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With Michael Page Talent Trends revealing 60% of organisations struggling to fill roles in the last year, it’s clear that attracting and retaining top talent has become a minefield. One hurdle often standing in the way is that tricky conversation: salary negotiation.
Understanding candidate expectations is key to a smooth negotiation process. With our research revealing over half (54%) of candidates see a higher salary as essential when considering a new role, it demonstrates the importance of being prepared to have an open and honest discussion about compensation.
So, how can you navigate salary expectations and secure that perfect hire? We've put together some insights to help you achieve a win-win outcome:
Knowledge is power! Before interviewing or advertising a role, it's crucial to have access to the latest industry benchmarks for the specific role and location. That's where Michael Page Salary Guides come in!
We offer a comprehensive suite of salary guides – covering Finance, Marketing, HR, Technology, Engineering and Manufacturing, and more – packed with the most recent salary data for various roles across different industries and locations in the UK.
Download your free copy today and ensure you're offering competitive compensation packages that attract top talent:
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Knowing the market value helps you craft a competitive offer and with Michael Page Salary Guides, you'll be armed with the latest data to navigate salary conversations with confidence.
Be upfront about salary expectations early on in the recruitment process. You can use a salary range in your job descriptions or discuss compensation during initial phone screenings. This transparency saves everyone time and prevents disappointment later.
Salary is important, but it's not the only factor. Consider what else might motivate a candidate.
In a recent candidate survey, we found that when faced with a salary offer slightly below their expectations, nearly a third (29%) said they’d be happy to negotiate for additional non-monetary benefits. Besides salary, the top five perks which candidates ranked as important were:
Benefits packages, flexible working arrangements, or professional development opportunities can all sway a candidate's decision. Discuss all aspects of the offer to find a solution that works for everyone.
Don't just talk about the salary number. Explain the value you see in the candidate and why they deserve a specific compensation package. Highlight the growth opportunities and career trajectory the position offers.
Negotiation is a natural part of the process. 49% of organisations reported struggling with matching salary expectations in our recent Talent Trends survey. Be prepared to discuss counteroffers, but remember, fairness is key. If a candidate's expectations are significantly outside the established range, explain your reasoning and explore alternative solutions.
By following these strategies, you can navigate salary negotiations with confidence and secure the best talent for your organisation.
Planning to hire? Our team of recruitment experts at Michael Page can guide you through the entire process.
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