"Waiting for an annual market survey wasnâ€™t an option for us, so we chose PayScaleâ€™s real-time compensation management solution."
Jack Connell, Vice President of Total Rewards at GoDaddy
Take IT for an example. Overall, the increase in median salaries of traditional IT employees has only risen 2 percent since 2012. However, the median pay for the twenty skills most in demand has risen from between 10 percent and 20 percent.
Most high tech companies have shifted their focus from recruiting employees with a large range of skills to recruiting those who have mastered the newest skills.
Companies that do manage to attract top talent are at risk of losing these employees to companies that can offer higher salaries. Clearly, appropriate compensation is critical in attracting and retaining highly skilled employees in this industry.
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Keeping up with compensation ranges for your highly skilled employees can be a difficult task to say the least. In order to retain these talented individuals it is necessary to pay them competitively in relation the market value of their jobs, and even to offer them a premium above market ranges if they're in high demand. If you are not up to date on what your competitive market is paying those employees you risk losing them to other companies who are willing to pay them a market-based salary. PayScale has a wide range of salary data for the occupations, skills and certifications in high tech which makes it easy to determine if you are compensating your tech employees appropriately.