Setting salaries is a tough task, especially for operators in new markets. Below, we discuss the key things to consider, and some of the tools available to help
The global online gambling industry continues to expand at a rapid rate, with new and emerging markets providing operators and suppliers with tremendous opportunities to grow their businesses.
The USA, Africa, Asia, Latin America and even parts of Europe are opening their digital doors to legal, regulated online gambling for the first time, and businesses and professionals are keen to get in on the action.
While these fledgling markets provide plenty of upsides, there are just as many hurdles and recruiting talent and setting salaries is perhaps one of the toughest to clear. Below are five factors to take into account when designing your pay structure.
Setting salaries need not be a “finger to the wind” exercise. Operators and suppliers should look to the structures and salaries of similar organisations in mature markets that are economically aligned and use this as a starting-point for setting their own frameworks.
Of course, they will need to localise this for the market in which they are active, and based on some of the factors we will touch on below.
Operators and suppliers can also use the BettingJobs, which takes into account low, high and average salaries for all verticals and from executive to entry level across major online gambling markets around the world.
It provides operators access to accurate data on a global level that they can use to better define their own salary structures in line with industry standards and expectations.
Cost of living:
Talent moving to another state or country will want to ensure they are not out of pocket for doing so. Most will have consulted resources such asand , and you should also use these for salary research.
Candidates will usually use their current salary as a starting point – even if the cost of living is lower in the place they are moving to – and will expect a significant increase (sometimes a multiplier) on their current package if the cost of living is higher in their new place of work.
Candidates moving from abroad will certainly expect a relocation package. At the very basic level, this will include flights, visas and temporary accommodation upon a rival. For senior hires, this can be extended to cover the shipping of possessions and even school fees.
When it comes to setting incentives schemes, there are trends that can be analysed and used as a base. For example, revenue focussed roles (leadership, marketing, business development) tend to offer higher bonuses than other areas such as tech and operations.
This is because it is much easier to measure revenue-oriented KPIs against profit and loss. Other incentives can include the number of vacation days offered, transportation and lifestyle factors such as private healthcare and gym memberships.
For senior executives, stock options may also form part of their salary package. Of course, this will depend on the nature of the business they will be working for, and in some cases simply isn’t a factor for consideration.