salary negotiation

Negotiating offers and closing deals is an artform and when it comes to recruitment this stage is a critical process.

This last phase determines whether both parties are satisfied with the terms and conditions, ultimately influencing the candidate’s decision to join the company. we explore below a step by step guide to ensure a successful closing and strategies we have implemented and learnt along our careers.

Basic Ingredients of a Successful Negotiation

Clear and Open Communication:

Establishing clear and open communication with the candidate is fundamental. This allows understanding of their expectations and needs regarding salary, benefits, and other relevant aspects.

Market Research:

Conducting research on the average salary range for the position and industry within the company’s location helps present a competitive offer.

Active Listening:

Actively listening to the candidate’s concerns and needs is crucial. This helps understand their priorities and allows for seeking solutions that meet their expectations.

Professional Presentation:

The offer should be presented in a formal and detailed written format. This includes information on salary, benefits, work schedule, and any other relevant details.

Time for Consideration:

It’s important to give the candidate time to analyze the offer and discuss it with family or advisors if needed.

Unique Value Proposition:

Beyond financial compensation, it’s important to highlight the unique values and characteristics of working in the company. This can include growth opportunities, organizational culture, and other benefits.

Competitive Offer:

The offer should be aligned with the candidate’s expectations and competitive within the market.

Flexibility and Adaptability:

Considering Specific Requests: If the candidate has specific requests, such as flexible work hours, remote work options, or personalized benefits, the company should evaluate the possibility of accommodating them.

Formalization and Follow-Up:

Maintaining open communication during the negotiation process is essential. Be prepared to adjust the terms to reach a mutually beneficial agreement. Once an agreement is reached, it’s important to celebrate the closing positively and express enthusiasm for the candidate joining the team.

Provide formal documentation outlining all agreed-upon details.

If the candidate chooses to decline the offer, treat their decision with respect and professionalism and if you see fit keep doors open for future opportunities.

Conclusion:

Negotiating offers and closing candidates successfully require sensitivity, flexibility, and effective communication. The objective is to achieve an agreement that benefits both the company and the candidate, laying the groundwork for a successful and positive working relationship.