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Tips to avoid losing candidates at salary negotiations

Tips to avoid losing candidates at salary negotiations

Negotiating an offer with a perfect candidate can be a worrying situation, particularly for smaller employers that are not capable of calling on human resources to perform end-to-end technical recruitment. On one hand, you want the offer to be attractive, but on the other, you’d like to avoid lengthy negotiations and paying above-market salaries for your employees.  [See the video blog version below]

Salary negotiating is a skill developed over time and not something learned by simply reading a textbook, nevertheless, you can employ these simple steps to improve your negotiating approach that will result in agreeable terms for your accountant and the candidate.

1) Prior to extending an offer, establish a base salary range for the position. Use the number of years’ experience you’ve outlined in the job description, and get a sense of the going rate in your area for the skills/experience required. Use a website like Salary.com for most technical positions.

2) Outline in the initial offer letter the value of all your given benefits – including the number of days’ vacation per year and the bonus structure/terms for the position. Most good candidates will receive multiple offer letters and will want to compare the benefits packages to see which one provides ancillary services/support that are important to them.

3) Keep in mind that larger companies will most likely outbid smaller ones for technical talent, so it’s vital to sell the candidate on upward mobility, potential learning experiences, and company culture. An experienced candidate might evaluate your bid to another and observe that he/she has the opportunity to grow with you. This is a key piece of information to learn early on when your company is courting a new applicant.

4) Include a “cushion” for negotiation in the opening salary offer value. In other words, do not present the applicant the highest amount you have in mind. For most mid-level engineering positions, having an upper limit that is $10,000 to 20,000 more than the base should give you wiggle room.

Whereas these tips aren’t meant to broadly detail how to carry out a salary negotiation, they’ll assist to make sure you carry out successful salary negotiations during technical staffing and recruitment.

 

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