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The market changed a while ago and it has for some time been a ‘candidate driven market.’ Therefore it's more important than ever to offer a decent salary!
Candidates have much more choice as to who to work for and under what terms. Good candidates are increasingly hard to find and in order to attract them you need to consider whether what you’re offering is attractive and competitive. This applies not only to salary but working environment and benefits too.
Most candidates will gauge the worth, you put on them, by the salary they are offered. Gone are the days where you’ll be calling the shots and the candidate is under pressure to accept your offer.
Can you afford to lose your preferred candidate by offering a salary that’s not in line with their expectations?
What do the salary scales within your business say about how you value, or undervalue, your staff?
Things to think about when considering the level of salary to pay:
You are likely to attract more applicants during the recruitment process if you are advertising a good salary, giving you more choice in the hiring process
The candidates you attract are likely to exceed your expectations, bringing more attributes/skills/experience to the role and organisation
You are more likely to be the employer of choice with the applicants you interview, with them wanting to secure an offer from you and turn down your competitors in the process
Employee retention; paying higher salaries but lowering your overall costs as you have less of a need to recruit and train
You will be building a happy, loyal and committed team, employees feeling good about their work and the company they work for as their compare themselves to their peers
Enhancing your reputation; being regarded as one of the better companies to work for in the area, by employees, based on salary and retention
Less likely to lose your key staff, and their knowledge/contacts, to your competitors but in a powerful position to attract theirs?
There are a number of ways to find out what the ‘going rate’ is in terms of salary. A quick search of the job boards will tell you what other companies are advertising for and offering – or you can call a member of the Sarah West Recruitment team on 01392 873813. We will be happy to give you some guidance on salaries in Devon for a particular skill set.
When you work with our team, we're always happy to provide insight in to salaries in the area - get in touch!