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Keeping Cool with Hot Jobs

September 25, 2019  |   Compensation,Uncategorized   |     |   Comments Off on Keeping Cool with Hot Jobs

Pricing hot jobs is a hot topic in the compensation arena.

Hot jobs typically fit into two categories:
•  A new/emerging job typically requiring specialized skills
•  An existing job with high demand and low supply of skilled laborers for the job

Why is this such an area of concern for HR and Compensation professionals? 

There is a lack of accurate and up-to-date compensation survey data for hot jobs. In addition, it’s difficult to stay ahead of the game in identifying which jobs are hot.

Recommended market pricing strategy will vary based on the scenario for a given hot job. The table below will help guide you to prevalent practice based on your hot job scenario:

Sept 2019_BCR Blog

Bonuses and incentives can also be used to enhance a compensation package for hot job candidates:

•  Sign-on bonuses to attract hot job talent to your organization
•  Retention bonuses to keep your hot job talent
•  Performance-based bonus rewards
•  More frequent rewards (i.e. semi-annual or quarterly bonuses instead of annual)
•  Project-based or spot bonuses
•  Long-term incentive plans

Contact Us

Hot job compensation strategy is a challenge for many organizations as it is an ever-changing landscape. BCR can help you understand hot job best practices, establish your hot job strategy, and identify tactics to ensure you stay on top of this challenging compensation topic. We would be happy to help you!

More on hot jobs next month: What to do when a hot job is no longer hot

Should you have any questions regarding the above or particular situations you want to discuss, let us know. Reach out to Benefits and Compensation Resources (BCR): 1-847-236-1208 (phone) | 1-847-236-1209 (fax)

Written by: Jill Rea, BCR Consultant

BCR is a local, minority-owned firm with more than 25 years experience in serving non-profit, public, and privately held entities in the key areas of Benefits and Compensation Consulting, Performance Management, Human Resource Organization Development, and Human Resource Information Systems and Processes.

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