In a competitive market, finding the right candidates for your business is only half the battle. Most talented professionals will have more than one job offer to consider. Here are four tips from Tamara Jones on how to ensure your offer comes out on top.
As a manager, you likely know how increasingly competitive and expensive it is becoming to find great talent across Auckland and Wellington; but finding the right people is only half the battle. In fact, with more options in the job market than ever, experienced professionals often have several jobs offers to consider. Failing to convince their ideal candidate to accept their offer over their competitor’s has become a difficult reality for many employers. Here are four great tips on how you can provide a job offer your ideal candidate simply can’t refuse.
Benchmark Your Salaries
When it comes to evaluating a job offer, salary will be one of the highest priorities for most candidates. This is why it is important that you put forward a package that meets their expectations. The first step to achieve this is to use guides such as our Market & Salary Report to benchmark your average salaries against the market. Whilst a lot of data goes into producing these reports, remember that they are only averages and your own salary packages should take into account things like supply and demand, experiences, industry, and urgency.
Working with a recruitment partner can really help when you reach the point of negotiating a fair salary package. A recruiter should already have an idea of your salary budget for this level of role and can help ensure that the candidates you see sit within this range.
Consider Non-Financial Incentives
For many candidates, salary is not the be all and end all. In fact, non-financial benefits such as flexible working hours are becoming more important compared to salary and other factors in a job offer.
Including sought-after incentives such as a car park or the ability to work from home in your total package can be a fantastic way to make your offer more appealing than a competitor’s. We’ve included the top 10 benefits from our Salary Report research in this blog, but don’t forget to get creative and think outside of the box.
Be Prepared to Re-evaluate
When your vacancy is consistently attracting great candidates that are too expensive for your salary range, supply and demand can often be a primary issue. Many of New Zealand’s markets are talent short. For example, Seek has recently reported on the top 20 hardest roles to fill which shows that the Healthcare and Medical, and Legal industries are two of these sectors.
Industries with a tight supply of talented professionals will result in higher financial expectations and if your salary range for your vacancy does not align with these expectations, then your business will likely miss out. The solution here would be to raise your salary range to match these expectations, but this can sometimes be outside of your control.
When changing the salary range is out of the question, then your second option would be to re-evaluate the requirements of your role. If your vacancy is asking for considerable experience or hard to find skills, then this can lead to attracting senior candidates whose salary expectations are above your budget. Removing essential skills or reducing minimal experience requirements can help your business attract the calibre of talent that aligns with your salary range.
Be Quick but Clear When Presenting Your Offer
A common mistake managers make is to wait until an official contract has been drafted before presenting the offer to their candidate of choice. In that time, your potential new employee may already have an offer on the table which they could end up accepting. Managers might also opt to wait until references have been completed before informing the candidate that they would like to offer them the role.
Our advice here is that you should inform the candidate (or your recruiter) that you have made the decision to move them to the next step by phone, and then follow up in writing once you have the contract. You can also inform the candidate that the offer is dependent on references so that you can still present the offer quickly without undermining your recruitment processes.
Auckland’s and Wellington’s Accounting, Finance and Business Support markets are incredibly competitive and delays in your hiring process can cost you great talent. Researching your market, average salaries, benefits, and more are crucial to ensure you set a package range that will attract the right professionals and set you up to convert them into new employees.
As specialists in Accounting, Finance and Business Support recruitment, we’re in a great place to provide you with this market research, access to the best talent available, and a full end-to-end hiring partner. Get in touch if you’d like to know more.