Updated at 31/08/2022 - 05:25 pm
When it comes to attracting quality talent in a competitive market, we all think about salary negotiations. Most people, when changing jobs, will want or expect a higher salary than their previous job, and a generous increase can be seen as a powerful attraction catalyst.
This has been corroborated by Hudson's research, which revealed that the most important "requirement" for a new job position for job seekers is a "right recommendation" from an employer. use. But what is the difference between a good salary and a good recommendation, and how do you define this difference?
Good salary and right offer: what's the difference? #
To be able to determine what a good salary for a position is, first, your business needs to have an accurate measure of the enrollment rate of candidates for the same position offered by other organizations. provided. For example, a “Good” salary could be 20% higher than the market average. However, it is nothing new and particularly attractive.
But “right” is a more complicated matter. A correct recommendation ensures that you pay your employees what they deserve, based on the contribution they make to your business – and what your business does. you can pay.
Tips to help recruiters make the right offer #
Candidates competing for similar positions often have very different backgrounds, strengths and weaknesses, salary histories, and salary negotiations, which confuse employers and make it difficult to set standards. With that in mind, as an experienced agency in the industry, we would like to share a few tips to help employers determine the right level of recommendation for each position.
- Research market data on vacancies. Find out and partner with recruiters who have expertise in the position because they have a strong connection to the market and can help you find the right salary.
- Talk directly with potential "talent" or people in the profession to elicit and learn about their life priorities, the driving forces that help promote their careers and life values. This understanding will form the basis of the level of recommendation the business will make to them.
- Develop “distinct benefits to motivate and encourage candidates to apply for jobs”. It is important for the employer to understand and present the values and benefits that the business can bring to the candidate as well as its difference compared to other businesses in the market. Could it be a great team with a different company culture, a professional manager, and a clear career path? If two businesses offer similar salaries, then the different benefits will be the candidate's consideration.
Strategies to attract talent beyond salary #
In today's economic landscape, with pressures on profits and margins, corporate budgets can sometimes be constrained. But with the cost of living soaring, a raise is important to everyone – but fortunately, pay isn't the only thing that matters in a talent acquisition strategy.
Salary negotiation for a “good salary” may be a must-have in a new job, but work-life balance and adapting to your organization's culture are key factors. the next priority needs to be taken into account.
Therefore, in their talent acquisition strategy, businesses need to consider their entire job offering process and should realize that a good salary is part of the process, not the whole thing. In addition, the factors that are highly appreciated to become one of the factors that "pull" job seekers to the business are career advancement and life balance. The importance of money may decrease as it is weighed and superseded by other factors in the job offer.
When it comes to career development goals, employees can expect a clear career progression at your company. Is your business interested in training and professional development programs?
For employees with young children, they will consider whether the company allows them to be flexible about working hours and working patterns? For example, being able to leave early to pick up the kids from school or work from home when needed. And that's not just for women, but for men as well. Recent reports show that balancing personal and work life is a necessity for men to promote career growth. The world is changing rapidly, and your business needs to make sure it can keep up and meet the new demands in its hiring process.
Therefore, a suitable job will not only solve a person's financial needs but also solve life problems, increase their motivation and enhance their value. Does negotiating that 8-figure salary mean spending 70 hours a week with family? Does the business offer other perks that increase their quality of life or make their lives easier? Such as benefits such as an on-site gym or coffee shop.
All of this is an important part of the talent acquisition process.