In today’s fast-paced digital landscape, the demand for skilled technology professionals continues to be strong, so organizations must offer the right salaries to attract and retain top-notch talent. Refactor Talent’s Head of Delivery, Jen Beatty, explores how to offer the right salary to technical professionals.
Research for Market Intel
- What are the market rates for similar roles open with other companies?
- Do rates differ in your geographic area?
- What’s the current or future demand for this skill?
- What’s the current supply of candidates with this skill?
- Refactor Talent has a pulse on the candidate market and serves as a dedicated resource to answer these questions relevant to your local market.
Present Desirable Job Features
- Consider offering flexible work schedules, professional development, bonus structure, and/or medical benefits.
- Invest in the professional development of employees with clear progression pathways, milestones for growth opportunities, internal and external training, progress reviews, and a commitment to promoting from within.
- Reward expertise by offering challenging projects to talented employees.
Negotiate as Needed
- If your extended offer is met with rejection, find out why and try to negotiate.
- If the candidate has a counteroffer, you may want to increase your salary offer to meet it.
- Remind the candidate of non-monetary perks, such as personal development, company culture and available promotions, and increase offerings for flexible work hours, remote workdays, additional PTO, benefits, or bonuses if possible.
- Be honest about your budget restraints if the candidate’s request is unattainable.
- If the offer is still rejected, thank them for their time.
Partner with Refactor Talent
- To secure the best candidates, you can rely on the expertise of our 12 year average tenured recruiting team.
- Refactor Talent is experienced sourcing up-to-date salary rates, pricing marketable candidates, measuring candidate supply and demand, and hearing first-hand what top talent is seeking.
- We assess candidate compensation requirements up front from salary to non-monetary benefits along with how they would entertain a counter off and mitigate offer rejections.
- We alleviate much of the negotiation process and are experts at attracting and retaining top talent for our clients.
Offering competitive compensation packages will help you attract and retain top talent who possess the skills and knowledge to navigate the ever-evolving IT landscape. A company that neglects salary competitiveness risks losing their talent or falling behind in terms of technological advancements, market positioning, and customer satisfaction. Retention of experienced staff translates into higher productivity, better collaboration, a positive employer brand, maintained competitiveness, and reduced costs associated with recruitment and onboarding.
