Talent Market

Talent Market is a nonprofit whose mission is to promote liberty by providing talent for critical roles within the free-market nonprofit sector

  • SEND US YOUR RESUME
  • CANDIDATES
    • APPLY FOR YOUR DREAM JOB
    • JOB OPENINGS
    • SIGN UP FOR E-NEWSLETTER
    • RESOURCES FOR JOB HUNTING DURING COVID-19
    • RESOURCES FOR JOB HUNTERS
      • JOB SEEKING TIPS
      • INTERVIEWING TIPS
      • RESUME TIPS
      • PREPARING YOUR RESUME AND COVER LETTER
      • CONSIDERING THE NONPROFIT SECTOR?
      • CONSIDERING A CAREER IN FUNDRAISING?
    • RESOURCES FOR PROFESSIONALS
    • RESOURCES FOR STUDENTS AND RECENT GRADUATES
    • RESOURCES FOR LAW STUDENTS & ENTRY-LEVEL ATTORNEYS
    • FREE-MARKET NONPROFIT DIRECTORY
    • PLACEMENT PROFILES
  • CLIENTS
    • NEED HELP WITH A SEARCH?
    • TIPS FOR HIRING MANAGERS
    • CLIENT LIST
  • ABOUT
    • SUPPORT
    • OUR TEAM
    • PARTNERSHIP WITH AMERICA’S FUTURE
    • ADVISORY COUNCIL
    • SUCCESS
    • TALENT TIPS
    • PRIVACY POLICY
    • SIGN UP FOR E-NEWSLETTER
  • CONTACT

Talent Tip #87: Embrace the Power of Markets: Pay Your Best Talent Well or Risk Losing Them

February 9, 2017

Talent Tip #87: Embrace the Power of Markets: Pay Your Best Talent Well or Risk Losing Them 

 

If you are on this email list, you are a big believer in the power of free markets.

(And if you are not, let me know so that I can mail you a copy of Free to Choose and then we can have a little chitchat.)

Since you are a big believer in markets, you no doubt treat your employees accordingly when it comes to pay. Given that, I was disheartened to hear from several friends in the liberty movement in the last few weeks who are scouting for new opportunities because they feel they are underpaid.

They told me despite solid performance and positive feedback, their pay has remained mostly stagnant for a couple of years or more.

Why on earth would organizations that espouse the power of the market not pay market rates? Because they think they can get away with it? Perhaps. The leader of one prominent free-market group has been known to say, “We can underpay employees because they love our mission.”

Malarkey! Sure, we all love liberty. And many of us happily forgo a larger paycheck in another sector because effecting social change matters to us. But money matters, too. And if you are not paying nonprofit market rates, you will eventually lose your best talent to a more competitive liberty-oriented organization.

So, what can you do to make sure your organization is harnessing the power of the market when it comes to pay? I’m glad you asked! Here are four simple things to get you started.

 

  1. Review Organization Salaries Annually
    In addition to regular performance reviews for employees, make sure you evaluate salaries organization-wide at least once a year.  If you do it annually, you won’t give yourself a chance to fall behind market trends.Not sure how your salaries are stacking up? I always keep an up-to-date nonprofit salary survey handy and will gladly share it with anyone who asks!Remember this: you may not be keeping up with market trends, but the organization down the street probably is. Guess where your talent will go? I recently heard about an organization that instituted a pay freeze during the economic recession and still hasn’t lifted it. Sure, they are saving money, but they are hemorrhaging talent.
  2. Send Positive Financial Signals to Your Best Talent
    Make sure you are rewarding your best performers. Not surprisingly, these employees are the most likely to be poached. If you’ve ignored their pay for over a year, address it immediately (if not sooner)!  And remember raises aren’t your only tool; you can also employ annual bonuses, spot bonuses, and other financial perks. Finally, remember that financial reward is a signal of how highly valued employees are. As one of my friends put it, “It’s not just about the money; the money is an indicator of the importance they place on my work.”
  3. Communicate with Your Employees Regularly about Financial Matters
    Employers often offer sparse or nonexistent communication about important financial matters that affect pay such as revenue and budgets. I’m not suggesting you share every financial detail with employees; but if you want to build trust and long-term relationships with staff members, be willing to share information that will affect their budgets and/or paychecks.Think of it this way: do you want employees to find out about your organization’s loss of a major donor from you or through the grapevine? If the rumor mill delivers these messages (and it eventually will because there’s a market for information, too!), trust evaporates and employees start scampering for the exits. But if you maintain an honest, open relationship with your employees about these issues (and if you have a plan to address them!), your employees are more likely to weather financial storms with you — even if it means temporary budget constraints.
  4. Develop a Reputation of Paying Market Rates
    Underpaying employees doesn’t just create a problem now; it creates a problem in the future. If your organization develops a reputation of underpaying employees, you will have difficulty attracting talent in the months and years to come.  Even if you correct the issue now, it will be many moons before your new reputation takes hold. Avoid the heartache today and tomorrow by paying market rates!

There you have it. Go forth, harness the power of the market, and pay your employees accordingly!

Keyword Search

Category Search

  • All Talent Tips

    Talent Tip #130: 7 Keys To Finding a Mentor

    Talent Tip #129: On Mai Tais, King Beds, and Resumes

    Talent Tip #128: Talent Market Answers Your 10 Biggest Questions About LinkedIn

    Talent Tip #127: Lessons from an Old Jeep Wrangler: Upgrades for Your Organization’s Hiring Process

    Talent Tip #126:Backpacks to Briefcases: Advice for Recent Graduates on the Job Hunt

    Talent Tip #125: Dating (and Interviewing and Hiring) During Lockdown

    Talent Tip #124: Advice for Dominating Virtual Interviewing (Especially in the Age of COVID-19)

    Talent Tip #123: What Does COVID-19 Mean for Hiring in the Free-Market Nonprofit Sector?

    Bonus Talent Tip: How to Interview in the Age of COVID-19

    Talent Tip #121: Considering a Career in the Free-Market World? Here are Five Things To Consider.

    Talent Tip #120: 5 Tips to Ensure an Efficient Hiring Process

    Talent Tip #119: 7 Pitfalls to Avoid as You Launch Your Career

    Talent Tip # 118: 10 Mistakes Young Professional Make When Job Searching

    Talent Market’s 10th Anniversary!

    Talent Tip #117: 6 Things to Consider When Asked for References

    Talent Tip #116: 5 Surefire Ways NOT to Land an Interview

    Talent Tip #115: Maps and Mobility: Revisiting the Yellow State/Blue State Phenomenon

    Talent Tip #114: A Lesson from Three’s Company: Eliminating Confusion About How Talent Market Can Help Your Nonprofit Find Talent

    Talent Tip #113: Workplace Change: Too Much of a Good Thing Isn’t a Good Thing

    Talent Tip #112: Four Things to Do Before You Apply For Your Next Job  

    Talent Tip #111: Take Your Resume to 11

    Talent Tip # 110: This Holiday Give the Gift of Fulfillment

    Talent Tip #109: Toxic Personalities: Bad for the Holidays; Bad for Business

    Talent Tip #108: A Quiz To Test Your Knowledge of Talent Market 

    Talent Tip #107: Seven Tips for Effective Networking 

    Talent Tip #106: 10 Things Every Free-Market Fundraiser Should Know

    Talent Tip #105: Breaking Up Is Hard To Do: How To Effectively Show An Employee The Door

    Talent Tip #104: Don’t Fall in the Homestretch: 5 Tips to Winning the Interview Process

    Talent Tip # 103: Lessons from Professional Wrestling: 5 Tips to Bodyslam Your Competition During the Hiring Process

    Talent Tip #102: 5 Things You Should Know About Talent Market (That Will Help You Help Us Help You)

    Talent Tip #101: Follow the Golden Rule When Hiring

    Talent Tip #100: Your Resumé: A Chance to Tell a Clear, Logical Story About Your Career

    Talent Tip # 99: Want to Be Fashionable? Stop Wearing Fanny Packs (And Stop Asking Candidates for Salary History)

    Talent Tip #98: What NOT to Wear To an Interview

    Talent Tip #97: For the Love of Lawsuits: What NOT to Ask Candidates During Interviews

    Talent Tip #96: How to Get Your Groove Back – Part Deux

    Talent Tip #95: How to Get Your Groove Back – Part One

    Talent Tip #94: Burning Bridges and Lessons from Peter Gibbons 

    Talent Tip #93: Looking Outside the Talent Box

    Talent Tip #92: The Yellow State/Blue State Phenomenon and the Benefit of Virtual Hiring

    Talent Tip #91: A Brave New World: Advice for the Newly Graduated

    Talent Tip #90: What to Do When You Don’t Know What to Do: Four Steps to Figure Out Your Next Career Move

    Talent Tip #89: Becoming Billy Shakespeare: Crafting a Powerful Cover Letter

    Talent Tip #88: Looking for Love: Valentine’s Tips for Job Seekers

    Talent Tip #87: Embrace the Power of Markets: Pay Your Best Talent Well or Risk Losing Them

    Talent Tip #86: Seven MORE Questions to Ask Before You Commit (Advice for Interviewing and Dating)

    Talent Tip #85: Eight Questions to Ask Before You Commit (Advice for Interviewing and Dating)

    Talent Tip #84: Culture Matters Part Deux: How Current and Prospective Employees Should Consider Culture

    Talent Tip #83: Culture Matters: Cultivating a Culture That Attracts and Retains Talent

    Talent Tip #82: Five MORE Tips for Discussing Salary During Your Job Hunt

    Talent Tip #81: Five Tips for Discussing Salary During Your Job Hunt

    Talent Tip #80: The Power of Networking: Landing a Job (And Maybe a Dog-Sitter) in One Evening

    Talent Tip #79: Two Solutions for Our Fundraising Talent Shortage

    Talent Tip #78: O Fundraisers, Fundraisers! Wherefore Art Thou Fundraisers?

    Talent Tip #77: The New York Times: An Unlikely Ally in Helping Us Find Talent

    Talent Tip #76: Believe It or Not: Talent Market is a Nonprofit

    Talent Tip #75: Field of Dreams: Job Descriptions That Attract Talent

    Talent Tip #74: Give The Gift That Keeps on Givng Giving

    Talent Tip #73: Turnover Turnaround: How To Keep Your Best Employees

    Talent Tip #72: Employee Turnover: Why Good People Leave

    Talent Tip #71: Career Choices: Let Passion Follow You

    Whitney Ball: A Life Well-Lived  

    Talent Tip #70: Choose a Job You Love…Maybe Confucius Was Right

    Talent Tip #69: It Was a Dark and Stormy Night: How to Make Your Cover Letter Stand Out

    Talent Tip #68: Ask the Magic 8 Ball: Why do Employees Leave?

    Talent Tip #67: The Key to Employee Retention: Convoluted Algorithms or Simple Communication?

    Talent Tip #66: Hotel California: Stuck in the Big City, Declining Mobility, and a Reminder to Consider Hiring Virtually

    Talent Tip #65: Roll Tide: What We Can Learn About Recruiting Talent from Nick Saban

    Talent Tip #64: Lookin’ Out My Back Door: Following Application Instructions 

    Talent Tip #63: Stand Out from the Crowd with an Eye-Catching Job Description

    Talent Tip #62 Take a Chance on Me: Nontraditional Candidates and Fundraising Roles

    Talent Tip #61: Google This: How to Create a Winning Resume

    Talent Tip #60: Goldilocks and Salary: Getting it “Just Right”

    Talent Tip #59: The Magic Formula Revealed: Determining the “Right Salary” for a Job Application

    Talent Tip #58: Working for Liberty: Think Like a Start-Up (or Why You Should Listen to Matt Warner at Atlas Network)

    Talent Tip #57: The Cover Letter: Common Pitfalls and Secret Ingredients

    Talent Tip #56: We Recycle the Same Talent? Ah, Contraire, Mon Frère!

    Talent Tip #55: On Assembling Bikes and Applying for Jobs

    Talent Tip #54: Is Virtual Hiring Right for Us?

    Talent Tip #53: Want to Expand Your Talent Pool? Hire Virtually!

    Talent Tip #52: More Advice About How to Land a Job

    Talent Tip #51: Start Working Your Dream Job (Before You Get Hired)

    Talent Tip #50: Your Advice on Pre-Employment Assessments

    Talent Tip #49: eHarmony for Hiring?

    Talent Tip #48: Hiring Advice – Three Hours in a Canoe and the Most Interesting Man in the World

    Talent Tip #47: Avoid Alka Seltzer with Writing Samples, Tests

    Talent Tip #46: A Cover Letter to Make Mama Proud

    Talent Tip #45: The Six Second Résumé

    Talent Tip #44: Liar Liar, Pantalones en Fuego!

    Talent Tip #43: Rejection (Im)Perfection: The Art of Second Chances

    Talent Tip #42: Recommendation Investigations, Your Reputation, Kiss Cams, and My Dream World

    Talent Tip #41: Work-Life Balance Policies, Part II: A Key to Attracting and Retaining Talent

    Talent Tip #40: Work-Life Balance Policies: A Key to Attracting and Retaining Talent

    Talent Tip #39: 80% of Success is Just Showing Up: Landing a Job in Another City

    Talent Tip #38: Tips for Talking About Salary

    Talent Tip #37: Mom Knows Best: Proofreed Proofread

    Talent Tip #36: The Art of the Interview

    Talent Tip #35: Traditions Worth Keeping: Play Like a Champion Today, Bun Runs, and Résumés

    Talent Tip #34: “I’ll Call You”: Rejecting Candidates After the Interview

    Talent Tip #33: Lessons From My Parents’ Marriage: It Pays to Court Candidates

    Talent Tip #32: Friends Don’t Offer Friends Questionable Job-Seeking Advice

    Talent Tip #31: Don’t Call Us – We’ll Call You (Or Maybe Not)

    Talent Tip #30: Dear Valentine, Your Reputation Stinks

    Talent Tip #29: I’m Gumby, Dammit

    Talent Tip #28: No Raise or Bonus? You’re a Mean One, Mr. Grinch!

    Talent Tip #27: Talking Turkey: Determining an Appropriate Salary Range

    Talent Tip #26: Show me the Money! (Or I’ll Keep Quoting Overused Movie Lines)

    Talent Tip #25: Your Resume as Prego: It’s in There

    Talent Tip #23: Why We Lose Talent: (Non-Financial) Incentives Matter

    Talent Tip #22: You Can’t Always Get What You Want: Advanced Degrees, Higher Salaries, and Marrying Orthopedic Surgeons

    Talent Tip #21: What Do Lady Gaga and a Graduate Degree Have in Common?

    Talent Tip #20: Take Rejection Like a Champ

    Talent Tip #19: Free-Market Karma: A Lesson in Retaining (or Losing) Talent

    Talent Tip #18: We Need More Lloyd Doblers

    Talent Tip #15: Beware the Candidate Who Doesn’t Follow Instructions

    Talent Tip #13: Top 3 Blunders Young Liberty-Loving Job Seekers Make (And How to Avoid Them, Land an Amazing Job, and Live Happily Ever After)

    Talent Tip #11: Managing Millennials: Understanding Your Gen Y Employees

About Us

Claire Kittle Dixon

Claire Kittle Dixon
Executive Director
Claire has more than a decade of experience in the talent development field. She…
Read more

Katelynn Barbosa
Talent Engagement Manager
Katelynn started her career in the Koch Associate Program and then litigated at the Institute for Justice…
Read more

Katy (Ranville) Gambella
Network Engagement Manager
Katy began her career at the Institute for Humane Studies and later joined the Cato Institute…
Read more

Stephanie Keaveney, Network Engagement Strategist
Stephanie’s career started at the James G. Martin Center for Academic Renewal…
Read more

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Wait, You’re a Nonprofit?

Talent Market is a nonprofit. We’ll wait here while that sinks in. We know it’s a crazy concept, but it’s been working like a charm since 2009.

Talent Market’s mission is to promote liberty by providing talent for critical roles within the free-market nonprofit sector.

We provide free consulting and recruiting services to free-market think tanks, policy organizations, research centers, and capacity building institutions dedicated to advancing the principles of limited government and free enterprise. (We do not work in politics, nor do we work with organizations that address social issues.) Talent Market believes that the road to prosperity is paved with freedom and that the success of our movement hinges on the talent that will take us there.

Read more

Copyright ©2021 · Talent Market

Copyright © 2021 · AgentPress Pro On Genesis Framework · WordPress · Log in