Once you’ve completed the interview process it is time to start the salary negotiations. This is a tricky subject for both parties. Employees come to the table with expectations and employers have a budget they need to keep in mind. How do you reach an agreement so you can hire the best candidates? You don’t have to break the bank to land a top employee. Here are a few negotiation strategies that you can employ.
Know the number before you start interviewing.
Before you even start to consider candidates you should know your company’s budget for the position. This is the bottom line and the top end. These numbers will give you a basis for negotiations. You can consult your accounting and human resources department to determine what a good budget should be for this position.
Make it a conversation, not a contest.
A successful negotiation must to be two sided. Some managers take a bully stance and insist that they are doing an employee a favor by offering any salary at all. Some employees overshoot their expectations in the hopes of reaching an agreement. Bully tactics are more likely to scare good candidates away since they may see that this will be an ongoing theme of the job. Fixing negative word of mouth is much more expensive than paying a higher salary.
Each package should be customized.
There is no one size fits all salary for every position. Even for the same role within your company there may be some wiggle room depending on the person’s qualifications and their requests. Talk to the candidate about their expectations. Usually, they are willing to give on the actual dollar amount in exchange for additional benefits such as bonuses or paid time off.
Find out why they would walk away.
Each job seeker is advised to come up with their own numbers for salary negotiations. They probably use the same resources such as Salary.com to determine their requirements. An offer that is to low will cause them to walk away. Find out how low is to low and how yon make the amount better.
Do you want to learn good salary negotiation strategies before you make your next job offer?
ProSource Staffing can help you find and hire the right candidates for your company today! Contact our team of skilled recruiters today for more information.