Why it’s so important to offer good talent the right salary
There is a “war for talent” right now which makes your recruitment processes more important than ever. There is a surprisingly common mistake that hiring managers are making. Wondering what it is? Well imagine this situation;
You receive an outstanding candidate’s CV for a job offering £35-40k. They are currently on a salary of £38k but are looking to increase that to £40k. You arrange an interview
You hold the first interview. The candidate is even better than they look on paper and would be a great team fit. You discuss salary again and nothing has changed. You book a second interview with a Director
Your Director loves them and wants to hire them. He feels there is a strong team fit and that they will be able to offer skills over and above what you had been looking for. The recruitment consultant you’ve been working with tells you they candidate would happily accept the role and would even consider a lower offer of £39k
You decide to offer £36k. It’s a good job with a good company and they should be happy to accept
The candidate rejects the offer and starts working for a competitor
Events like this happen regularly and mean companies are losing great talent. There can be various reasons why you are not able to offer the desired £40k but this is something that should be tackled at an early stage. Being frank with the candidate or your recruiter during the interview process will save everyone time and money. It also means that you can focus your attention on alternative candidates if needs be. There is a lot to be said about researching similar roles to yours before starting the recruitment process – or just ask your recruiter their advice. If everyone else in the local market is offering more than you, you’ll keep getting offers rejected by the candidates you really want.
If you’re not able to meet their basic salary expectations, think if there any things your company can offer or set up that might save them money or increase their income? Things include childcare vouchers (which ultimately save you money too), gym membership, salary sacrifice schemes, pensions, free parking, season ticket loans and discounts. If you provide any kind of bonus then give them a realistic idea of its potential value. Is it possible review the salary after 6 months? You should be mentioning these things as early in the interview process as possible. As a certain supermarket says, every little helps – you are offering a package, not just a salary.
No matter what your company circumstances candidates need to feel valued and respected. If you want the best talent, you need to pay the right salary, or you need to accept you won’t be able to secure your perfect candidates on the salary you can offer.