Posted By: Deanna DeBenedictis

You know the kind of candidates you’d like to bring on board. You know what they can do, you know what their resumes look like, and you even know what they sound like when they talk. And for the most part, you know where to find them and how to create a job post that they may find appealing. You work hard every day to foster the kind of culture they’re attracted to, and you’re ready to give them all the tools and resources they need to excel at their jobs. If you don’t, team up with a staffing expert like Fanning Personnel, to help you attract top candidates.
There’s only one problem: You’re not sure you can afford to pay them at a level that reflects the value they add to your company. And your budget limitations give your competitors a distinct advantage in the battle for top talent. So what are your options? Consider a few moves like these.
Stay Competitive At the Negotiating Table
1. Factor current Wall Street compensation trends into your offer. Recognize that these trends differ widely between stock and bond markets, and both compensation trajectories reflect the current growth rates in these sectors. Stock traders can expect to earn, on average, about 14 percent more in 2013 than in 2012. But a slowdown in the corporate bond market is reducing revenues in this area and placing a lag on compensation increases. Both stock and bond compensation rates are expected to rise in 2013, but both are far from the peaks they reached in the years prior to the crisis.
3. Consider your benefits package and make every adjustment you can that may work in the candidate’s favor. Your salary offer may be slightly weaker than that of your competitors, but if your insurance coverage is more comprehensive, that may close the gap.
4. What do you offer in terms of annual merit-based rewards? The lure of a high bonus based on sales numbers or performance quotas may help a candidate see past the limitations of your annual salary offer.
5. Work hard to sell your policies. If you provide flex time, over time, work-at-home availability, or annual summer hours, this can help you make your case.
6. Talk seriously with the candidate about her plans for the future, listen to everything she says, and take notes. Find out what you can do to get her where she needs to go. This may mean offering opportunities for advancement, but it may also mean subsidizing her continuing education, or providing her with exposure to varied aspects of the business.
The recruiting and hiring process can be exhausting and expensive. Make sure you are consulting a staffing expert to attract the very best candidates in your area. Regardless of how you choose to bolster your salary offer, don’t give up, and don’t lower your standards when it comes to attracting the highest levels of talent. For more detail on how to keep your hiring edge, reach out to the staffing experts at Fanning Personnel.

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