As business begin to move back to some normalcy one of the big challenges is hiring the right people at the right compensation . There are many challenges in this employment market that need to be considered. Your business has specific needs and the potential talent has their own requirements. Let’s look at both the business side and consultants’ side to see what each party should be thinking about prior to and during compensation discussions.
Employer needs to consider:
- Hiring the right talent at a rate that financially makes sense.
- Great talent will be in demand and your prospective hire could have other offers, so make sure that your offer is competitive.
- Be willing to negotiate and pay more than your budget. People with the right skill set and experience can be much more effective and produce better quality of work than the person at a lower pay scale.
- Consider the ramifications a budget-friendly hire when a more qualified candidate is available. Examples can include poor quality of work, less efficiency, and eventually corrective action which could cost your company more money in HR hours with the inferior hire.
- Entry level candidates may not require as much compensation but when assessing their skill set and personality, keep in mind that they can be developed into future leaders of your business.
- Your recruiting ad should include the potential compensation rate, available benefits and career growth opportunities within your company. This provides the consultant with a good understanding of their possible future with your business. Do not use the phrase “compensation will be determined by previous work experience” as it is open to interpretation and puts some uncertainty in the consultant’s perspective of your company.
- Include your name and cell number in your employment ad. This will give potential candidates an opportunity to talk with you about the job. In turn you can complete an initial phone interview discussing previous work experience and gauging their compensation requirements through the phone conversation.
Employee needs to consider:
- With many job openings in the marketplace, which job is the best fit from a compensation and future career growth perspective.
- In some cases, compensation may not be as important if the company has a great growth plan with many opportunities for advancement.
- Does the company offer a good benefit package with health and dental insurance, 401K Plan, paid vacation and holidays?
- Will the company allow you to work off-site from home a few days a week or full-time from home?
- Does the company allow you to continue your education or provide tuition reimbursement?
- Is the company actively involved in the community and supporting local charitable organizations? Do they offer opportunities for volunteerism?
As you can see there are many variables that need to be considered on both sides when considering compensation. If you are looking to hire for a new position or need to add talent to your existing team and need some help Creative Options of DC can help. With over 30 years of experience, we’re ready to put our human resources team to work to help you navigate through the many candidates and negotiate with the prospective hire to a compensation rate that makes everyone happy.