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It’s one of those phrases you often see in job descriptions, on the news, on a company’s website. But what exactly does competitive pay mean? And how do you calculate it?
Competitive pay is more than just a buzzword. In fact, for both employers and employees, it’s key to achieving your hiring or career goals. Keep reading to learn more about competitive pay, its significance, and the factors that impact it.
Also known as competitive salary, the phrase refers to compensation that is equal to or exceeds industry standards for the same role.
Competitive pay goes beyond base salary (i.e., an employee’s fixed gross pay). It also encompasses benefits, bonuses, and potential raises—all of which are important to professionals.
Organizations that have a clear understanding of employees’ priorities and the current job market can create holistic offers that satisfy employees and edge out competing bids.
There are several factors that impact competitive salaries. Knowing what they are can help you best determine what to bring to the negotiating table.
Employers often determine pay based on the job title and responsibilities. Use accurate salary benchmarking resources like our salary guides to learn the industry average for the role you’re hiring or applying for.
Industry is another element that impacts competitive salaries. For instance, organizations in highly active industries like construction, manufacturing, and information technology can afford to pay their employees more.
Need help hiring? Learn about our expertise in your industry and why it makes us the ultimate recruitment partner.
Unsurprisingly, the more years of valuable experience a professional has, the more their pay will increase. Professionals can sometimes also earn a higher salary if they have certain degrees or certifications.
To offset the cost of living, companies in expensive cities pay their employees more than those in more affordable areas.
Things like consumer expectations and advancing technology impact the job market and what professionals are most needed at a certain time. Roles that are in high demand will likely come at a higher price. Conversely, workers in less active positions may see a dip in their average salaries.
Additionally, in instances where there is a labor or skill shortage, qualified professionals can lobby for a more competitive salary.
If you need support with salary benchmarking, you’re in luck! We've done the work for you. Our 2025 Salary Guides include the latest salary ranges across various roles, industries, and U.S. locations. Get your copy to learn what you should be paying and earning.
Download your free salary guide
For employees, knowing what the market is offering can make all the difference in achieving better pay. When equipped with accurate salary data, the chances of securing competitive compensation rise.
Our recent research surveying over 3,000 workers revealed over half (51%) of them did not negotiate their salary in the last year. Fortunately, conducting research on competitive pay can also bolster confidence when it comes to negotiating salary with an existing or potential employer.
For employers, competitive pay is key to building and maintaining a strong workforce.
For example, 46% of workers say a higher salary is the most essential factor when considering accepting or applying for a role. Offering competitive salaries can help employers attract and secure top talent.
Competitive pay may also reduce turnover within an organization, as over a third (31%) of professionals are looking for new opportunities due to dissatisfaction with their current salary.
Want a more in-depth guide to salary benchmarking? Check out this article.
Beyond improving talent acquisition and retention strategies, offering competitive packages contributes positively to a company’s reputation. Organizations that compensate their employees competitively may experience more trust and business from consumers, investors, and their workforce.
Once you’re equipped with competitive salary data, it’s time to put it to good use. If you’re looking to fill an open role, we can help! Get in touch about your hiring needs.
And if you’re looking for your next opportunity, we partner with hundreds of top employers searching for professionals like you. Browse our live roles or submit your resume to get notified of new jobs.
