In last week’s blog post we talked about how to source, screen, and ultimately hire the right candidate, from our strategic and comprehensive guide “Hiring Sales Staff for Growth: A Tactical How-To Guide”. Great, you’ve found one, now what? How do you ‘seal the deal’ with your new winning candidate? Research indicates there are a few crucial areas to focus on when in the final stage of interviewing and delivering your offer to the candidate.
- Competitive Compensation
- In today’s world, it’s not very difficult to find what comp packages your competitors are offering. Make sure what you have to offer is where the candidate needs you to be! The compensation should be competitive and relevant to your market. So do some research before you submit an offer to your candidate – is it on par with the area, industry, and years of experience for the candidate?
- It’s also important to keep in mind, there is a difference between price and value. Just because you offer a lower salary doesn’t mean it’s of less value. If you know your company cannot afford to hire at the going market rate for your open role, this may mean elaborating your other, ‘softer’ benefits to the candidate.
- Soft Benefits
- More and more, progressive companies are offering softer benefits in lieu of, or sometimes in addition to, other the traditional PTO, medical and financial benefits. These benefits should not be underestimated! For some smaller companies that may not be able to offer top-tier medical insurance, or a higher percent of company matching in their retirement funds, they instead offer more culturally centered benefits such as: free PTO day on your birthday, company health initiatives, flexible work-from-home time, and the ability to bring your pets or children to the office.
- Culture in the work place is definitely at the forefront of eligible job seekers’ minds. Statistics show that a company’s culture has a direct impact on employee turnover, which affects productivity, and therefore success. A Columbia University study shows that the likelihood of job turnover at an organization with rich company culture is a mere 13.9 percent, whereas the probability of job turnover in poor company cultures is 48.4 percent!
- Have a plan and move quick.
- When you invite a potential hire in for an interview, you fully expect for them to have done their homework, and you should too. Read their resume multiple times, fully investigate the job roles they had before and how it could be advantageous for the role they are applying for within your company. Also, do a little online research – browse their former companies, alma mater, and even their social profiles. By understanding the candidate, you will be able to make a more informed decision about hiring them.
- No one who has invested the time to go through an interview process wants to be left waiting. We are all looking for quick feedback and a smooth process. Delays can raise doubts, regardless of the eventual outcome of the interviews. It also creates a window for your candidates to shop around and for other employers to court your candidate. And in this job-seekers market, you must move quickly to seal the deal, and keep interest levels high.
Great candidates aren’t just looking for a job and a paycheck, most are looking for the right opportunity. As the employer, you want to attract them to your team and present them with a compelling reason why they should accept your offer, over the possible competing offers they may have on their plate. Your final interviews should demonstrate to the candidates that your business is a great place to work, and you’re interested in adding what makes them special, to your team. Building a great team happens by adding one great member at a time. So, evaluate your benefits, research the market compensation, and make a hiring plan to act quickly.
For more tips on hiring, and for a more thorough how-to, download our whitepaper Hiring Sales Staff for Growth: A Tactical How-To Guide which can be found, free of charge, at apexhcm.com/resources.