Salary Expectations in a Hot Market

“Salary Expectations in a Hot Job Market: How Competitive Are You?”

As we all know, unemployment has maintained a pretty low percentage over the last several years. Various markets have fluctuated depending on location and industry-specific jobs. As a marketing, communications and staffing professional, I’ve held several conversations with my clients over the years on company value and selling the corporate brand name to the ideal candidate. Because, let’s be honest, recruiting is selling. And gone are the days of waiting for job applicants to fall from the sky or depending entirely on job boards for that matter. At least for now, anyway.

Another hot topic I’ve discussed with clients and candidates alike is salary. Are you really offering a competitive salary based on your expectations and experience required? Have you done your research and discussed the job details with the hiring manager? How much have you individualized and groomed the job description to make it your own, and not just used that little feature we call ‘copy and paste’ from good ol’ Google Search.

Not everyone has the time to effectively review in detail who it is they really need for this role. However, it’s imperative to get through these details not only to avoid the high cost of turnover, but the high cost of backfilling the same position. Here’s the bottom line, you can’t compete if you don’t offer market-specific salary ranges. Many leaders from job boards like Monster and Indeed agree. You will not find quality if you don’t offer what’s attractive. Companies are competing for the best in the market, and how will you stand apart from your competition?  In this nifty little article published in May by Online Manager/Editor, Roy Mauer with the Society of Human Resources Management, discusses the numbers to consider based on a tight labor market, growing trends to expect in the coming years and how to best prepare.

https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/recruiting-tight-labor-market-pay-people-more.aspx

Pay your people more. As tough as that may be to swallow, it hurts more to attract mediocre talent because you choose to provide mediocre pay. Websites such as Salary.com can provide excellent details on how to determine if you’re in the right ballpark.