After interviewing several candidates, you’ve finally found the right fit for the job. You’re excited to extend an offer and can’t wait to bring your new hire on board. However, negotiating a new employee’s salary can be a challenging process. There are many things to take into consideration when determining what the candidate is truly worth. Here are four tips to help ensure you’re getting the best employee at the most reasonable price.
Do Your Homework
It’s important to never come into a salary negotiation unprepared. With websites like Glassdoor, it’s easy to find out what other competitors in your industry are paying for similar positions. You should also have acquired the candidate’s salary history early on in the interview process to make sure their salary expectations are in line with what you can offer. If you didn’t do this, consider consulting a salary survey so that you don’t insult the candidate by offering them less than the going rate for similar positions.
Emphasize the Benefits
If you did an in-depth interview the chosen candidate, you are likely able to gauge what they value beyond money. Remind the candidate of these things when negotiating salary. Stressing the benefits of flexible work hours, opportunities for advancement, and positive company culture will tip the scale in your favor.
Add in Extras
Sometimes, due to company rules and regulations, you simply can’t offer more than a previously set amount. If this is less than the candidate requires, make up for the difference by adding in extra perks. A few common incentives to consider are tuition assistance, stock options, and signing bonuses. This will show that although you can’t offer more money, you still value the candidate and want them to work for you.
Most importantly of all, don’t enter a salary negotiation with a war mentality. The ultimate goal is not to be enemies with the candidate but to bring them onto your team. If you take a friendly approach from the beginning, it’ll be more pleasing to both sides. To successfully negotiate a salary, you have to be willing to compromise.
When done correctly, you’ll leave a salary negotiation with a new employee and feeling like both sides won. If you need more advice on salary negotiation or the hiring process, the experienced team at BOS Staffing is here to help. Contact us today to see how we can help find the right employees for your organization.