How many times have you come across talented candidates that you simply cannot afford even though you are well aware that they can be a great fit for your organization? This is the worst kind of struggle that a recruiter can ever face. Finding the right talent at the right time itself is a difficult proposition. If you combine it with the budget constraints, hiring top quality talent becomes an insurmountable challenge. If you are desperately looking for a solution to this problem, this blog may give you some respite.
As a recruiter, you might have the misconception that compensation is the most important component in convincing a candidate. But you will be pleasantly surprised that it is not the only way to win over talented prospects. The good news is sometimes the talented individual is looking for extra experience, a shorter distance to work or a few extra non-monetary benefits to get convinced to work in an organization. It is time to attract these talented individuals by planning the process in the best possible manner.
The Perfect Plan
1. The process commences when you start defining the desirable characteristics in an individual for the vacant position. It can be a certain type of certification, years of experience or established contacts in your industry. This exercise will help you find the right candidate for the job.
2. Once this is over, define the characteristics that make your organization different from others and what you can pay to the candidate besides the salary package.
Once you have jotted down these points, the most vital thing in order to make the planning successful is to pay attention to what the candidate says during the interview. If the candidate inquires about the work and company culture instead of salary and bonuses it is a small clue that the individual is interested in non-monetary benefits that the organization can offer. This is a great green signal for you to start executing the plan by convincing the candidates and selling your organization in the best possible manner using the tips below.
1. Attract them with a higher rank position in your organization
First of all, understand the current hierarchy of the candidate in their career. Once you are able to determine that lure them with an advanced job title. This is especially true for candidates who are looking for positions of director or vice president titles on their resume. According to Maslow’s theory of motivation as soon as a person’s basic needs are fulfilled, he/she looks to fulfill psychological needs including prestige and a feeling of accomplishment.
So, as soon as a candidate reaches the stage where their monetary needs are fulfilled, they look for achieving their self-esteem needs by seeking more control and authority with a senior level position. Your job as a recruiter is to add more responsibilities to the job to ensure that the role is justified for the hired candidate. For a candidate who is looking to build their resume, a high-ranking title may just be the opportunity that they are seeking to highlight in their resume.
2. Woo them by providing attractive benefits
Nowadays, providing employer-sponsored benefits like health insurance and retirement plans are the baseline expectations of the candidate. They are no longer considered to be perks but are minimum incentives that the organization pays to appreciate the well-being of the candidate outside the office premises.
Medical coverage and the opportunity to save for retirement are some of the major things that a comprehensive benefits package should possess for attracting top talent. This should ideally be combined with other benefits like the opportunity to work remotely, additional paid time off, a company car, profit sharing, a shorter vesting period or a bonus that is tied to the company performance.
Several large organizations also include access to technology as another means of benefits to their employees by providing company cell phone and laptop. Most of the candidates will appreciate the organization to provide them with the convenience of online, self-service access to things, including pay stubs, benefits information, time sheet, performance reviews and more.
3. Promote your company culture
There are certain candidates who get more attracted towards rich company culture than an attractive pay package or attractive benefits. During the interview, while you are trying to sell your company to the candidate do not forget to highlight what makes your company culture different from others. Specify the advantages like dedication to work-life balance, rapid professional growth or your company’s CSR activities.
Certain candidates are attracted to work in an entrepreneurial company that is projected to grow bigger or go public in the span of five years. They look to gain experience in a startup culture which might make them take on the role for a lower pay package for their relevant experience. In this candidate driven market, the candidates get to choose which company they want to work for as most talented candidates have multiple offers in hand due to their unique talent. This is where you can highlight your company culture to get highlighted and beat the competition in the race to hire top talent.
4. Highlight the career advancement plans to the candidate
Certain hard-working, competitive candidates are not looking for just jobs but opportunities to progress their career graph in the long term by learning new skills. Here, you can give examples of your management team’s experience, thereby ensuring the candidates that they will have enough opportunity to learn from people who are experts in their respective fields.
For example; In the technical fields, you can entice a young engineer by promising them of getting trained under a senior engineer having P.E. license, which may assist the candidate to qualify for their own license soon. Another example is of IT professionals who are deliberately seeking to work with startups to be mentored by an industry leader before they can go out and start their own organization in near future.
You will be able to attract candidates by promising them to work with well-known experts or working on a high-profile project. The reason being, the most talented individuals are always on the lookout to work under a successful professional to give wings to their professional career by upgrading their skills. In the end, assure them that the skills that they learn in the organization will lead them to professional growth in the form of promotions to make them stay for a longer tenure in your organization.
Conclusion
Always keep your hopes positive as not every talented individual wants to work only for a hefty pay package. Certain candidates look forward to an opportunity to grow their career graph and learn from the industry experts in an organization. So, never think that you cannot hire a candidate who is out of your budget. Just follow the tips given in this blog and think about the various things that makes your company different from the competitor and sell it to the candidate. Best of luck!
Note :- This article was originally published on – https://www.talentnow.com/practical-tips-to-hire-candidates-that-are-out-of-your-budget/
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