It’s crucial for businesses to understand the hiring and compensation trends in its specific industry in order to hire efficiently and effectively. To keep top talent – and attract top talent and rising stars – employers must make competitive job offers. But they also must stay within salary guidelines, without breaking the bank.
“There are many things to consider when choosing who you are going to offer a job to,” says Angel Diaz, the Business Development Director at Kavaliro, a staffing firm with expertise in government, IT and technology. “Though nothing is ever 100 percent guaranteed, you always want to make sure you covered all your bases when offering a candidate a job.”
Shirley A. Weis, the former Chief Administrative Officer for Mayo Clinic, agrees. “The job market is ultra competitive and today’s leading businesses understand that the combination of the right salary, benefits, perks and culture is what attracts top talent,” says Weis, who oversaw 60,000 employees and $9 billion in revenues at Mayo. She now leads her own consulting firm, serves on national boards and is Special Advisor to the President of Arizona State University. Her recently published book, Playing to Win in Business, is an Amazon bestseller.
Weiss offers these five tips on what to factor/consider when making a competitive job offer:
- Take the time to understand what the candidate REALLY needs and wants for their career growth.
- Discuss in detail how YOU will help them be successful through coaching and mentorship.
- Help the candidate see the big picture of your organization so that they can see how they will be able to make a meaningful contribution.
- Introduce the candidate to their teammates and provide opportunities to create personal connections through the interview process.
- Act quickly by providing a strong financial and benefits package with the first offer to demonstrate your serious desire to have them join the company.
Kavaliro recently put together its 2015 employee outlook and salary guide. The guide provides stats and commentary from many industry experts providing insight on recent trends in employment, staffing, workplace issues, recruiting and technology. Diaz says a competitive offer includes a number of factors – with money/salary only a part of it – and these factors should all be considered when making an offer:
Culture, personality, values, morals, vision
Is this candidate a match for what we look for in an employee and is the candidate worth the investment by taking a chance on those values?
What kind of position is it?
- Is it mission critical that an open position is filled?
- Is it senior, mid-level or entry level position?
- The type/level and importance of a position may determine salary expectations.
Location of candidate:
What is their commute? Are they relocating to your job? These are very important to consider especially when it’s salary and there is no chance of commission or bonus potential.
“The chances of a candidate taking a lower salary are much higher when they know there are bonuses involved,” Diaz points out.
Do you have anything extra to offer the candidate?
If you are negotiating salary with a potential employee and it may not be what they are looking for, be prepared to offer employee perks that don’t have to cost a fortune, such as incentive trips, better benefits for them and their families, remote work days, additional paid time off. Depending on what a candidate really values in their career, these may be very attractive to them and make them more flexible on salary. Here are a few other extras companies can give:
- Non-monetary compensation
- Social media recognition
- Preferred parking spots (or paid parking/transportation)
- Flex scheduling
- Friday’s off in the summer
- Relaxed dress code
- Matching 401K
- Benefits for entire family with little or no-copays
- Education reimbursement
Recognition/referrals and overall experience.
Is your company active with Social media?
“I have known companies that can hire employees at lower or negotiated salaries because of what candidates read about them,” says Diaz. “If they read and hear nothing but great things about your company, they may be willing to be flexible to have an opportunity to work with a great company.”
Today’s job market is ultra-competitive. You can make a strong salary offer without breaking the bank by following the above tips and advice.