Nineteen percent of job seekers say compensation was the #1 factor for leaving their job in the last year. Money matters. You may have a range in mind that you want to pay for a particular position. Or, maybe it’s a new position and you’re unsure what the pay level should be. Before you start looking for the right person, search the market to see how closely the compensation you plan to offer matches what candidates expect and are getting. If you are not in alignment with the market, you’ve created a barrier to getting the best person for the job.
The obvious remedy is to increase the compensation you offer. But compensation isn’t the only way to attract and engage. If you can’t realistically pay more, here are examples that can help get candidates excited about your opportunity: reduce the level of required skills or experience; look for a more junior person you can train to close the gap over time; or offer strong professional training and development programs. And always highlight what makes your organization special: your culture, team spirit, growth opportunities, and any special perks and incentives that combine to make your company a great place to be.