Recruiting qualified talent isn’t always as easy as it seems. In today’s competitive job market, businesses are becoming more aware of how to attract and keep their workers, and it can be a challenge to source the right candidates for your budget. This reality has made it even more important for companies to put a strong focus on creating a competitive hiring offer for candidates the first time around.
Creating a competitive job offer can provide several benefits for hiring managers that are felt long after an employee is hired on with the organization. Here are three reasons you should place high importance on this talent acquisition practice.
Improve Employee Retention
When interviewing and hiring new employees, it’s important to keep this fresh perspective – candidates have options. Qualified candidates are highly sought after by organizations, many of which will go through painstaking efforts to ensure they get placed with them. You should make sure your job offer remains competitive in comparison. Offers should be attractive enough for a new employee to feel like they’re being rewarded for their value and minimize the likelihood of being poached by competing organizations. Employees need to feel like they’re able to develop their careers and the last thing you want them to have is an underlying feeling that your organization is holding them back from achieving their financial goals.
Invest in Employees and They’ll Invest in You
It’s important to remember when you’re bringing on new employees, you get what you pay for. Take time to fully understand the role your hiring for and what the right compensation level is to offer. Competitive offers help incentivize employees to their best when working with an organization. When financial objectives are met from the start, employees can focus on establishing themselves with the organization and becoming an integral part of the culture. Employees who know their value is recognized tend to establish a deep loyalty with an organization. This loyalty can help organizations retain their staff even when times are tough and help to make new salary negotiations less sensitive.
Understand the Hidden Costs of Paying Less
Replacing an employee is much more expensive in time and resources than the cost of paying a little more to keep one. Unfortunately, many hiring managers don’t take this into consideration and make their salary offers less compelling. Remember, your goal is not only to acquire the new talent but also keep them for the long term. Company training programs can take time and effort on multiple departments to coordinate. The last thing you want to do is repeat the process over when a more competitive offer would have made the difference.
Creating a competitive offer isn’t an exact science. What’s important to one candidate may differ greatly from another. However, by taking the time to understand each candidate’s short- and long-term financial goals and creating an offer that’s in alignment with them, you’ll be able to remain competitive when sourcing new talent while improving your staff retention rates.
For more tips on how to prepare a competitive offer or general recruiting best practices, contact our experts or call us at (918)-584-7900.