Are you being paid what you are worth? Most of us would answer the question with an amused negative. But it is actually a serious question, and not just for you. Salaries for recruiters may be close to your heart, but setting the right salary for the jobs you are trying to fill is key to getting the right candidates along for interview.
Answering the problem is made harder by salary inflation. The rate that was more than reasonable a few years ago may no longer sound nearly so attractive – or even practical – now. You need to know the salaries that various jobs pay, and you need those figures to be absolutely up to date.
Where can you find that kind of information? Of course, you can find out anything these days, with Google and unlimited time and patience. For those of us who don’t have enough of either, there is a new solution from business funding specialist Rangewell.
City-based Rangewell are in the business of finding funding for businesses. When a business comes to them with a funding need – anything from a Commercial Mortgage to a loan or a need to fund equipment, they can go into action to find answers. They operate a unique service that searches the entire UK lending market to find the right kind of funding – and the most competitive rate.
It has given them some exceptionally valuable insights into many aspects of business – including the importance of getting answers to questions about salary.
A Rangewell spokesperson explains; “We help our clients with all kinds of funding needs, including the costs they face when they are recruiting. We’ve seen what happens when recruiters don’t have the facts they need about current rates That’s why we have assembled our salary guide.”
There are several salary guides available, of course. The Rangewell guide is a little different, for a number of reasons.
To start with, it is authoritative. Rangewell has a team of data experts who searched out a number of primary sources, and found that the best source of information was from the figures used by the ONS, the Office of National Statistics.
“The ONS is generally accepted as the foremost authority when it comes to employment statistics. They get their figures from the tax office – so while most salary surveys can be distorted by people who may have a flexible approach to the truth, ours is dependable.
It is also based purely on UK data. Some of the sites we looked at seem to have EU or even US data in their DNA.”
All you need is the job title of the role you are interested in – and it will give you the figures you want.
But there is another reason why the Rangewell guide is especially valuable. It allows you to check how salaries have changed over the last 7 years, as well as what they are today.
You can see median and nominal pay rates for various sectors, professions and occupations for the last seven years at a glance. It is fascinating in itself, and it has a practical application in pointing out the pace of change as well as the raw figures.
“We think it is a vital resource for anyone in recruitment. If you work in a highly competitive industry, you can’t afford to pay too much for people, but you really can’t afford to run the risk of paying too little either, because it means running the risk of not attracting or retaining staff.”
If you don’t know what to offer the people you need to recruit for your clients or your business, you might not be able to bring those people in. In fact, you might not even be able to get them to read a recruitment ad. Paying too much for a given job may be expensive, but the reputational cost of being seen as a stingy employer could be far greater – not to mention the problems caused by not having the people you need for your workforce.
It looks as though the Rangewell online salary guide could become required reading for anyone in recruitment.
