People think job seekers have all the pressure when it comes to job interviews, but hiring managers also feel the pressure.
It can be a daunting task to wade through so many candidates. You think you’ve finally found the right one, but then you still have to get through the interview and the dreaded salary negotiations.
Hopefully, these three salary negotiation tips will help you handle the situation in the best way possible:
- Know what you can offer – Whether you have an HR professional in your midst or hiring falls squarely on your shoulders, have an idea of what pay is fair, based on the job requirements and availability of candidates who can do the job. You should also consider what others in your company make who have similar jobs. People talk and you can’t forbid them from talking money with one another.
- Research – Candidates usually expect a higher salary than their last and occasionally “modestly inflate” that last salary amount. Do you know if their salary makes sense based on their most recent job? Is the salary for their most recent job commensurate with the job you have for them? Was it high because they were a long-term employee?
- Get Creative – Just because your “fixed pay” range may not be flexible, that doesn’t mean you can’t consider signing bonuses, guaranteed commission or incentive plans, or other “variable pay” options to try to lock in the best candidate. Find out what else is important (i.e., paid time off, modified work schedules, etc…) and see what you can come up with to make a richer offer.
In the end, salary negotiation is a two-way street that can be a little bumpy for both parties. With the right preparation, honesty and desire to get the right person, hiring managers can make salary negotiations a little easier for everyone involved.