Finding great candidates for a job is only the beginning of the job interview process. Salary negotiation can be a key component of the process and can determine whether or not a candidate will fill the position. So it is important for employers to be prepared for the salary discussion. Here are some tips.

Research the Value of the Job

Fortunately, it is now easy to do research online to find the fair market value of a certain position, taking into account criteria such as the level of expertise, location of the job, and the supply and demand for the position. After doing your research, come up with a salary range for the position that can work for both candidates and for your organization. Avoid asking job seekers what their salary was at their previous job since this is not relevant to the current situation. Instead, ask the candidates what their salary expectation is for the position that you have open.

Find Out What Benefits Candidates Want

Before negotiation salary, it can be a good idea to find out what types of benefits your candidates would want and put together an attractive package of benefits to supplement the salary for the job. This way, you can show candidates benefits that could compensate for a lower salary. For example, if a candidate is allowed to work from home, this can save them an hour of travel time each day, which can save them a total of 260 hours a year, in addition to travel expenses.

Explain the Job Completely

Before discussing salary, it’s important to completely explain to candidates what the job will entail, how they will be trained, and what their work environment will be like. This will help candidates to make a well-informed decision about whether or not they want to work with the company. It can also help to prevent a new hire from leaving a job early because of something important they were not told about it from the beginning.

Start with a Negotiable Offer

Be careful not to start salary negotiations with your best offer because candidates will expect to be able to negotiate a higher amount within your stated range.

Give the Candidate Time to Think It Over

Rather than expecting a candidate to make a decision about compensation on the spot, give them a few days to think it over. If someone shows that they are not interested, move on to other candidates. Remember that even if a candidate accepts your offer, things can still come up that make them go in a different direction in the end. So make sure that you keep options open with other candidates.

Are you looking to sharpen your salary negotiation skills with job candidates or to build packages for negotiations? A coach can guide you through the process. Get in touch today!