It is true that you do get what you pay for. For years, since the recession ended, companies have been pinching pennies to ensure they won’t face another downturn. But how can you reconcile this with salaries for new employees? Are there reasons you might want to consider paying more to a superstar candidate? There are, so let’s take a closer look.
1. If you’re not competitive. Before you start your next negotiation, look at the salaries for this job title in your area. Salary.com and Glassdoor can give you some great insight into what your competitors are paying for the same roles. If you find that the salary you are offering isn’t in line with expectations for your industry, it may be time to reconsider.
2. If their skills are irreplaceable. The French statesman Charles de Gaulle said that cemeteries are full of indispensable men. In other words, everyone is ultimately replaceable. However, it’s true that some people are going to be much harder to replace than others, and your company may face some hard times if people with key skills are constantly leaving. Every candidate is different, and they all bring different skills to the table. If the job for which you’re hiring requires specialized skills, you may consider paying more for the most qualified candidate. This way you won’t have to try to find someone else with that experience in the future. Consider it an investment.
3. If you have high turnover. If your organization sees a lot of turnover, this is a sure sign that your salaries are not at the right level to keep employees happy. High turnover can be more expensive than engaging your current workforce, so consider raising their salaries and increasing the entry-level salary to attract a better caliber of candidate.
What is your budget for your next new hire?
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