Hiring top notch talent in a competitive job market can be challenging and rewarding. As an employer, salary negotiation is not a losing strategy and should be approached with a win-win outcome in mind. Techniques for salary negotiation are much like other areas of business where both sides have something the other wants.
The Current Job Market
Start by knowing the market, what are other employers in your industry paying for the employees you want to hire? Resources abound for this type of information, including some very telling anonymous websites where employees “tell all” about their employment experience, such as Glassdoor. It helps to have a budget in mind for the overall compensation the employee will receive, and a range of salaries commensurate with the candidate’s qualifications. Are there other employees within the company doing the same job?
To be fair, in a competitive job market it is up to the hiring manager to make the first offer. If an applicant attempts to negotiate their salary once an offer is made, then what? It pays to keep in mind that the personality of an applicant willing to expose themselves to rejection in an attempt to better their take shows initiative and a certain amount of confidence that may indicate an even better fit for the position. Take a measured amount of time to respond, let the applicant wonder if they over stepped. If a counter offer is forthcoming, sweetening the deal with a small signing bonus may be a short cut to getting the deal done for a one-time amount that will satisfy the applicant without stepping up future salary reviews to reflect an inflated starting salary. Best practice is to make – and stick to – a best and final offer.
Get Assistance In A Competitive Employment Market
Salary negotiation should not revolve strictly around the numbers. An employer willing to offer a better employee benefits package, a positive work environment, a better PTO policy, flextime, tuition reimbursement, and opportunities for advancement will reap the rewards of a more stable workforce.
Sam Bond Benefit Group, Inc. helps employers with creative solutions for employee benefits and HR management tools to attract and retain the best candidates to companies in all kinds of industries. Call now to speak with an agent (877) 426-6320 or contact us on the web to learn more.
Samantha Bond Richman has been working in the employee benefits and administration field for 30 years helping employers with human resources.