3 Steps for Offering Compensation to Attract the Best Candidates

There’s no doubt that companies not only want to attract the best candidates available in the marketplace, but they also want to hire them.

However, what they’re offering to these candidates isn’t always enough to accomplish both of these things.  A disconnect often exists, and as a result, companies fail to hire the candidates they want to hire.

What can be done to prevent this from happening?  There are three things that companies can do to attract the best candidates:

#1—Conduct research regarding the industry norms in regards to compensation.

What kind of compensation are top candidates currently demanding?  What level of compensation is convincing these candidates to accept offers when they’re extended?  Without knowing what the standard is for compensation for these candidates, you really have no idea what it will take to successfully attract and hire them.  Without this information, you’re basically just guessing.

#2—Conduct an audit of their current compensation offerings.

Now that company officials know what kind of compensation is attracting top candidates, how does their compensation structure stack up?  If a disconnect truly exists, how big is that disconnect and in what specific areas does it lie?

Once they’ve answered those questions, they must then take steps to address the issue.  If there are gaps and discrepancies, they should brainstorm ways to close those gaps and eliminate those discrepancies.  Ultimately, they should not view it as a cost, but instead as an investment in the future earnings of the company.

#3—Get creative in what they offer.

There’s a chance that some companies aren’t in a position to offer the level of compensation that’s currently wooing top talent.  Rather than be relegated to a lower level (and by extension, B and C-level players instead of A-level players), companies should get creative in the things they offer to the best candidates.

In lieu of more salary, perhaps the company can offer more vacation time or flex time.  (Who doesn’t like leaving at noon every Friday?)  Whatever a company offers, though, company officials must make sure that it will attract top candidates.  It has to be not just creative, but also effective.

So—where does your company stand when it comes to compensation and how you can use it to attract and hire the best candidates available?  What work has to be done?

The sooner you start, the sooner you can hire the candidates you need to hire to spur future growth.

We help support careers in one of two ways: 1. By helping to find the right opportunity when the time is right, and 2. By helping to recruit top talent for the critical needs of organizations.  If this is something you would like to explore further, please send an email to stacy@thevetrecruiter.com.