Salary negotiations are a very delicate matter. When negotiating a salary with a potential candidate, there are a few things that you never want to do. Hiring managers have routinely held all of the power in the negotiation process, but a lack of talent in particular industries has caused a shift in the negotiation process. Potential and current employees may receive multiple job offers, requiring hiring managers take a different approach during negotiations.
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You must avoid these five potential mistakes that are often made during the salary negotiation process.
- Not Going Beyond Money
It’s easy to let salary negotiations be all about money. But there are other important factors that go into negotiations, such as:
- Potential career advancement
- Flexible scheduling hours
- The ability to telecommute
The perks of the job may be able to lure in a candidate that wants a higher starting salary, but will be flexible considering the perks provided.
2. Considering Only Talent
The company culture needs to be considered when hiring anyone. A major mistake that many hiring managers make is that they are blinded by the talent of an applicant. An applicant may be the most skilled person for the job, but this doesn’t mean that they will fit into your work environment.
You must consider if the person will be the right fit for your company’s culture.
3. Not Considering Current Salary Structure
Negotiations are a difficult process, and you need to understand that salaries and compensation packages may often become public knowledge. New employees may talk about their salary to people that they are confident with or see as friends, only to find out that they make significantly more money or received a better compensation package as the “new guy.”
This can lead to quarrels internally and resentment from other employees.
Hiring managers must consider the current salary structure within the company, and do their best to stay within this range.
4. Ignoring Candidate Responses
Red flags often pop up during an interview that many interviewers miss. You need to pay attention to the person’s:
- Body language
- Communication style
If a person throws a tantrum because they do not hear the right salary that they think they deserve, this behavior is something you want to pay attention to. If the person has too many red flags that pop up, you may want to remove your current salary offer.
5. Letting The Right Candidate Go
This may seem like a contradiction to everything that we’ve already stated, but you may need to rethink your salary limits for the right candidate. You need to be able to negotiate strongly enough with the appropriate candidate who will help your company grow. If this candidate is a good fit for your current company culture and is worth the investment, you may not want to let them walk out the door.
In other words, you may need to loosen the purse strings when the right candidate comes along.
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We understand that navigating the job market and interview process can be an overwhelming experience. That’s what our employment agency in Columbus, OH is here for! We’d like to help you through this process. Give Employment Solutions a call today at (614) 785-7015 to speak with an experienced professional in the job market!