The hiring business is very similar to the world of dating. Your candidate needs to know that you value them, just as much as they value you. The compensation package which you offer them needs to reflect just that. So, how can you make your offers more compelling to attract and retain, top talent?
1. Designate a Range
Before you even get to the interview process with a potential employee, they should understand the general salary range. By clearly displaying that range with the minimum and maximum offer, you will receive candidates who understand the salary expectations, and consequently, candidates with the appropriate level of experience. Effective May 15th, 2022, salary transparency is now a law. The new pay transparency law makes it an “unlawful discriminatory process” under the New York City Human Rights Law for an employer to advertise a job, promotion, or transfer opportunity without stating the position’s minimum and maximum salary within the advertisement.
2. Offer a Signing Bonus
Signing bonuses typically entice candidates to accept a position. The bonuses themselves range from a flat dollar amount to a percentage of the new salary. With the “Great Resignation” upon us, signing bonuses have become much more common. “The leading data and analytics company’s Job Analytics database reveals that advertisements offering a sign-on bonus have increased across all sectors by a whopping 454%, from 10,312 positions in August 2020 to 57,123 in August 2021” (Global Data, 2021). The findings from this data also suggest including the bonus information on the job posting itself, to yield a higher number of candidates. A signing bonus is an excellent demonstration to the candidate of just how badly you want them on your team. It offers a competitive advantage, especially for c-suite roles.
3. Personalize the Package
Compensation packages should be extremely individualized and tailored towards the candidate. “According to a 2021 study by MetLife, 93% of employees said that the ability to customize their benefits packages is a “must-have” or “nice-to-have” (Entrepreneur, 2022).
During the multiple rounds of interviews, you should be sure to include staple questions about what the applicant values. For some people, an ideal compensation package includes additional vacation time, while for others it is geared more towards equity acquisition. Says Evan Violette, CSS PSG Managing Sales Director.
The hiring manager should actively listen during the preliminary conversations, this way the package reflects an individualized approach and a clear understanding of the candidate’s values.
4. Articulate Flexibility
Now more than ever, we are living in a world where employers need to enact flexibility across all realms, but especially with work from home policies. “In 2021, 89% of employees preferred a role with remote options, according to a study by San Francisco-based PRO Unlimited” (HCA Mag, 2022). By including an entirely remote option, versus a hybrid work model within the compensation package, you will offer a competitive advantage. If you do not offer the remote option, you will lose out on 58% of potential candidates (HCAMAg, 2022).
5. Paternity Leave
Paternity leave plays a critical role in a candidate accepting a position. As recently as January of 2022, Google revamped their parental leave policy, offering a total of eighteen weeks. The company announced that it “had expanded parental leave to 18 weeks for all parents (previously 12 weeks) and 24 weeks for parents who give birth (previously 18 weeks). As of April 2, it will also let employees take up to eight weeks of caregiver leave, doubling its previous allowance” (Business Insider, 2022). Companies like Google are setting the precedent for expected parental leave and it is absolutely something that should be highlighted in compensation packages. By offering a competitive parental leave policy, your values as a company will again be reinforced.
We live in a world today where although compensation is important, it is not everything. During the pandemic, it became apparent to employees what they value and where their priorities lie. Compensation packages should reflect this newfound renaissance and be used as an individualized tool. There is no such thing as a one size fits all in the job market today, and compensation packages are no exception.
About CSS PSG
CSS PSG (Professional Staffing Group) has been a leading provider of contract, temporary, and direct hire solutions. Nationally supporting staffing solutions with a focus in Accounting & Finance, Human Resources, Sales & Marketing, and Call Center & Office. Everyone at CSS operates with pro-active pipelines, the highest business ethics, a winning spirit in our approach, and a team-oriented workflow with real cross-training. The CSS team coaches you with current business intelligence so that we can timely deliver solutions to meet your expectations.