How to set salary in uncertain times
Recently the same conversations have been occurring as the jobs market faces continued scrutiny in the face of the Brexit negotiations. And they all come back to one thing – salaries.
Knowing your worth in a changing marketplace
If you’re not offering the right salary, you can’t attract the best talent. Yet knowing what to offer and knowing what to ask for can be very challenging areas of the recruitment process.
Deborah O’Sullivan says, “Here at Ten2Two, we’ve been in business 11 years now and salaries haven’t generally moved in that time. Yet the cost of living has increased so ultimately people feel poorer. It simply isn’t sustainable.
We’re in a market where there is a candidate shortage and many employers are finding it hard to fill vacancies. It means businesses are going to have to pay more to attract the right talent to their organisations.”
A candidate shortage spells wage negotiation
If you’re a candidate returning to work after a break, make sure you’re going for jobs that truly value your skillset. Don’t sell yourself short. Have a figure in mind and know what your bottom line is – what is the lowest salary you will accept?
If you left your last role five years ago, you shouldn’t necessarily expect to get the same money you were on before. Salaries might not have moved on, but you need to be sure you have the same skills as before. Put a market salary on your skills – chat to ex-colleagues and do your homework if you’re unsure of your worth.
Employers can get flexible talent for less
From an employer’s point of view, a £40k person working four days a week, is going to cost just £30k. It means that by hiring a flexible worker, the business can get the skills they want without having to sacrifice quality because of budget restrictions.
We always tell employers that you get what you pay for. Often, setting a salary in a job description for an advert can be a tricky business for the employer. It’s why you often see job ads saying ‘competitive salary’ rather than an exact figure. It means the employer can see who applies and work out what to offer based on the person’s individual skills.
The best route is to work with a recruiter who can advise both parties as to where the salary discussion is likely to be headed. Sometimes there are unrealistic expectations and a good recruiter can help you to face these head on.
If you’d like to learn more about devising a relevant job description to help you attract quality talent to your business, please get in touch. Or if you’re a job seeker searching for a new role, please register with Ten2Two today. We’ve love to help.