MightyRecruiterSalary negotiation can be one of the most stressful parts of the employee interview process. Obviously, the job applicant wants to get a fair salary, but you also need to ensure that you are getting your money’s worth. The interviewees may be sweating in their seats, but you also need to take certain things into consideration during this process yourself or else you could end up paying too much for a new hire or losing out on a great new employee because you were too stingy. Keep in mind that salary negotiation is a two-way street. Similarly to how a job applicant would not give a salary that is too low or too high, you need to be mindful you do not make parallel mistakes.
Do Not Scare Off the Best Applicants
You might be looking for a highly skilled employee who already has a ton of experience in the field, or you may be fine with hiring someone with less experience but has the potential for vast growth. Either way, you want to be sure you are not scaring away the ideal candidates because of a simple error to avoid. This involves having a statement like, ïMust include full salary history upon applyingï directly on the job description. This implies that if a person is currently making $30,000 a year, then you will give them something along those lines. Job candidates may be looking for a job that pays more than what they are earning now and feel this will severely hamper any future negotiations. While getting your money’s worth is a sensible endeavor to take, you do not want to make viable candidate not even apply.
Actively Seek Out the Best Candidates
While most people think networking is only done by people looking for jobs, it is a worthwhile action for employers to take as well. You should always be looking to expand your own network by attending conferences or college job fairs. If you have a job opening, you should tell your current employees about it and encourage them to tell their friends or colleagues to apply. This system will prove to be more fruitful if you set up a referral reward program. You will only be getting your money’s worth if you can find applicants that are worth your time and energy.
Pay Attention to What the Candidate Offers
You should have a pretty good idea of what this new job should pay before going into the interview, but it is important to really listen to what the applicant wants. They may have done extensive research and know what a job like this should pay. It may be higher than what you were thinking. This is also a good time to peer into the applicant’s character to see if he or she is too timid to ask for what he or she really wants. Getting your money’s worth may entail spending a bit more than you were anticipating, but a new hire should be viewed as an investment, and if this new employee is skilled and has ambition, then paying a higher salary will definitely be worth it in the long term.
Go Into the Finer Details of the Position
Although someone can certainly do research to see what the job generally pays, every company is different. The job you are offering may entail more or fewer duties than jobs similar to it. If a candidate seems like a good fit for the organization, give him or her a full tour of the company. Go into the fine print of the job description, and talk about things like travel, opportunities for growth and how many hours a week would be expected of the worker. The applicant may find that he or she would need a higher salary to take on this job. Conversely, he or she may discover that this job is not as intensive as originally anticipated, so a lower salary may be in the cards.
Do Your Own Homework
The job candidate will likely see what this kind of work is paying online, but you should also do your own research to get a better sense of what you should offer. Although you can ask during an interview what a candidate is currently making, you should also think about contacting references to make sure the applicant was actually making that amount. Getting your money’s worth involves being prepared before the interview starts so that you can negotiate effectively. By following a few simple tips, you can get the best person for the job at a price you can afford. For more tips on running a company efficiently, check out the rest of Mighty Recruiter’s resources.