First, know the landscape.
Companies need to evaluate their compensation packages to ensure they are competitive, says Michael Solomon, managing partner and co-founder, of 10x Ascend, a salary negotiation coaching firm.
“The cost of not being able to fill that important role may far outstrip the increase in base salary that may be needed to get the deal done,”
Get to know your candidate’s motivations.
If your base salary on its own isn’t drawing top talent, it’s your job to point out the other valuable aspects of your compensation package – all of which candidates care a lot about. In the survey, in addition to salary, candidates said that other factors including time off/vacation days (39%), flexible work hours (34%), retirement benefits (33%) and company perks/benefits (33%) weighed heavily in their decision.
Discuss the value of your total package
If salary budgets are tight, ask yourself: are there creative ways around it? Things like a sign-on bonus, a relocation allowance, stronger benefits and perks, or a promise to revisit the salary in six months instead of a year can help.
Give them a glimpse into their future
“Candidates know starting salary is what their next raise is based on,”
says Vicki Salemi, Monster’s career expert.
However, being able to visualize growth within a company might make a lower offer worth considering.
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