Entertainment industry; 400 employees with two locations in USA.
Pay adjustments made on an exceptional basis. A particular digital project, which was a main component of the business, was at risk of delay because key employees left to work for the competition. Turnover increased 78%; almost twice turnover in the industry.
Is our pay competitive?
Market positioning of salaries specific to each position as well as each employee. Pay action plan included an incentive plan for operations, with a special merit pool for employees in critical positions that were below market value to ensure retention; plus an increase in salary structure.
That critical digital project was completed on time and within budget; boost efficiency of recruiting efforts by increase time-to-hire, from 45 days down to 18.5 days, due to a more competitive salary structure.