Securing top talent is tough! As an employer, you want to get the best candidate for the best price, but there are things you should consider when making offers and negotiating compensation with a prospective employee.
Negotiations can only be deemed a success if both parties come to an agreement they feel good about. This article aims to give you [employer] some practical advice we have learned over the years while working in this industry.
3 Main Factors To Consider When Making An Offer And Negotiating
- Get to know your candidate’s wants and needs.
- Make them an offer that works for you both.
- Don’t forget that many will value other factors than just monetary compensation.
Get To Know Your Candidate
At the end of the day, the most important factor is to get to know your candidate. Time and time again, we have helped employers and candidates negotiate because we take the time to get to know the candidate and communicate what truly matters to them while also keeping our client’s needs and capabilities in mind.
Ask. Then probe a candidate further. Do they honestly only care about culture, or is money their biggest motivator? Or do they say money is a motivator, but you notice all of their questions revolve around culture, career development, or schedule flexibility?
They might care about money, but maybe they are a single parent who needs to be able to come and go as needed for their child. Or perhaps they were previously in a dead-end job and need to see a path for themselves at your organization.
You need employees to do their job. Absolutely. But the little things can turn an employee into a company champion very quickly. If they feel valued, appreciated, and heard then they are more likely to stop their job search entirely, accept your offer, and hit the ground running. That will ultimately speed up how quickly they become a valued contributor!
Making That First Offer
While getting a great candidate cheap sounds appealing, coming in too low can quickly turn an excited interviewee into a candidate running for the hills. While it’s not fair to judge a book by its cover, candidates can, at times, negatively judge the entire organization based on what they feel is an insulting offer. Instead, we recommend having candid conversations with your Account Manager and with the candidate early on. In the staffing industry, we know that most issues that happen at the end of the process (interviews missed, offers turned down, etc) almost always point to something that was skipped at the beginning of the process.
If you know their expectations and wishes early in the interview process, you WILL avoid issues towards the offer stage.
Some Value A Company’s Notoriety
There was a woman a few years back who was hired at a small company, given a nice salary, and was told she was to be groomed to manage the department within a year of her start date. Everything seemed to be a great fit, until two weeks into her employment she handed in her resignation for a job at Target Corporate. This was a huge blow to the small company, and while she did feel bad, she said she “owed it to herself” to take such a great opportunity at such a reputable company.
There was nothing to be done. Even after offering her more money and benefits, she said it wasn’t about the money, it was about being able to say she worked at Target Corporate.
While no one will be able to screen for every scenario, ask pointed questions about a candidate’s goals and what is truly important to them. Yes… they may not be forthcoming, but at least you asked…at least you tried.
Use a Recruitment Agency For Negotiations
Using a Recruitment Agency for your sourcing and negotiations with potential employees can speed up your process and leave a buffer. How an offer is positioned and communicated can also make or break a deal. As a hiring manager, you are likely overworked and understaffed. This can result in a poorly written offer letter, or sounding short in an email or on a call. An easy fix is to use an agency that specializes in recruiting and negotiating on your behalf.
Use us to help you convert your people! We do this all day, every day and we’ll gladly give you free advice on how to convert when to convert and what to sell about your role when offering the position. We would especially encourage this when you are converting one of our employees to your staff. We already know the candidate and our firm is typically viewed as a partner in the process, more so than a level of management. Therefore, we tend to get a more brutal level of honesty from the candidate than they would normally feel comfortable being with their direct supervisor and/or HR of a prospective employer. With this information, an offer can be made that would almost guarantee an acceptance.
If you would like more information on how we can help you with your staffing needs, don’t hesitate to let us know or you can submit a job requirement for consideration. At Klimbnow we hire only tenured staffers and recruiters which helps us get candidates quickly who meet your job requirements.