Winning the Tech Talent War: It’s Not All About Salary
Monday, March 19, 2018
Posted by: Gary Hotze
You wrote a perfect job description, interviewed excellent candidates and are ready to extend a job offer to the top contender. If you think this is the easy part, seasoned managers and recruiters will tell you otherwise. In fact, in a survey conducted by Indeed, 86 percent of hiring managers in the tech field found it challenging to not only find top talent, but to close the deal. Today’s candidates are in the driver seat and with top tech talent at a premium, employers must find ways to be the candidate’s first choice. So why are you losing out? All things being equal, are candidates declining your offer on salary alone? Or are there other factors involved? To win the tech talent war, start by following these best practices:
Understand Your Candidate’s Motivation
By the time you’re ready to extend an offer to the candidate, you should know his or her salary history, expectations, career goals and motivators. You should be able to gage if the candidate is overly focused on salary, or has a genuine interest in what your company offers. Only extend the offer if you get a sense that the candidate is interested in what you can offer overall. If a candidate is focused on salary alone, there is a good chance you will lose the individual to a counter offer or the deal will fall apart at the last minute. Many candidates are willing to change jobs for a salary increase of less than 10 percent, according to a recent Glassdoor survey.
Extend Your Offer Quickly & With a Personal Touch
Remember, it’s a candidate-driven market and most likely, the candidate you like is being courted by other companies as well. Pick up the phone to give the good news personally to show your excitement to have them on board.
Quantify the Offer
Provide the candidate a detailed description of how salary and any bonuses are awarded. If the position offers equity, benefits such as health care, tuition reimbursement or retirement, put a dollar figure on the benefits. This is where you can compete when it comes to salary. By explaining the overall package - benefits, 401k, bonuses, etc. you will help the candidate see the true value of the offer and make it stack up higher next to other offers they may be considering.
Sell the Role
Almost 80 percent of job seekers want to know why your company is the right fit. Job growth potential, work/life balance, company culture - these are factors that play as important a role as salary for most candidates. Having a candid conversation about any long-term opportunities and perks you offer can give you the edge and help sell your organization to the candidate.
Be Patient Yet Persistent
Although the job seeker may excitedly accept immediately, he or she may ask for time to consider the offer. This is a perfectly reasonable request, but don’t let let more than two days pass without checking in to answer questions and get an update. Be professional, but also be persistent. If the candidate is taking too long to decide, then it’s best to call it a day and continue your search.
Extend a Formal Offer
Once you get a verbal acceptance, immediately send a formal offer letter. Let the candidate know the deadline to accept (generally no more than three days). To preempt any issues with a counter offer, you may want to prepare him or her for a potential counter offer from their current employer and how to respond. Review the overall offer to remind the candidate why the opportunity is attractive. After the call, email a copy of the offer and overnight the packet to the individual.
Stay in Touch With the Candidate
The period between acceptance and first day on the job is a critical time frame. A lot can happen so it’s important to stay in contact with your new recruit. Provide as much information as possible, and make him or her feel welcome and confident they have made the right choice, even before they have started officially working for you. Call-To-Action For help in fine tuning your tech recruiting, visit Hirewell.