As companies adapt to the new trends, we’ve updated the structure of our compensation guide to reflect these recent changes. It's no longer enough to be within the average salary range when offering compensation for potential hires. It's the benchmark that companies strive to be if they want to have an extensive candidate pool and hire rapidly to meet their growth goals. If companies offer compensation below this benchmark, hiring top talent will take much longer, and the candidate pool they work from is much smaller. Conversely, overpaying for talent may yield a larger candidate pool, but at diminishing returns.
Competition for talent is fierce, and if companies want to scale rapidly, they need to meet candidates' salary expectations. There's a fine balance to navigating the ever-shifting compensation conversation and CEC is here to help navigate those waters.