The old adage is true – you do get what you pay for. Since the recession ended, companies have had a hard time reconciling their budget against new-hire salaries. But when a company wants to save money and offers lower salaries, they often have issues with a poor talent pool and high turnover. Those problems become even more evident in a tight candidate market, which a lot of companies are currently experiencing. Here are some ways you can take a second look at your hiring budget and reconsider the salaries for your open positions.
Do your research
The very first place you should start is Salary.com. Look up your city along with the job title, and you will find both the average and median salary levels that would be best for these open positions. The site will also provide good ideas for a good benefits package to go along with the compensation. If you stay competitive in your market you’ll have a pick of the best candidates.
Be open minded in negotiations
Don’t automatically discount a candidate because they bring up a number that wasn’t on your radar screen. This may not be their final offer. Use their number as a jumping-off point to create an effective negotiation strategy that will give both of you what you’re looking for. If you aren’t able to meet their salary range, then look into other perks and attempt to make up the difference in a flexible work schedule or benefits.
Take a close look at turnover
Are you having problems keeping your staff happy? Are people leaving your organization frequently? One of the possible solutions is to start paying more for these roles. They may be leaving to take other positions with a higher salary. Or, you may simply be hiring less-qualified people because you aren’t willing to compensate at a higher rate.
Even in companies with a great culture, eventually employees want to feel as if they are being adequately compensated and not being taken advantage of.
Review each candidate individually
One thing you should never do (unless it’s mandated) is have an inflexible salary for the position. It is acceptable to have a range, but if you decide that your administrative assistant should make exactly $35,000 per year then you will rule out great candidates who may be looking for $37,500. You should always have some wiggle room and review each candidate and their requirements separately. Just hiring the person who has asked for the lowest amount may not get the quality you deserve or need in the role.
It’s personal service from our tenured recruiters that makes CornerStone Staffing stand out from the rest and allows us to offer clear, objective job search assistance that gets results. Contact our team to learn more about recruiting for DFW jobs today!