When it comes to wooing quality talent in a competitive market, we all know money talks. When people change jobs, most will want or expect a pay increase compared to their previous job \u2013 and a hefty hike can act as a powerful lure.<\/p>\n
This is borne out by Hudson research, which has revealed that the number one \u2018must have\u2019 in a new role for job seekers is \u2018the right salary\u20191<\/sup>. But what exactly is the \u2018right\u2019 salary for a role as opposed to a \u2018good\u2019 salary, and how do you determine this?<\/p>\n To determine what a good salary for a role might be, you first need to have an accurate gauge of the going rate for the same role offered by other organisations. \u2018Good\u2019, for example, might be 20 per cent above the market rate. It\u2019s fairly cut-and-dry.<\/p>\n But \u2018right\u2019 is a more complex matter. The right salary is about making sure that you pay people what they are worth, based on what they will bring to your organisation \u2013 but also what you can afford.<\/p>\n In today\u2019s economic climate with profit and margin pressure, budget can sometimes be limiting. But with the cost of living soaring, salary increases are important to people \u2013 but luckily they\u2019re not the only thing that\u2019s important.<\/p>\n \u2018The right salary\u2019 may be the No 1 \u2018must have\u2019 in a new role, but work life balance<\/a> and cultural fit<\/a> with the organisation are the next most important priorities.<\/p>\n These other factors can be used in combination with salary to attract talent, which is why organisations need to look at their entire employment offering, with salary a part of it \u2013 it\u2019s not the only drawcard. With other elements like career progression and work life balance highly valued as \u2018pull\u2019 factors for job seekers, the relative importance of money alone can decrease as it is weighed up against other components of the offering.<\/p>\n So when it comes to career progression, for instance, what kind of career trajectory can employees expect with your company, and will you offer professional development and training?<\/p>\n For those with young children, will your organisation offer them the flexibility to leave work early for school pick-up or work from home when necessary? And that\u2019s not just for women but for men, too. The Hudson Report showed work life balance now pips career progression as a must-have in a new job \u2013 for men. The world is changing fast and organisations need to ensure their employment offerings are keeping up.<\/p>\n The right offering will therefore address not only a person\u2019s financial needs but their life priorities, motivational drivers and their values. Is that six figure salary going to mean putting in 70-hour weeks at the expense of family time? Do you offer other perks that will add to their quality of life or make their life easier, such as a gym or on-site cafeteria?<\/p>\n It\u2019s all part of the equation.<\/p>\n Have a conversation with potential hires that goes beyond skills and experience so you understand their broader priorities. Elicit information not only on their career aspirations but also their other priorities in life, motivational drivers and values. This understanding will form the basis of the package you offer them.<\/p>\n<\/li>\n Develop and sell a compelling EVP. It\u2019s vital for hiring managers to understand and be able to articulate their employee value proposition clearly to candidates, but it\u2019s amazing how many fail to do that. What do you have to offer \u2013 a great team and workplace culture, fantastic coaches and career development? If two organisations are offering the same money, these are the things that will get candidates over the line.<\/p>\n<\/li>\n<\/ol>\n A good salary vs the right employment offer When it comes to wooing quality talent in a competitive market, we all know money talks. When people change jobs, most will want or expect a pay increase compared to their previous job \u2013 and a hefty hike can act as a powerful lure. This is borne…<\/p>\n","protected":false},"author":3,"featured_media":1402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[27],"tags":[64],"class_list":["post-1401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hiring","tag-career-progression"],"acf":[],"_links":{"self":[{"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/posts\/1401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/comments?post=1401"}],"version-history":[{"count":3,"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/posts\/1401\/revisions"}],"predecessor-version":[{"id":6035,"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/posts\/1401\/revisions\/6035"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/media\/1402"}],"wp:attachment":[{"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/media?parent=1401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/categories?post=1401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/au.hudson.com\/af-api\/wp\/v2\/tags?post=1401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Good vs right: what is the difference?<\/h2>\n
Looking beyond salary to lure talent<\/h2>\n
3 tips for getting your employment offering right<\/h2>\n
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