“Part of defining your compensation philosophy is knowing with whom you compete for talent and how competitive you want to be,” writes Ellen Warden (WorkPlace Synergy) in “Are We in the BV Ballpark?”, a leading article in the current BorrowmanBaker BV newsletter. The two key questions to solidify your hiring and retention practices: Where do you get your BV talent from, and—perhaps even more critically—to whom are you losing (or could you lose) that talent?
“Regular market pricing reviews will help you keep a finger on the pulse of pay rates and spot trends in the market,” Warden advises. “This means you can confidently create and maintain competitive pay plans that help attract and retain key talent and manage the bottom line.”
How do you get access to current pricing data in the BV market? Since business valuation is still a relatively “young” profession, market-specific compensation sources still lag behind those in more “mature” industries. So perhaps the best way to develop BV benchmarks is to help create them, by participating in the 2012 BorrowmanBaker/BVR BV Salary Survey. Don’t wait: the data you input today will become your best resource for hiring and retaining BV talent in the coming year.