Paying Below Market Salaries will Only Provide Below Market Talent
I am going to make a fairly obvious statement – in order to hire above-average people, you need to make above-average salary offers.
This is especially true if you are looking to recruit passive candidates away from their current companies.
Very few people are willing to leave a position – probably a very good position – where they are well-paid, valued and respected for a job that offers a lower or even the same salary amount. There are not many things that are certain in life, but this will certainly result in a rejected offer.
Why is that?
During the interview process, the offer of money is the only way candidates can measure the value that the prospective employer has for them. Sure, they know what their job duties might be, but they have not begun those job duties. Sure, they might have an inkling of the challenges that lay in front of them, but they do not know for sure. Sure, they are told (or infer) the potential to climb the corporate ladder, but – again – nothing conclusively known.
Salary is the only metric afforded to them while they are interviewing that allows them to gauge their value. And money is emotional. If you do not believe me, think about how many personal relationships you have known about that have been destroyed for financial reasons. A low salary offer will not only incur cause the candidate to turn down your job offer, it will probably insult the candidate.
So if you are looking to target passive candidates – whether it be for skilled labor or project managers or executives – it will not be enough to simply locate and interview them. Before you even start those steps, you need to address your salary range. Benchmark with other companies, work with your recruiting or staffing partner to fully understand the market for the type of talent you need. Then create a salary range that will allow you to make above average salary offers…offers that are sure to be accepted. There needs to be enough money in the salary range to make above-average offers.
Your company does not exist in a bubble. No matter the talent you are looking for, other employers are fighting for the same candidates. In addition, good candidates are not resting on their laurels. They are reaching out to their own network and seeking out other opportunities as well. Competition is tough, and supply is limited.
Snelling understands this. It is important that you work with a skilled staffing and recruiting company that understands your local market, but has the recruiting strength to find the best fit candidate – no matter where they reside. So contact us today or call your local office, and let’s begin the conversation on how we can help you find the talent you need.
