When it comes to explaining compensation policies to a job candidate, too many businesses have trouble getting to the point.
Make it routine to just take the mystery out of compensation as much as possible. If you remember that simple tip, you’ll improve your recruitment success.
First, make sure your company’s performance metrics are in place and are working effectively. Candidates like to know you have a solid program established, whether it’s a specific bonus plan, sales commission structure, or planned merit matrix for tangible results. Again, the less mystery a candidate feels about how they can advance, especially at higher executive levels, the more confident they’ll feel about accepting the job.
Also, how long has it been since your business conducted a formalized market study on compensation? If you’re up to date and can say with confidence how you match up against competitors, candidates will sense the polish and professionalism in your organization.
It may be as simple as saying “We pay at the 50th percentile and above for this position.” Without getting to a specific pay figure in the initial interview, this information shows you know what the market is paying and demonstrates professional structure within your company.
A simple, one-page summary explaining your total rewards package for each candidate will set you apart. Many companies simply do not take the time to do this, and it could make the difference in hiring the best talent.
It’s just one more polished step in your hiring process that will set you apart from competitors.