Why You Need to Talk About Salary – Advice for Hiring Managers

Why You Need to Talk About Salary

The great thing about advertising job vacancies is that you are opening the door to new, fresh talent that can have a positive effect on your company. As such, you may be left feeling motivated, inspired, and eager to tell these candidates exactly why your company is the best place to work.

However, this may not be what the candidate wants to hear at the starting blocks; in fact, they’ll probably be more focused on hearing about the salary package on offer. Rather than forging ahead with your chosen information, take a moment to find out more about why you need to talk about salary to find the right people for your company.

Talking About Compensation Will Naturally Sift Your Candidates

One of the most important reasons that you need to share compensation information is to ensure that the candidates you are considering will want the job you have to offer. Finding the perfect candidate is a two-way street and when you are upfront about how much you are willing to pay, they can then able to work out if what you are offering fits their needs. It’s important to note that this doesn’t negate the need for negotiation, but makes your ballpark offer clear so that everyone is on the same page.

Talking About Compensation Allows You to Understand Expectations

When you share your compensation offer with candidates, you can get a clear understanding of whether what you are offering is meeting the expectations of the people you want to hire. If you find that they are very quick to accept your offer then you may be starting negotiations too high. However, if they withdraw their application or look to increase your offer significantly, you may be offering too little to entice the people you want, helping you to modify your offer to suit your budget and the needs of the best candidates. Sharing this information early on can provide you with guidance on what a more attractive offer may look like. Or allow you to reassess the opening to see what adjustments can be made. Especially in situations where maximum budgets exist and compensation packages can change rapidly.

Talking About Salary Gives You the Chance to Discuss Benefits

What many employers lack in salary offerings can sometimes be made up with many employee benefits, but these are often shared far too late in the recruitment process to be a selling point. To make the most of the benefits available including equity stakes, take the time to explain them in full at the same time that you share the salary offer. This will enable the candidate to see the bigger picture and allow them to calculate the impact of the benefits so that they may be more willing to take a lower starting salary than they had imagined.

Talking About Salary Enables You to Set Your Starting Line

When it comes to negotiating salaries, it can be hard to know where to start. If you think that you have a particularly appealing candidate and you want to achieve the best salary negotiation, it’s wise to share your starting point rather than your bottom line. Doing this will give you leeway in the discussions and allow you to increase your offer to secure the candidate you desire.

Talking About Salary is Becoming a Legal Requirement

As more US states are requiring employers to list their compensation amount within job adverts, taking the opportunity to share your salary offer will set you up for being legally compliant, even if your state hasn’t put the law into motion yet. There are many reasons that explain why some states have taken this decision, but the main one is to allow for more transparency in a bid to address unequal pay issues that plague certain industries and areas in the US.

Get More Hiring Tips and Support From GeneCoda®

If you are keen to find out more about quality recruitment and learn hints and tips that will help you to get the most from every interview, GeneCoda® is here to help you. We are a boutique life sciences executive search firm with years of experience and a quality reputation, so you can be sure that we offer what you need. Get in touch with us for an informal discussion and let’s plan your recruitment together.