Pay and Rewards for Top Talent
Do companies that recruit top talent?need to?pay more to attract and retain the top talent?
There are many reasons why top talent is attracted to a company and pay is often lower down on the list than we might expect. Firstly top talent tends to be hungry for knowledge, it’s often what makes them top talent in the first place. So if our business can offer learning and development opportunities then it will attract and retain top talent.
If there is a culture of training and development, coaching and mentoring opportunities with people that the top talent?respects, the prospect of promotion and development, working with other top talent and being part of a growing and successful company then top talent will want to join, even if this means compromising substantially on salary.
Secondly top talent will be attracted to a business that’s recognised as being (or will be) a market leader. Often top talent will delay rewards such as pay as these people will look for opportunities to grow and develop their skills and experience.
Companies that are serious about attracting and retaining top talent will pay a competitive salary and ensure that it remains competitive.
However it’s the non-pay actions that attracts and retains the top talent in the first place.
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I agree with the post
Throwing money at Top Talent is unproductive because within a short time it becomes part of the norm as salary. The other disadvantage is that no matter how much money you allocate there will always be someone who can pay more.
The best strategy is to discover what the talent wants from the job in terms of satisfyers and to deliver those.