Competitive Compensation: What to Do When Comp Falls Short
Scenario: Your opening’s compensation package is not attracting the candidates you need.
You and your search firm are excited to begin the search for a
critically important member of your team. You believe that in the
current economic environment, there must be a lot of recently downsized
candidates that you can snap up. Yet, it turns out the candidates that
you want expect more in compensation than what your company is prepared
to offer. Still, whenever you try to broach the salary shortfall with
those that control your corporate purse strings, they continue to
insist the compensation is competitive – as if wishing could make it
so. As a result, the hiring manager is growing increasingly
dissatisfied. He suspects that you and your search firm are not trying
hard enough, when that could not be further from the truth.
The problem may be fairly commonplace, but your search firm could have
taken simple steps to prevent it. At the start of every search
engagement, a search firm must:
Proactively be on the lookout for threats to the
success of a search. For instance, the firm should make certain the
salary, title, and scope are competitive in comparison to similar roles
Gather market intelligence to document the threat, conduct analysis of the data, and recommend solutions to resolve the threat.
Prepare a report for the hiring manager that can be used to make a
business case for necessary changes in salary, title, or scope.
In the event the company chooses not to address the threat, the
document demonstrates that your team kept everyone fully informed.
Search firms often waste months for candidates that simply do not
exist. As they do, the firms may whine about issues with compensation,
title, scope, or shortages of talent when they should be much more
proactive. They should bullet-proof every engagement by providing
critical market intelligence to their clients – empowering them to
address threats before they cause a search to fail.
(For more tips, whitepapers, and articles, visit www.thegoodsearchllc.com)
See the original post here: The Investigative Recruiter