What’s a topic that you’re never supposed to bring up during polite conversation? Salary—largely because it tends to put people in an uncomfortable position. Your value is often judged by how much money you earn, so most people avoid discussing it altogether. However, it’s a topic that inevitably arises when you’re bringing a person on board at your franchise location.
While the sense of unease is lessened a bit during salary negotiations in the workplace, you still need to approach the conversation with a deft hand. Today, Hireology offers several tips for salary negotiations when franchise operators look to add a high-quality candidate to their roster.
Always Be Prepared
The Boy Scouts were onto something when they coined the slogan. As an employer, you never want to be taken by surprise when you’re negotiating a salary with a potential new hire. Monster.com explained that you should be well-versed in the current market, the current performance level of your business, your existing team and, most importantly, the applicant.
Read the market: The job market for specific positions can oscillate between being advantageous for employees and the employer. Certain job roles are highly sought-after and there may be a limited talent pool, meaning the employee will likely—and has a right to—ask for a more competitive salary. More to the point, if your franchise has a drastic need for an individual with a specific skill set, you need to be prepared to increase the salary range at a given time period.
Perform a competitive analysis: At the same time, it’s important to conduct a bit of research into competitors in the local market to see what type of compensation they’re prepared to offer top talent. And this raises the next, critical point: know the applicant.
Conduct due diligence: Like any investment in the success of your franchise, you need to take a careful look at the applicant’s history and investigate his or her references. This step often takes extra effort and time, but it’s necessary if you want to fairly compensate a candidate—and not get hoodwinked in the process.
Be data-driven: If you’re hiring for a role with a very particular skill set, you need to know that the candidate can deliver on the promises they make in their application package. Candidate assessment tools are a great resource to reference before the discussion of salary by having hard evidence of the level that an applicant brings to the table.
Be Ready with a Solid Benefits Package
The dollar figure on the contract isn’t the only thing that candidates look at when deciding whether to accept or decline a position. The benefits package can be a dealmaker or breaker. Additional perks like health insurance, bonuses, retirement funds and tuition reimbursement are attractive offers that can be used to lower salary expectations.
How Hireology Can Streamline the Hiring Process
Do you need help finding out if the next candidate is worth the asking price? Hireology is here to help make the process more effective. With tools for background checks, personality assessments and interview scorecards, Hireology provides your franchise with the proper infrastructure to make sure you find the right addition.