Determining the Market Value of a Top Candidate
You’ve found an ideal candidate for the position on the table. Your interview process has shown they have the desired skill set and experience. Their personality and character indicate a strong cultural fit. Looks like they’re ready to hit the ground running!
The only remaining hurdle is the salary offer: How do you know the true market value of a superstar?
The answer lies in having the best, latest and most relevant market intelligence. Who else may be vying to hire this top performer? What kind of salary and benefits may the candidate be considering as they decide where to “land”?
How can you ensure you’ll get the maximum bang for your recruitment buck? Because you neither want to overpay a new hire nor sell a candidate short and risk losing them.
Dig Deep for Meaningful Data
Your recruiting firm is your go-to source in providing competitive, market-driven salary and benefits information.
- If you arbitrarily set a salary figure without doing the necessary background research, you may end up paying too much. Low balling an offer also carries significant risk. To make this determination, your recruiter can work with you to drill down into the demographics of your labor market.
- Work with your recruiter to develop a well-rounded perspective on the value of a candidate. For instance, where does the individual currently work? How much in demand are they among area business leaders?
- Market data must be interpreted in the context of your organization. There’s a lot of valid information out there on compensation, based on job titles and functional responsibilities. However, these categories aren’t always consistent across companies and they certainly don’t capture every variable relevant to every position. Your recruiter is the expert on correlating market data with your company and its current hiring need.
It’s advisable to reassess your compensation program at least every two years with an eye on market figures, current pay surveys and related data to ensure you remain competitive.
It’s a challenge – but you’re not alone in taking it on. Research has shown that 78 percent of HR leaders cite finding top talent to be their number-one challenge. In order to do it well, it’s critical to have ready access to market intelligence.
Consider partnering with an executive search consultant to develop the most effective hiring strategy for the future of your organization. Give the team at BrainWorks a call today.