For over two-thirds of people, money talks when it comes to accepting a job. Yet many recruiters just can’t compete with other employers’ salary and benefits packages — a top recruiting pain point, according to a recent Glassdoor survey.
But what about organisations that can't compete with high compensation? Here are just a few ways to think outside the paycheque:
Conduct a Pay Analysis
How do you know if you’re paying market value? There are many tools out there to assess if you are paying fairly for roles at your organisation, so make sure that you’re utilising a source outside your own company to understand your compensation structure. Even a simple search using Glassdoor’s salaries tool can help you determine fair market rate for certain roles.
[Related: Inside the Mind of Today's Job Seekers]
Compare to Others in Your Market
Now that you’ve determined you’re paying fairly, find out how you rank compared to other companies you’re competing with for talent. If they are paying above or below market value, that will be a point of discussion for candidates with multiple offers. Be prepared to openly discuss and answer questions on why you pay what you do, including how pay rises are determined within your company.
Don’t Forget About Perception
If you find that you’re paying fairly and are aligned with your competitors, it’s important to ensure your employees know about it. What’s your compensation & benefits rating on Glassdoor? How do employees feel about their salaries? This is important because employees rank among the most trusted influences when communicating about their company’s engagement and integrity, according to the Edelman Trust Barometer, Jan 2015. You might be doing compensation right, but if employees disagree, this could affect your employer brand.
[Related: Employee Satisfaction Surveys]
Think Big Picture
If your company can’t afford to pay at the top of the market for talent, look at your total compensation package. Can you offer more or perhaps unlimited holiday time, do you have incredible benefits or unique perks that make life easier like dogs at work or flexible schedules or commuter subsidies? Offerings like these carry monetary values that candidates take into consideration.
Celebrate Your Strengths
Remember that money isn’t everything, and most people are looking for more than just a paycheque. A recent study by Glassdoor Economic Research found that when it comes to overall job and company satisfaction, salary is not among the leading contributing factors. Workplace factors that contribute more to overall satisfaction include culture & values, career opportunities and trust in senior leadership. If you have higher ratings for these factors, celebrate those strengths with employees and candidates to highlight how fulfilled people are at your organisation. These factors matter in the long run and are key to helping retain the talent you’ve worked so hard to effectively recruit.
Remember, no two candidates are created equal, and we all want to be paid fairly, but at the end of the day, there are many attributes that make your organisation unique. It’s a matter of determining what speaks to the individual candidate in order to sell them on your company.