Insights Use Case: Retain Talent

The best recruiting strategy is to retain your top talent, and not have to recruit! 

On average it costs 6 to 9 months of an employees salary to replace them - so let's help you avoid having to do that. Don't be fooled, your competition is reaching out to your employees and offering them today's market rates, it is up to you to get ahead of them and keep your current team happy! 

Use Relode Insights to Retain Talent 

The Relode Insights tool makes it easy for you to see what the current market compensation is for a role. A great retention play is to proactively review your compensation ranges and confirm they are within the market ranges. We recommend doing this quarterly, or at a minimum annually for each role. 

Follow these simple steps: 

1. Choose a role and location at your company
2. Run an Insights report for that role: how to run an insights report
3. Review the compensation range for that role: interpreting insights: compensation data
   1. Decide if you should benchmark the role based on regional or national compensation 
      1. If an employee could do their same job for a different employer remotely, then use national 
      2. If an employee would always need to be in a physical location for their job, then use regional
   2. Decide what percentile range is fair for your role 
      1. Things to consider:
         1. Experience level: The more experience that an employee has the higher percentile they should be in. That is what your competition is using to determine the value of your employees while they try to snipe them away. 
         2. Supply & Demand in the market: The more demand (open jobs) there are than supply (talent) the more competitive the market is for you, and the higher the percentile you should be in. interpreting insights: supply & demand
         3. Specialization of the role: the more specialized or niche the focus of the role, the higher the percentile you should be in for compensation.
      2. Here is a rule of thumb chart to consider
         

         Experience Level	More Supply than Demand More people than open jobs	Supply = Demand Relatively equal people to open jobs	Less Supply than Demand Less people than open jobs
         Low (0 - 2 years)	10th - 25th Percentile in Compensation	25th - 50th Percentile	50th - 75th Percentile
         Medium (3 - 5 years)	25th - 50th Percentile	50th - 75th Percentile	75th - 90th Percentile
         High (6+ years)	50th Percentile or greater	75th Percentile or greater	90th Percentile or greater

4. Update the salary range for the role
   1. Based on your learnings change the compensation range for your roles 
   2. To get approval from leadership we recommending sharing the market data with them so they can see the reality for themselves how to share an insights report
5. Review each employee and make proactive changes to compensation 
   1. See which employees are below the market range and adjust based on their experience, and specialization 
6. Coach your managers on how to deliver the news to employees to ensure it is received well and truly is a retention tool
   1. Allow the managers to share the good news with their employees
   2. Make sure they know what pay period this will take effect so they can answer specific questions the employee might have