Job seekers want a lot from their employers. Usually, they hope to have a chance to advance, access to professional development opportunities, and a culture that aligns with their preferences and meets their needs. However, top talent also expects one more thing, and falling short in this area can cost you a great candidate. If you want to make sure you can secure the skilled professionals your company needs to thrive, here’s what you need to know.
A Competitive Salary Is a Must
While money isn’t everything, it is always something. If you want to recruit top performers for your open positions, offering the right salary is crucial.
When you present a job offer, if the compensation is too low, great candidates aren’t going to accept the job; it’s that simple. Most professionals are generally aware of what their skills and experience are worth to employers, so they aren’t going to accept a package that doesn’t align with their expectations.
This is especially true in fields where competition for candidates is fierce. Plus, with unemployment being low, it is decidedly a job seekers’ market. Even if they refuse your offer, there is a decent chance they can land something more competitive in short order, so they likely won’t be concerned about that decision.
When a job offer is far outside the norm, many candidates won’t even attempt to negotiate. If they assume you are too far apart to begin with, putting time and energy into a negotiation isn’t likely worth it in their eyes.
Additionally, if the salary you offer is well below that standard for the position or industry, it might even damage your reputation. Job seekers may discuss the slight openly, and that could prevent you from connecting with top talent in the future.
How to Make Sure Your Salary Offer Is Competitive
Luckily, it isn’t hard for companies to find out if their salaries are competitive. Often, you can do a few simple searches to gauge whether you are in line with industry norms.
First, you can check job postings at other companies in your area, focusing on those that publish salary ranges and that are competing for the same talent you are trying to land. Second, resources like Salary.com and Glassdoor can give you insights into competitive compensation for specific roles in your region.
The goal should be to at least align with industry standards in your area. Slightly exceeding the averages can also work in your favor, as long as the pay rate makes sense for the position.
Also, you want to make sure to research salary rates regularly to remain competitive. The norms can shift quickly, so reviewing the data every quarter is often wise.
If you would like to know more about landing skilled job seekers, the professionals at The Advance Group can help. Contact us to speak with one of our recruitment specialists today and see how our compensation expertise can benefit you.