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Are your salaries competitive enough?

 

To attract the best talent for your business, salaries need to be up to scratch – if your competitors are offering more, you will miss out…

One of the most common mistakes made by employers is failing to offer competitive salaries at the current market rates. While it’s certainly true that job seekers are becoming increasingly drawn by companies with innovative working environments and unique cultures, more often than not salary is the bottom line.

For applicants, salary and benefits are a key insight into how much a company recognises and appreciates the work that their staff perform. It’s no surprise then that recruitment campaigns by businesses who offer below-average wages have a tendency to struggle. Not offering the right amount of money for a role directly affects the calibre of applicants that apply. Talented and experienced professionals have a certain expectation where salary is concerned, and failing to be competitive often results in an influx of underqualified, prospecting applicants over proficient and accomplished candidates.

Applicants see a higher salary as having a direct correlation on the rates of recognition and reward that a company offers. Being competitive from the get-go will result in a far more lucrative recruitment campaign.

The last thing that you want to do is put off potential candidates before they even decide to apply. Unfortunately, if your competitors are offering a better wage for a similar position at their company, regardless of how much more dynamic a place to work yours is, the higher-quality candidates will naturally gravitate towards them. The likelihood is that experienced professionals will naturally consider lower-paid roles, even those that miss out on offering average by just a small amount, as beneath them.

Offering below-average salaries is not only potentially harmful to a recruitment campaign – it can also have a big impact on retention within a company. Say for example that you are able to find and hire an experienced candidate at a lower wage. This person is likely to soon be tempted by the higher rates offered by your competitors and, as a result, will end up leaving. This can be a serious waste of money and resources as companies have to begin the recruitment process all over again.

Recruiters who take time to research every role they advertise and offer the right money are the ones that are able to find and hire the best talent for their business.

In order to launch a successful recruitment campaign, companies need to be willing to invest in exhibiting that they value every single role – and salary is only a small segment towards getting that right. If you aren’t willing to settle for hiring anything less than the perfect candidate, eRecruitSmart have the expert knowledge and tools to get you there. Working with complete transparency, we treat every campaign uniquely and will spend time thoroughly researching your market to ensure you appeal to the best candidates, giving you access to a cutting edge pool of unique and talented applicants.

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