Hiring a new employee can be a tricky process and when it comes to offer stage you need to be sure that your offer is an acceptable one. This is the start of a very important relationship. When an employee comes on board you want to ensure that both parties are happy and the relationship gets off on the right foot.
Under-offering to an applicant can lead to them feeling undervalued and may give them a bad feeling about their future in the company, this leaves them far more susceptible to counter offers and may lead to a rejected offer.
There are more positions than there are highly-qualified professionals on the market at the moment, often leading to multiple offers and current employers offering higher salaries so as not to lose their own valuable asset. To ensure that you land your ideal applicant, just follow my tips below on how to avoid under offering.
Check out the Morgan McKinley salary guide for Ireland which offers comprehensive coverage of salaries and benefit packages across disciplines and different regions.
During interview stage, be sure to investigate your applicants motivations for looking to move. Also get their current salary and package details. Armed with this information you can prepare the perfect offer. Never make an offer below their current salary, unless there are strong reasons to do so; and even then be sure that they have been aware of your salary scale from the outset to ensure that they will accept your offer. If there are long term opportunities within the company - outline these when making the offer. Additionally, make sure that you are clear on what benefits are included and what the monetary value of these benefits will represent in their first and subsequent years.
Working with a recruitment consultant offers a number of benefits, one of which comes at offer stage. We can tentatively put your initial offer to an applicant and close them off on a figure that will guarantee they will accept the role. This eliminates all of the guess work and also means that your applicant will receive a good and fair offer and will join your team feeling as valued as possible and as happy as Larry!
You should know from the very beginning what your own budget is and what the minimum salary expectations are of everyone you interview so don’t waste your own time, or the time of the people you meet by interviewing applicants with a salary expectation which is out of your range. This will only lead to a lose/lose situation.
Finally, don't forget that an applicant who does initially accept an under-offer is always more likely to continue to look elsewhere for the salary that they think they are actually worth. So a short term saving of sometimes as little as €1-2K in a salary can prove a lot more costly as your recruitment process must begin afresh, and all of the time and expense you invested in training that person must be spent again on the next replacement.
For more information on how to prepare an offer contact me today. I would be happy to offer you advice on your next hire to your team.