Offering a realistic salary from the start is the key to attracting the perfect candidate. Candidates have easy access to offers and advertisements and it’s very easy to compare.
Getting the offer right
Advertising a salary range and offering at the lowest end, might cost you more in the long run than it does to offer right in the first place. If your offer is rejected restarting another recruitment round could cost you more than a higher salary offer. Consider not just the direct costs but also the losses associated with having that role unfilled for a longer period.
A low offer may feel disappointing to a candidate and even if they accept, they may not have such a positive view of the organisation. This could lead to them not sticking with you for very long.
Stick to your word
If you advertise a salary and package, stick to it. If you back out and change the criteria your candidate will feel conned and may well walk away without negotiation. So, get clear on what you want to offer and perhaps keep a few extras up your sleeve in case you need to persuade someone over the line or if they really are an outstanding candidate.
Remain competitive by benchmarking your salaries
Check out what competitive firms are offering, after all your candidates are likely to be making the same comparisons. Look at the role details and seek advice from professionals.
Our salary benchmarking tool can save you a lot of time and effort. For Accounting and Finance roles try these links to get a realistic idea of salaries for different roles:
Home counties – http://bit.ly/HCFinancebenchmarks
London – http://bit.ly/LonFinancebenchmark
Make sure you detail all the qualifications, skills and experience your candidate would need in order to qualify for the highest end of the salary range that you offer. Differentiate between essential and desired requirements to establish which are needed to achieve the lowest end of your salary range.
These details are particularly helpful in helping you to clearly outline why there may be a difference in salaries between two employees or offers between candidates. People talk!
How can we help you?
NHB can help assess your package and give you feedback on your offer. We’ve years of experience in this sector and have close relationships with both our candidates and clients. We don’t want you to waste your time or money. Get in touch if you want to discuss how we can help