The modern employee can easily track sales opportunities. Job board search agents, Google agents and RSS feeds do most of the work. With that in mind, read this monster.com article – Are You Underpaid?
Some highlights:
Keep One Foot in the Job Market
“The best way to know your value is to be on the market” — even if you aren’t looking for another job, says Lee E. Miller.
The best practice for this topic is to assume your employees are aware of other opportunities and may even be considering them as you read this post.
Good advice from the author:
Is Pay Really the Issue?
Finally, step back and examine why you feel you’re underpaid. Sometimes the issue goes beyond money. “One of the reasons some people feel like they’re underpaid is if there’s too much personal cost to what you’re doing,” says Karen Wright, president of Parachute Executive Coaching. “If you’re doing the completely wrong thing, no matter how much you’re being paid, it’s never truly going to be enough.”
This issue is what we call rewards. Employee retention is best supported by knowing their communication style and rewards. Managing without this information is difficult to the point where some managers simply ignore it. That approach leads to turnover.