New Hire Negotiations: Don’t Let the Good Ones Get Away
Hiring managers have lots of stories of about the one that got away. That great candidate who (after a long and careful search) was everything the company wanted, but in the end he or she did not sign on the dotted line to join the team. The offer just wasn’t good enough.
New-hire negotiations require more than just a salary and benefits outline, especially when it comes to the savvy and sought-after candidates. Hiring managers need to prepare for some detailed back-and-forth with candidates. The goal is to satisfy everyone so you can all collectively get back to business—your business. The best way to do that is to go into the negotiations knowing your limits and ready to field questions about benefits and pay ranges within your industry (the dreaded “going rate” that job seekers learn as they interview with various companies). Also important: be ready to explain and champion your offer.
What if your organization isn’t able to offer the highest rate on the market?
Consider customizing your new-hire offer to keep that one-in-a-million candidate from walking away from the table. Some good advice we recently found over at Monster’s Resource Center:
Custom-Tailor the Offer to the Candidate
Employers can get so caught up in their own compensation and benefits rules that they respond irrationally to an unconventional request from a top-notch candidate. “Some companies have policies that make it easier to get someone an extra $20,000 than to give them an extra week of vacation.”
But even when an employer’s policy on benefits is less than progressive, some hiring managers find a way to close the deal. “Hiring managers are very willing to be creative to attract the best people,” says Hoffman. If those managers are also talented bureaucrats, they may be able give that candidate what she’s asking for and save that $20,000 at the same time.
Once again, we cannot stress enough how important it is to do your homework beforehand, and to present your offers in a way that focuses on the job and the future opportunities within your business, not just the salary. Staying calm through the process is also a plus.
Our HR professionals can help with these vital negotiations
myHR Partner is proud to offer valuable hiring management services, and because there is never a per-hire fee, you can rest assured that we always sit on your side of the table. Contact us today for more information about how we can help you.