In order to negotiate salary can be challenging, but it doesn’t have to be the reason why you miss eligible tech hires. These tips will ensure you don’t miss the opportunity to hire qualified techies who genuinely fit your requirements.
1. Research it Out
Having a salary range in mind when the hiring begins and establishing a basic salary range for the position before recruiting is a good practice.
A thorough study of the market value of a software engineer is crucial while also factoring in the level of experience and current demand for the technical skills required.
A good amount of research to gain details about each area, including surveys, interviewing employees, and closely inspecting employees, will make the entire process so much more convenient.
The goal is to have a clearly-defined job description at hand. Competitive research will ensure that your offer is objectively and perceptually fair.
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To do that, you can get in touch with your network and ask for insights from knowledgeable people in your company and outside.
Although not entirely accurate, online salary tools could give you a basic idea when conducting your research. The tools are supposed to calculate average salaries by job title, company, and location, among other things.
2. Know What to Expect
Understand your candidate’s salary expectations and try coming up with a salary range in mind as per the role and research. A good starting point could be offering what you pay other developers and engineers in a similar position.
Remember, pay rates within a typical workspace are eventually shared. So you might not want to pay someone significantly more or less than their counterparts.
Check up on the company-specific factors that might affect the given salary, such as comparative jobs, culture, pay philosophy, and promotion practices.
It’s a good idea to compare salaries with competitors of the same size and scale and have a deep look at internal wages concerning specific roles and seniority levels.
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You could also step up your game by choosing recruitment software that helps you understand what your potential candidate offers and their compensation expectations. Including a questionnaire for a better assessment of candidates is good practice.
3. Be Upfront
Having salary conversations with a potential candidate upfront will keep things as transparent as possible. Employees who aren’t satisfied with their compensation and are constantly concerned might eventually lose motivation and explore other job opportunities.
As recruiters, it’s your responsibility to understand the candidate’s salary expectations early on and determine if it makes sense to continue the interview process.
Negotiation comes down to striking a balance between what a company can afford to offer the candidates and what they, in turn, can bring to the table. For example, if they provide a unique set of skills significantly different from other departments, then maybe offering more money could be seen as an investment.
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When you decide to offer, make sure you’re putting your best foot forward and making a reasonable offer. Find out if your candidate is reasonable and has realistic expectations. Consider the value your desired candidate brings to the company and other available candidates with a similar skill set.
The idea is to reach an agreement that works for your company and pleases the candidate, boosting them to work with passion and zeal.
4. Take Charge
Evaluate the difficulty level of finding a potential skill set in the techie. Market pay ranges do play a role during deciding to negotiate salary. Ask yourself: How badly do you want and need this candidate? The answer could help you avoid paying more than you can afford.
Your company has invested a reasonable amount of time in getting to know the final candidate. The salary negotiation limits should be at your fingertips. These limitations could be based on the salary of engineers in similar positions, the current economic climate, and your company’s profitability margins.
If there’s a cash crunch and you can’t afford to pay the new techie a hefty salary, options such as health insurance or corporate discounts in your negotiate salary could help bridge the gap.
Find out what your potential coder is looking for in addition to an excellent salary and design a package accordingly. This could help you to even out the salary package by adding other benefits.
The candidate might compromise on base wage if the total compensation package seems attractive. A fun company culture and growth opportunities are equally compelling for them.
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Also, remember
- When a potential candidate expresses doubt regarding the job, understand the ‘why’. Most often than not, the problem will be a lack of understanding or a legitimate concern that you could overcome.
- It’s a good idea to keep in mind that more sophisticated and higher-level engineers with substantial career progress will counter your initial offer letter, so expect it.
The process to negotiate salary is delicate, and the final result can either leave a candidate feeling devalued. Remember that the compensation policy should be legally compliant and equitable by all means.
How Can CodeQuotient Help?
Recruiting highly skilled software engineers can be a challenging task, but the benefits of having top talent on your team are well worth the effort. One important aspect of the hiring process is negotiating salaries with candidates. Assessing a candidate’s ability to innovate, evaluating their team spirit, and ensuring they respond well to constructive feedback are all important factors in the hiring process, but determining a fair and competitive salary for the candidate is also crucial. The goal is to have a fast process from application to offer and to make sure that salary negotiations are conducted efficiently.
Evaluate the hallmark qualities of exceptional software engineering candidates with CodeQuotient, reduce your time parsing for the best fit, and hire the most eligible.
Also read: Bridge the Campus-to-Industry Gap with CodeQuotient
With the SuperCoders program, CodeQuotient facilitates and empowers students to pursue programming as a lucrative and blooming career option via its Full-Stack Development Internship Program. In addition, CodeQuotient’s focus on practical learning nurtures each student to get used to working as a stack developer in an office.
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