How to ensure hiring is a win-win endeavor.
All too often, both hirers and hirees approach salary negotiations as if they’re gearing up for battle. While it’s important to keep a strong head, the most productive result is one where both sides are satisfied. Of course, this is easier typed than done, so here are 7 tips to finding an equitable agreement.
- Research. Standard salaries for positions can be found on websites such as Glassdoor.com, Salary.com, and bls.gov – they can give you an idea of where to begin crafting your offer. It can also be helpful to inquire into candidates’ most recent salary and benefits, or have your recruitment partner help you benchmark salaries based on their market research.
- Set your range. Establish your minimum and maximum budget for the position, with the expectation that your candidate will respond with a counter offer. It’s also smart to consider what benefits and perks your company is willing to expend in lieu of a higher salary.
- Don’t lose the personal touch. As much as possible, put yourself in their shoes and try to understand what’s going to motivate a candidate. If it’s a demanding position, extra vacation days or the ability to work from home might be more important than higher pay.
- Don’t neglect the power of bonuses. Another way to provide an attractive offer without raising the base salary is to include a signing bonus. You may also consider offering shares in the company or performance bonuses.
- Be patient. Accepting a job is as big of a decision for you as it is your candidate, so, understand that mindful candidates – the one’s you want to hire – may take time to process your offer. Putting pressure on them during negotiations can make them feel like they’re on a used car lot, which probably isn’t the stage you want to set for their employment.
- Be candid. It’s important to be clear about what you can afford to offer, so it’s perfectly acceptable to simply ask candidates what an ideal comp package would be for them.
- Prepare to negotiate. While it would be wonderful for your organization if every candidate accepted your offer no questions asked, understand that the more experienced and sophisticated the candidate, the more likely they are to come back to you with a counter offer.
Assemble a package that you’ll both feel good about
By the time contract negotiations are reached, you and your company have already expended significant financial and temporal resources – it’s a terrible time to scare away your top pick. With thousands of successful placements since 1994, the expert recruiters at Mankuta | Gallagher can help you throughout the entire hiring process, so you can find and hire the top talent you’re looking for.