How to Negotiate a Job Offer?
Finding the right talent for your organization can be difficult. Could probably make you feel like you are competing in a decathlon. We have addressed how much of a hassle it could be. But when you have finally found your ideal candidate, you see the light at the end of the tunnel and your candidate walking through it. There is just one more step to finally wrap up the whole hiring process, extending a job offer. How can you negotiate a job offer?
How Did We Get Here?
The Aquaculture, Seafood, and Fisheries industries can be highly competitive when it comes to talented professionals. And it’s possible your ideal candidate is receiving other offers as well as counteroffers from their current employer. That’s why job seekers are now grabbing the bull by its horns and have the ground to negotiate their salaries. But you should not be caught off-guard.
Negotiating salaries takes experience, preparation, and knowledge of the current market. Today I will share tips on what you’ll need to consider before and when negotiating salaries with your candidates. Which would bring the best outcome for your organization as well as offer a great growth opportunity for that ideal candidate you so badly want to secure.
Know the Market
Before you negotiate a job offer, it is important every time a new job opportunity opens in your organization that you do the research. You must establish what the main requisites are for that role. As well as what the salary range for the position could be within your organization. Only then can you start sourcing and recruiting people. Being aware of the market value, required skills, and years of experience is not just one part of the recruiting process, it is the cornerstone.
Earlier this year we released a Salary Survey, there you can get an idea in your country, within years of experience, industry, and many other factors on what the ideal salary be for the position you’re looking to fill. But you also need to take into consideration the candidate’s current salary. You, of course, want to give a better offer, but you have to spare the risks.
During the Negotiation
First, you need to ask yourself how badly you want this candidate. Then take into account how much time and effort (and money) you consumed looking for that ideal candidate. How much of all that it would cost you to begin the search again. You have to always consider the value this person would bring to your business. But also if there are any other candidates with similar skill sets.
Candidates may also consider benefits different from a salary. So, adding organizational growth, more vacation days, better insurance, and other benefits. These can keep you from being at a loss when a candidate wants to negotiate their salary. Sometimes candidates can overlook the salary if the overall compensation package is attractive. Some other benefits could be remote work, tuition assistance, paid leaves, commissions, and bonuses, relocation expenses if applicable, company phone, etc.
You have to consider your current employees as well. If you have similar positions but you don’t increase the salary and benefits for those as well, you may risk losing them. So consider an increase for them.
Signing the Offer
If you did your math and your candidate accepts the salary and package you are offering always get it in written as soon as possible, with a start date, for them to sign and validate that they agree on the terms.
After your new hire signed the offer, make sure to keep in constant communication. This is while you wait for the notice period from their current employer to be final and for the start date with you to arrive. Even if they accepted your offer, their current employer can still make a convincing counteroffer that may make them want to stay. Show them that even if they are not yet on your payroll, you care about them and you want them in your organization. This would make them more confident and excited about the decision they made of working with you.
Must-Knows When Hiring New Talent
Something you should always remember when you negotiate a job offer with a candidate is to know what your limits are. Hence, never pay more than you can afford unless you are certain you will have a great ROI; never pay your new employee disproportionately more than what you pay your current employees in the same range/role; never offer salaries or benefits that may be outside of what you really feel comfortable with an offering. Your negotiation has to leave you and the new hire feeling ready to establish and nurture a successful relationship. And this includes, of course, your current employees
If you’re ready to save time, money and save you from the hassle of negotiation, contact AquaculturetTalent anytime and we will get you your ideal candidates within your salary range!