) plays a critical role. What do your competitors pay for similar work? Do they hire for similar roles? How do you even know?
The quickest way to find out is to check the Careers Page of your competitor’s websites and look at the job openings. It’s amazing what you can glean from these tasty nuggets of competetive information. Are your competitors hiring? If so, are they hiring salespeople? Support personnel? Executive staff?
An additional source of information is Job Boards like Monster.com and Careerbuilder.com. Go to these sites and do a search for all jobs by Employer Name, using your competitors’ names. Look at the job descriptions that pop up, and look for salary details.
Salary.com is a good resource for everything from high-level salary information across borad categories, down to “what should I pay my administrative assistant” type inquiries. The broad information is either free or relatively inexpensive. The job-specific information carries a bit more cost, but may be well worth it if you’re facing a decision that swings $5K or more. They have a small business section that’s spot-on for a lot of what my clients need. I sent a ton of people here as a good starting point.
If you want to get ultra-ninja with this type of research (and I would highly recommend that you do so!), consider hiring a market research or recruiting firm to uncover this information. These service providers aren’t tied by the industry relationships that keep you from raiding your competitor’s employees and soliciting salary information. They can tell you what employees at your competitors are making, and what the prevailing salary trends in the market should tell you about your pay rates. It’s information you can’t afford to be without. Contact my friends at illuma to learn about their cost-effective methods for researching your competitors.
The point here is to emphasize the importance of knowing who’s competing for talent out there. Recruiting, like real estate, is a local operation. Salaries for the same role will vary by state, city, and even ZIP code. Know what an A-Player costs in the role you’re trying to fill, and budget accordingly.
