It’s that time of the year again in your organization. The annual recruitment and salary budgets have been set for the coming year and interviews for various positions are going on in full swing. The sticking point of any interview; however, is to reach a consensus on salary. Especially when it comes to striking a subtle balance between maintaining a tight budget and attracting the best fit for a particular position.
For employees, suggestions and advices on salary negotiation are aplenty. But is there anything for HR professionals or employers? What should they do to master this balancing act? After all, in the era of the war for talent, who wants to lose a right-fit employee just for the sake of salary?
Bank on the following tips and enjoy a win-win situation (read a win-win bargaining) during interviews.
Research before job posting: Preparing an internal salary budget? Done. Finalizing the potential benefits to be offered? Done. What’s next then? Do a bit of research before you post the job. Research says a number of employers aren’t aware of the competitive salary bracket provided in the industry. Their unawareness leaves them in a tight corner during salary negotiation. So, before you post a job, just try to gain more insights into the present market standard.
Make sure that you define job requirements clearly before moving to salary negotiation: Any question of salary requirement makes any candidate a bit nervous. Worse it turns when such talks come before the candidate gains a complete understanding of the role offered, benefits to be provided, and many other terms and conditions.
Stop starting with the highest amount you can provide: It may seem intuitive to provide as much as you’ll be able to offer to a right-fit candidate. Most interviewees; however, presume that the starting offer is subject to negotiation even if the amount falls under their expected range. And when you decline to go higher, it may be perceived by them in a negative light.
Don’t give up if your right-fit candidate’s expectation is beyond your budget: There may be a possibility that your perfect applicant’s expectation is going beyond your budget. Even then, don’t give up. Try to fill this void with other benefits you’ll be able to provide like medical reimbursements, work-from-home facility, extra holiday time, and so on.
Be more attentive to the way applicants negotiate: This is an important thing to consider in order to get a fair idea about the behavioral traits of a potential candidate. Examine how aggressive or tactful he/she is to manage various potential conflicts and stressful situations. Consider this to be a scope to convince yourself further that the candidate is indeed the right fit.
Strengthen your recruitment strategy with these tips so that it gets a much-needed fillip in 2017 and beyond.
Do you have any experience of losing a right potential just because of the failure of salary negotiation? Or do you’ve any valuable advice on salary negotiation? Do share it with us.