Making Competitive Job Offers Without Breaking the Bank05/03/2019
It is imperative for companies to be aware of the current compensation trends in their industry in order to hire efficiently and effectively. To attract top-notch candidates, employers must make competitive job offers, while not breaking the bank. For companies on a tighter budget, the differentiation method may be appropriate. With the differentiation method companies define their employer brand. This can include intangible benefits such as culture, perks and work/life balance.
Below are some tips that will help you retain your current employees and attract top-notch job candidates:
Become an HR Trend Master
Job candidates are seeking flexible benefits and good company culture, in addition to competitive job offers. These diverse factors require you to keep current with trends that affect hiring.
- Track annual salary trends in your sector
- Update your information about benefits and perks every year or two
- Keep informed about candidates’ preferences related to company culture
- Meet with managers to learn about trends they’re hearing about
Be a Jobs Advocate
Do you work in an organization with defined job classifications and specific salary ranges? These maintain equity yet can limit your ability to make competitive job offers. There are steps to take when you are working within limitations.
- Request job reclassifications as needed
Job classifications become stale and outdated. Your hiring role means requesting job reclassifications as needed, based in part on the trend data you have collected.
- Review Benefits Negotiation
Negotiate within your organization for benefits that candidates will accept in lieu of their ideal salary. Again, the trend data you have gathered will aid you in negotiating suitable terms.
Focus on the Candidate
You have reviewed trends and negotiated terms within your organization. Time now to focus on the preferred candidates’ requests. Seek more information about the following to determine the preferences of favored candidates:
- Inquire about career goals and desires.
- What is it about your organization that is attractive?
- Learning, skill development, and advancement opportunities are negotiation points for candidates with long-term goals.
- Ascertain benefits that compensate for salary limitations.
- Use benefit trend information to open the discussion.
- Highlight your organization’s current and anticipated benefit and perk options.
- Flex time, telecommuting, extended summer weekends, and compensated courses are just a few options finding favor among job seekers.
Partner-up with an Accounting & Finance Staffing Firm.
A top rated accounting and finance staffing agency like Beacon Resources knows the hiring and compensation trends of the accounting and finance market. Beacon Resources has a sizable database of job seekers, including job candidates who you won’t have access to by checking the job boards.
Click here for more tips about hiring the right job candidates.