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Will Competitive Salaries Lead to Better Job Candidates?

November 18th, 2015

As a hiring manager your ultimate goal is to attract the best and the brightest. Unfortunately, competition for top talent is fierce, and the best available professionals essentially have their pick of employer. If you have struggled to attract these elite workers the problem may be simple – you’re not offering high enough salaries. Money is a powerful motivator, and investment in talent is one that pays dividends down the road. Learn what kind of impact competitive salaries can have on your recruiting efforts and decide for yourself if it might be time to loosen the purse strings.

Eliminate the Negotiation Process

In a perfect world, a top candidate would accept your very first offer and get to work immediately. But when you offer them less salary than they expect, it’s only natural for them to hesitate, look for other offers, and eventually initiate a bidding war. This is good for the candidate but bad for you because heated salary negotiations can push compensation levels higher than you ever intended to offer. By offering a fair and generous salary at the start, you show the candidate that you value their expertise and are eager to bring them on board. Once that respect is established the candidate is a lot less likely to go looking elsewhere.

Establish Yourself as a Top Employer

When you’re trying to attract top talent, you need to sell your company to them as much as they need to sell their credentials to you. Companies that are able to offer competitive salaries project an image of success and confidence. By contrast, companies that low ball candidates appear middling, back of the pack, and manipulative. No one wants to go to work for a company that seems to be struggling to stay afloat.

Gain a Bargaining Chip over the Competition

In the conversation around recruiting today, people like to talk about alternative perks, the work/life balance, and opportunities for personal and professional growth. All of these are nice to have in a job, but the simple fact is that compensation remains the single most important reason for going to work. Your competition may be trying to steal your candidates away by offering abstract benefits, but you can easily re-establish yourself as the top contender simply by offering more money. When asked to choose between a higher salary and flexible scheduling, most smart professionals will opt for the salary.

Competitive salaries are an important part of your recruiting efforts, but they shouldn’t be the only part. Learn about other effective, low-cost ways to attract talent into your orbit by contacting The Concorde Group, the premier boutique staffing agency in Westchester County.

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