Competitive Compensation – How (and When) to Negotiate Offers

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Negotiating salary isn’t just hard for a job seeker; it can be hard for a company too! If you’re nervous about negotiating with a candidate you’d like to hire, here are some steps to take to get you through:

Know your limit.

Before you make any hiring decisions, work with other employees in your company to determine how much you can reasonably spend. It does you no good to offer someone more money than you can continue to pay. Keep in mind that candidates may expect a raise as soon as their first work anniversary as well.

Know what your competition is paying.

To make sure that you’re offering a comparable salary to your competition, do your research before you make an offer. There is a great deal of data available about the rate of pay for different positions in different areas. If you have a close working relationship with other companies in your industry, you may even be able to ask for exact numbers.

Leave yourself room.

The two numbers from the first two steps of the process should leave you with a range of amounts that you can offer as a salary. When you make an offer to a candidate, it should always be in person. The offer should be in writing as well, to avoid confusion, but you should deliver it face to face. Don’t offer something towards the higher end of your range at first. Give yourself room to raise your offer if needed.

Be open to negotiation.

If a candidate asks for more money, listen to their case. Hopefully you’ve left yourself enough room to be able to offer them a slightly higher salary. If they ask for more money even after you’ve reached your hard limit, try to talk up your benefits package or office perks. A great benefits package can often overcome a small gap between desired salary and offered salary.

Looking to take the stress out of negotiating salary with your employees? At Burnett’s Staffing, we can take care of all of your hiring and recruiting needs, giving you more time to manage your staff. Get in touch with us today to have a discussion about your company’s unique needs.

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