As an employer, you are often considered the “bad guy” in the salary negotiation process – the person that will drive the price as low as possible. But as almost all hiring managers know, you can’t expect to recruit top talent without offering them fair compensation, and it rarely benefits the company to try and low ball candidates that you are eager to bring onto your workforce. It requires some balance, but there is a way to conduct the salary negotiation process in a way that respects the value of the recruit while serving the interests of the company. Use these tips to make the salary negotiation process easier on everyone.
Start Early
During your first interview with a candidate, suggest a salary range that you are prepared to pay. Giving potential hires this kind of advanced information helps both you and them to determine if this relationship is a good fit.
Create a Strong First Offer
If you are generally interested in bringing someone onto your staff, make them a thoughtful first offer that respects their skills and experience and does not scrape the very bottom of your budget. This is not only respectful, it can help you avoid a drawn out and contentious negotiation process. If a candidate is pleased with the first offer you make, they will be far less inclined to try and challenge it.
Consider the Total Package
Higher salaries aren’t your only bargaining chip. You can also offer extra vacation time, expanded benefits, opportunities for travel, flexible scheduling, tuition reimbursement, or other perks to make your total compensation package more appealing. If you have a limited budget to work with, consider sweetening your deal by offering other types of compensation.
Negotiate Analytically
If a candidate decides to challenge you initial offer, consider the negotiation process an extension of the interview process. A candidate that is respectful, professional, and reasonable during negotiations will likely approach all business dealings with the same attitude. Conversely, if a candidate is hostile, aggressive, or unrealistic, it could suggest there are aspects of their character that will hurt your business. Don’t be afraid to rescind a job offer if a candidate is particularly offensive during a salary negotiation.
Negotiate with Facts, Not Emotions
The goal of any salary negotiation is to create a win-win scenario for both parties, and you can’t do that if you are operating emotionally. Base all of your decision on facts and research. You should be able to explain your justification for any detail of the compensation package, and the candidate should too. If you can clearly explain how you came up with the numbers, the candidate is far more likely to accept you offer.
How Can The Squires Group Assist You?
In order to reach the salary negotiation process you need find candidates that you are excited to hire. Work with the staffing specialists at The Squires Group to help you recruit the best available talent to help drive your organization towards success.
