Candidate negotiations are a crucial part of the recruiting process, but they can also be challenging and time-consuming. How do you strike the right balance between speed and quality, without compromising on your hiring goals or your employer brand? Here are some tips to help you navigate this delicate stage of the talent acquisition cycle.
Before you enter any negotiation, you need to have a clear idea of the market value of the role and the candidate. Research the salary range, benefits, perks, and expectations for similar positions in your industry and location. Use reliable sources, such as salary surveys, industry reports, or online platforms. Also, consider the candidate's skills, experience, achievements, and motivations. What are their current and desired compensation, career goals, and pain points? How do they compare to other applicants in your pipeline?
In my experience, a recruiter should be very knowledgeable about the market in which the role is based. They should have completed salary research and be prepared to consider the total value a candidate brings, including their years of relatable experience.
Communication is key to building trust and rapport with your candidates. From the first contact, be transparent and consistent about the hiring process, timeline, and expectations. Explain the steps and criteria for evaluation, and keep them updated on their status and feedback. When you reach the negotiation stage, be prepared to share the details of your offer, including the salary, benefits, incentives, and growth opportunities. Listen to their questions and concerns, and address them promptly and respectfully. Avoid making promises or assumptions that you can't keep or verify.
Negotiations are not a one-size-fits-all scenario. Different candidates may have different priorities and preferences, depending on their personal and professional circumstances. While you may have a budget and a policy to follow, you should also be open to exploring alternative or creative solutions that can meet both your and your candidate's needs. For example, you may be able to offer more flexibility, autonomy, learning opportunities, or recognition. You may also be able to leverage your employer brand, culture, values, or mission to appeal to your candidate's aspirations and values.
In my experience, a recruiter should be prepared to be flexible when negotiating a compensation package. For example, if the employer absolutely cannot go up on base pay, perhaps they can consider including additional paid time off to start.
Once you have reached a mutually satisfactory agreement, you want to seal the deal as soon as possible. Delaying or prolonging the negotiation can increase the risk of losing your candidate to a competing offer, a counteroffer, or a change of mind. To speed up the closing process, you should have a clear and streamlined approval process, a well-written and compelling offer letter, and a smooth and supportive onboarding process. You should also follow up with your candidate regularly, until they sign the offer and start their employment.
Negotiations are not only a means to an end, but also an opportunity to learn and improve. After each negotiation, you should evaluate the outcome, the process, and the feedback. What worked well and what didn't? What were the challenges and the best practices? How did the candidate perceive the negotiation and the offer? How can you improve your negotiation skills, strategies, and tools? By reflecting on your performance and results, you can identify areas for improvement and implement changes for future negotiations.