The job market is filled with skilled candidates. To draw the right talent into your business, making an attractive job offer is essential. With more employment opportunities at their disposal, candidates have the power to negotiate their favorable agreement. That said, applicants do look for a company that offers them a package that compensates them for their expertise and experience in the industry.
How you approach wage bargaining is the critical factor in reaching the right talent. You should strive to reach an agreement that is not only working in your favor, but that of the candidate as well. Moreover, engaging in respectful salary negotiations will help your company’s long-term success.
Here are the top five salary negotiation tips that will make applicants feel valued and help you attract quality talent.
Set your salary range
Candidates consult with a variety of sources to determine salary ranges. So, determine a salary range matching the industry standards for every job title. Knowing how much one can expect from a job ad saves you and the applicant time. This way, you can avoid getting applicants who are not looking for said salary scale. But, there is another drawback. By mentioning the salary scale beforehand, you are likely to invite candidates who are not qualified for the role. They would have no problem accepting a low offer. So, it is ideal to set a salary range that offers a healthy scope for negotiation.
Discuss the salary at the outset
Share the package you are ready to offer at the beginning of the hiring process. This way, you can avoid going too far in recruiting, only to realize that your offer does not match the expectations of the candidates. In addition to this, applicants prefer to be remunerated for their value. Thus, try to offer the applicant the most reasonable deal without making your corporate finances feel the blow. Fairly remunerating the employee will avoid uncertainty at a later stage and will also give the employee a sense of appreciation.
Value talent over numbers
As an employer, always strive to create a package that offers more benefits than just an attractive figure. Look for what candidates are looking for in addition to a great salary and design a package accordingly. If you cannot increase the number you initially offered, try to even out the salary package by adding other benefits. These may take the form of insurance, paid leave, or even the opportunity to work from home on an occasional basis. You can also give employees opportunities to attend workshops and competency-building conferences. If these options seem unworkable for you, try designing a commission structure that allows you to pay the candidate better in a good year.
Research the job market
Know what your competitors have to offer for the same job title before designing a package. This way, you can keep your offer on a similar salary scale, if not more. That said, make sure you are offering enough to attract and retain the right talent.
Avoid discrimination and gender biases
Irrespective of the job title and the urgency to fill the role faster, be mindful in your dealings. Ensure that you are gender-inclusive when making a job offer. Moreover, being prudent while recruiting can help avoid processing unequal salaries for equally talented individuals. Not to forget, the labor rules allow candidates to file a lawsuit for being exploited for their services, which remain unaccounted for and unpaid.
Use these salary negotiation tips the next time you recruit. In this way, you will not miss the opportunity to hire qualified candidates that fit the requirements of the open position. Step up your efforts by choosing recruitment software that helps you screen out top talent and understand what they have to offer and the compensation they expect. For a better assessment of candidates, include a questionnaire in your recruitment process.
Jobsoid, a cloud-based recruiting software, lets you include text or video questionnaires for a better assessment of candidates. You can include questions to understand the candidates’ work experience, skills, last drawn salary, or any job-specific questions. Besides, you can avail other features like easy interview scheduling, candidate messaging, and team collaboration. All features that you will need for an effective and simplified recruitment process. Also, you can enjoy these features at a subscription plan of your choice, renewable or cancellable at any time.
Salary negotiation can be challenging, but it doesn’t have to be the reason why you miss on a qualified candidate. Follow these salary negotiation tips. Get started with Jobsoid for free and reach out to a greater talent pool in a short period of time.