Salary concerns with candidates during the recruitment process
Posted on 16th December 2022 at 13:45
The current recruitment market is a tough place to be for employers. It is a candidate’s market which means they have all the decisions and choices, not the employers. We have identified how this is affecting hiring managers ability to recruit effectively and what you can do about it.
In the 2nd half of 2022 growth in average pay was 6.2% (4.3% excluding bonuses) and with the rise in inflation over 10% - candidates are looking for pay rises of at least this. Here is how, as a hiring manager, you can work with this during your recruitment process:
1. Be clear as to what a candidates salary expectations are – and how this breaks down into bonus, car etc.
2. Ask the question – if you were to be offered this job at the salary we have discussed and your current company counteroffers would you stay? Questions like this gets the candidate thinking about this opportunity and helps you to gauge how serious they are about it.
3. Make sure that you really sell the benefits of working for you – do you offer any added benefits – think holiday allowance, any additional benefits – PHI, gym membership, dress down Fridays. This should be part of your sell to every candidate.
4. Can you offer a sign on bonus – payable at the end of the first month? Tell the candidate what this will be. If it is less than the cost of readvertising the role you are on to a winner.
5. Talk about your long-term opportunities for this role – training and development and other opportunities that you are expecting to open up.
6. BOTTOM LINE - YOU NEED TO BE OFFERING 10% ON THEIR CURRENT PACKAGE
Increase in money is the number 1 reason why candidates are currently looking for a new role, it is easier to ask your current employers for a pay rise if you have another offer on the table. So, what can you do as a hiring manager?
1. Explore at interview what they would do if this happened.
2. Fully understand all the reasons why they are looking to leave their current role – make sure that it is more than just money. Address how you can meet all these issues if they were to come and work for you. If you can’t what compensating factors have you got?
3. Keep in touch - follow up with the candidate after they have said that they are going to hand their notice in – how did it go, sympathise that you know this wasn’t easy for them.
4. Send them something to delight them and help them recognise that they have made the right decision – “Welcome to the Team” card, an invitation out to drinks with the team etc.
If you need further help or guidance with any or all the above points discussed, please call Emerald Starfish on 0116 2080246.
Tagged as: 2023 recruitment, candidate behaviours, counter offers, recruitment, recruitment hints and tips, recruitment tips, salary expectations, salary increase, salary rises, top tips
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