One of the most challenging aspects of the hiring process for both job seekers and employers alike is salary negotiation. While compensation is not the only deciding factor in whether a candidate will accept a job offer or not, it does play a very important role. Today’s compensation packages include a variety of items and candidates will almost certainly want to maximize their deal and get the highest pay they can negotiate. Because of this, it is imperative to offer a fair, yet competitive salary and benefits package. To make sure you effectively maximize your company’s total rewards program to attract and secure top quality candidates, consider the following three tips:
- Consolidate. Many companies have all the pieces of a comprehensive total rewards program but have never combined them into one cohesive package. Review what you have to offer for compensation, benefits, work-life balance, recognition, and growth opportunities, and then list them out. This will make it easy for hiring managers, recruiters, and candidates to understand the overall total rewards package and be on the same page.
- Build value. Instead of simply telling candidates about your compensation package, show them quantifiable examples wherever applicable. Always show real numbers when possible to demonstrate the true value of your total rewards package. For items that do not allow quantification, try to include real life examples, such as employee testimonials or current examples.
- Customize. Take a look at your most recent hires, target demographic, and type of ideal candidate. Based on these types of employees, determine which items in your total rewards package are the most attractive to them so you can expand on these areas to make them unique to your company. Make you are able to present the most relevant rewards in a way that the candidate groups will best understand and desire the value.
While it is important to have a strong compensation plan in process, it is equally, if not more important to make sure you are offering the right package to your candidates. The tips outlined above provide excellent guidelines for adding structure and understanding to your total rewards package, however, the best way to make sure you are offering fair and competitive compensation in your market is to work with an experienced staffing partner. Springborn Staffing has been providing the best in class staffing services throughout Bangor, Maine for over two decades and take great care of their clients. If you are looking for staffing agencies in Bangor Maine, contact the recruiting experts at Springborn Staffing today!