Q: Why is keeping up to date on market rates and competitive salaries so important for obtaining and retaining the best candidates?

A: What happened during the recession was that companies froze wages to keep their businesses afloat, now with the recession being over, it might be time to increase those salaries. The market is tight right now, quality candidates are getting offered enticing salaries and in order to stay up to date, you’ll need to take a look at what your employees are making next to your competition. Yes, you may offer an amazing benefits package, medical, dental, 401k, paid holidays, etc., but in the end a better salary will always attract and retain candidates. The truth is that employees and potential candidates, especially the ones with families, student loans, mortgage payments, car payments, high Portland rent, would rather have money in their pocket today, then have the luxury of going to the doctor or the dentist. Offering a competitive salary doesn’t mean it needs to be outlandish or way above the competition. A competitive salary can just mean offering the current market rate. You will not only retain great employees, but also attract fresh new candidates with great qualifications.