EMPLOYERS: THIS IS HOW TO OFFER THE RIGHT SALARY
Offering the right salary to a candidate is tough. There are so many things to consider including:
What you think the candidate is worth
What the candidate thinks they’re worth
You want to offer a salary you can afford, but you also don’t want to offer a candidate a salary that disrespects their abilities.
Any great employer knows their employees are their greatest asset and you want them to feel valued, whilst having things to work towards and be excited about.
Here’s how you can make an offer you truly feel confident about:
STICK TO YOUR SALARY RANGE
You would’ve already done your research and come up with a salary range, but how do you narrow that down to the specific candidate you want to hire?
Have a criterion on what qualifications/ skills a candidate would need to reach the top salary band, and then work your way down with which things can be sacrificed for a lower salary. If a candidate matches the criteria perfectly, you know what to offer them, if there are a few things missing, you also know because you’ve created something to follow.
This is super important if you’re hiring two or more people for the same position because you don’t want anything to be deemed as discrimination.
THINK ABOUT YOUR PACKAGE
A great commission structure, bonuses, and money-saving schemes – such as health plans and shopping discounts – can help determine what sort of salary you offer. If a candidate feels they’ll benefit from the package you’re offering, they may be willing to take a lower salary.
Not to mention, if it’s clear that your company offers structured progression opportunities they will know promotions and pay rises are on the horizon, meaning they’ll be inclined to take the offer.
IT’S NOT JUST ABOUT THE MONEY
Making a candidate feel valued and appreciated by the amount of money you offer them is great – but what else would persuade them to take the offer?
If you’re a company that puts wellbeing and culture at the forefront, that is a huge selling point. Maybe it’s a general annual leave allowance, flexible working, hybrid working, or regular mental health chats.
A survey by HR News, they found that:
77% of people want flexible work hours
65% want an early finish on Fridays
64% want a 4-day working week
61% want paid self-care days
58% want a remote work-from-anywhere policy
In fact, according to a Glassdoor survey, around 60% of people say they strongly consider the perks and benefits before accepting a job offer.
Most candidates won’t just be thinking about the amount of money they want to earn but how it benefits them as people. Work-life balance is becoming increasingly desirable – especially after the pandemic – so if you have any of these perks, candidates will be more inclined to want to work for you.
TALK
If you want to begin your relationship with a potential employee right, being transparent is the way to go.
You’ll know what salary they’re on right now, but if you haven’t already, ask them about their desired salary. This will help you to see if you’re on the same page. If their desired salary is way above what you were planning to offer – a further conversation will be needed. And remember – be prepared for them to negotiate.
But if it’s on the right track (or a bit above) use that opportunity to speak more about what plans you’ll put in place to ensure they keep progressing, both in title and salary. Candidates want to feel like they’re part of your long-term plan so this is a great way to get them to think about not just working there, but working there for a long time!
- Written by Shannon Matthews
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