You’ve found the perfect candidate, and you’re ready to make an offer. You worked long and hard to get this this point, and you don’t want to risk them rejecting the offer. So how do you make a fair job offer that gets the candidate to say yes?
Know your candidates and what they’re worth.
The answer lies in developing a genuine relationship with candidates and their recruiters from the beginning. Through the interview process, get to know and understand what motivates them and what’s important to them. Using a recruiter can help you gather this information to make a fair job offer. This information is essential when you get to the offer stage, because you’ll be able to tailor the offer to meet the candidate’s needs and career goals.
Know your company’s compensation reputation.
Candidates are savvy and well-informed. Review websites and social media provide easy access to internal information about your company, including salary benchmark data. It’s likely that your candidate will have done his or her research. Therefore, you need to do your research, too. Note the national and local salary data for the position, taking into account your ideal candidate’s education and experience level. Ensure that your salary offer is within that range.
Know the upper limit, and leave room to get there.
Be prepared to negotiate by giving yourself some wiggle room with the salary. If you start your offer at the top of your range, you won’t have room to negotiate if the candidate counters with a higher starting rate. This is particularly true if you’re hiring a more senior-level position, where salary negotiations are common. Also, compile a packet of information to address frequently asked questions. This should include an overview of your company’s benefits, retirement plan options, time off and other benefits and perks. During salary negotiations, your company’s benefits and perks can add honey to your pot.
Know your plan.
Once you have all of the pertinent information needed for the offer, pick up the phone. This continues the personal connection that you established during the interview. Tell the candidate how excited you are to have them join your team and why you think they’ll be a great fit. Be enthusiastic about their future with your company. You might even mention some immediate projects that you envision them working on. Also, name a few team members they’ll be working with to help them feel welcome before they even say yes.
This phone call provides an opportunity for you to provide a high-level overview of salary and benefits, discuss potential start dates and assess how the candidate feels about the initial offer. Prompt them for any questions and provide as much information as possible when answering.
Immediately after the phone call, follow up with a formal, written offer. The written offer should reiterate the information you provided on the phone, including job title, salary, start date and the name of the supervisor. It’s a best practice to include a packet of additional information, including company benefits and perks, an employee handbook and other resources to help the candidate make a decision. Finally, give a timeline for responding. Candidates will likely want to think about the offer for a day or two before giving you an answer.
Making an offer can be exciting, but it can also be overwhelming. That’s why the professionals at Accounting Principals are ready to help you with tools and resources to make hiring easier. That way, all you have to worry about is planning your new hire’s onboarding!
For more salary information, check out this guide.