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8 Salary Negotiation Tips for Employers

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Making a good offer to a talented candidate is key to hiring the right people, but it can also help speed up the hiring process. For many companies, the hiring process can be quite complex and time-consuming. Often the process starts with defining the job description, posting the job on job boards and the company website, recruiting and interviewing candidates, performing assessments, negotiating the salary, and making the offer. One way to streamline this process is to pay special attention to salary negotiations and where this takes place in the process. Here are a few tips for employers to consider:

  1.  Share the salary range up front. Share the salary range on the job description or during the interview process. This will help you recruit candidates that are comfortable with the compensation from the start, making negotiation easier. When deciding on the salary range make sure your lowest offer is in line with industry standards and will be attractive to your candidate.
  2.  Discuss compensation packages clearly (base salary, bonus, equity, stock options, benefits). Before having the salary negotiation conversation, be prepared to discuss what additional benefits you could give an employee to make the terms of their employment more attractive. These could include a performance bonus, stock options, additional vacation, etc.
  3.  Outline bonus expectations. Compensation often includes bonuses, equity, or other perks. When negotiating the salary and total compensation, make sure to explain the performance metrics and how their actions and results impact those metrics.
  4.  Investigate the market salary range for all positions. As you develop the job description for the role, research to find out what is the competitive rate based on job responsibilities, skills level required, and geography. Salaries will vary across the U.S. by state. Once you have the market rate, expect to pay within it.
  5.  Ask your network for salary advice or ask a recruiter. Employers are having hiring conversations and negotiating weekly, so don’t be afraid to reach out to a friend, colleague, or recruiter to ask questions and help you understand the market or the new position you might be hiring for.
  6.  It’s okay to negotiate. Just because you have a salary offer in mind, doesn’t mean you have to stick to it. Get to know the candidate and what’s important to them and then expect to negotiate the salary, compensation, and even other benefits to meet their expectations and yours.
  7.  Don’t ask a candidate about their current salary. In many states, a salary history ban prohibits employers from asking applicants about their current or past salaries, benefits, or other compensation. This is designed to narrow the pay gap between men and women. So, don’t ask the question.
  8.  Make an offer within the salary range communicated. When you are ready to make the offer, make the offer the candidate will expect based on your conversations. This will help seal the deal and both parties will be happy. There is nothing worse than wasting days or weeks interviewing candidates to find out at the offer stage that their salary expectation has higher than what you offered.

To sum things up, discuss numbers early in the hiring process. This will ensure that neither the employer nor the candidate will have unrealistic expectations of the role and compensation, thus making it a win-win for both sides.

To help with salary negotiations for roles in accounting, finance, HR, and IT in the Washington, DC, Maryland, and Virginia areas, download Cordia Resources’ salary guides. For more hiring tips or talk to a recruiter, contact us now.

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