What Is Competitive Pay?

If you can’t attract the right applicants to fill a vacancy, there’s a chance you may have to increase the amount of money you’re offering even you feel the salary you’ve set is competitive. Technical, academic or leadership roles that require a very specific skill set or a wealth of experience in a certain area can be difficult to fill. The more in demand an individual’s labor is, the more she can be expected to be compensated. The reverse is true at the other end of the income scale. If you have a large pool of potential candidates with adequate skills to fill a vacancy, the amount of money you will need to pay to remain competitive will come under downward pressure.