It’s crucial for businesses to understand the hiring and compensation trends in its specific industry in order to hire efficiently and effectively. To keep top talent – and attract top talent and rising stars – employers must make competitive job offers. But they also must stay within salary guidelines, without breaking the bank.
“There are many things to consider when choosing who you are going to offer a job to,” says Angel Diaz, the Business Development Director at Kavaliro, a staffing firm with expertise in government, IT and technology. “Though nothing is ever 100 percent guaranteed, you always want to make sure you covered all your bases when offering a candidate a job.”
Shirley A. Weis, the former Chief Administrative Officer for Mayo Clinic, agrees. “The job market is ultra competitive and today’s leading businesses understand that the combination of the right salary, benefits, perks and culture is what attracts top talent,” says Weis, who oversaw 60,000 employees and $9 billion in revenues at Mayo. She now leads her own consulting firm, serves on national boards and is Special Advisor to the President of Arizona State University. Her recently published book, Playing to Win in Business, is an Amazon bestseller.
Weiss offers these five tips on what to factor/consider when making a competitive job offer:
- Take the time to understand what the candidate REALLY needs and wants for their career growth.
- Discuss in detail how YOU will help them be successful through coaching and mentorship.
- Help the candidate see the big picture of your organization so that they can see how they will be able to make a meaningful contribution.
- Introduce the candidate to their teammates and provide opportunities to create personal connections through the interview process.
- Act quickly by providing a strong financial and benefits package with the first offer to demonstrate your serious desire to have them join the company.