Category Archives: Compensation & Benefits
Hiring a prospective employee usually goes through an arduous process of salary negotiations. It is understandable, of course, that the candidate wants to receive his or her salary according to his experience and skills, and at the same time the candidate does not want to provide an impression that he or she is asking for too much. These negotiations could either end up with the employer feeling excited to welcome the candidate or as if he lost a prospective employee who would contribute significantly to your company, or worse, accepting the new employee but ended up paying more than you can afford.
Salary negotiations can consume the employer’s mental and physical energy way beyond its importance because, by the time you reach the stage of making an offer, you have spent the time developing a pool of candidates and have interviewed them for weeks. And after investing significant time and energy in wooing and getting to know your final choice candidate, more often than not they would counter your initial offer letter.
Although these tips to not intend to comprehensively detail how to conduct salary negotiations, but they ensure that your organization would conduct a successful salary negotiation.
- Negotiation is not a battle between employer and employee
The essence of salary negotiations is that both parties should win. If either the employer or the candidate feels they have capitulated—having paid more than the employer could afford or less than the employee could receive—both parties lose.
- Identify the most recent salary and benefits your candidate received
There is a reason why other organizations ask for salary on their job applications, so that they would be able to match what the employee’s current employer is giving (and at the same time they would have an idea who they can afford). You can either ask for the employee’s proof of salary, or you could also ask former employers during reference checking.
- Know your limits in salary negotiations
Your salary offer should have a limit according to how much your current employees in similar positions receive, the economic climate and job searching market, as well as the profitability of your company.
Any other financial benefits can be included in the negotiation – Even if your salary is non-negotiable, superior candidates will negotiate with you in other areas that may be negotiable. These include benefits, tuition assistance, paid time off, a signing bonus, stock options, variable bonus pay, commissions, car allowance, paid cell phone, severance packages, and relocation expenses.
- If you cannot afford the candidate, let it go
Even if you are convinced the final candidate has potential positive impact within your organization, you cannot accept him or her in your company if the candidate is asking for too much. Most organizations have limit, and you will regret violating your limits if you accept an employee that you end up capitulating.
- Indicate if your initial offer is not negotiable, or barely negotiable
Other employers usually provide their candidates with a “base salary,” which subtly suggests that the employee cannot negotiate that amount. However, they also say how the base salary can increase in time (either according to a time period, or according to performance).
Every person has different reasons for working. The reasons for working are as individual as the person. But, we all work because we obtain something that we need from work. The something obtained from work impacts morale, employee motivation, and the quality of life. These ideas will help you fulfill what people want from work and create employee motivation
Some people work for personal fulfillment; others work for love of what they do. Others work to accomplish goals and to feel as if they are contributing to something larger than themselves. The bottom line is that we all work for money and for reasons too individual to assign similarities to all workers.
Ask anyone in your workplace what treatment they most want at work. They will likely top their list with the desire to be treated with dignity and respect. You can demonstrate respect with simple, yet powerful actions. These ideas will help you avoid needless, insensitive, unmeant disrespect, too.
Make your feedback have the impact it deserves by the manner and approach you use to deliver feedback. Your feedback can make a difference to people if you can avoid a defensive response.
You can tell your colleagues, coworkers and staff how much you value them and their contribution any day of the year. Trust me. No occasion is necessary. In fact, small surprises and tokens of your appreciation spread throughout the year help the people in your work life feel valued all year long.
Without it, you have nothing. Trust forms the foundation for effective communication, employee retention, and employee motivation and contribution of discretionary energy, the extra effort that people voluntarily invest in work. When trust is present, everything else is easier.
You can avoid the employee recognition traps that: single out one or a few employees who are mysteriously selected for the recognition; sap the morale of the many who failed to win, place, or even show; confuse people who meet the criteria yet were not selected; or sought votes or other personalized, subjective criteria to determine winners.
Employee recognition is limited in most organizations. Employees complain about the lack of recognition regularly. Managers ask, “Why should I recognize or thank him? He’s just doing his job.” And, life at work is busy, busy, busy. These factors combine to create work places that fail to provide recognition for employees. Managers who prioritize employee recognition understand the power of recognition.
Key employee retention is critical to the long term health and success of your business. Managers readily agree that their role is key in retaining your best employees to ensure business success. If managers can cite this fact so well, why do many behave in ways that so frequently encourage great employees to quit their job? Here are ten more tips for employee retention.
Employee involvement is creating an environment in which people have an impact on decisions and actions that affect their jobs. Team building occurs when the manager knows when to tell, sell, consult, join, or delegate to staff. For employee involvement and empowerment, both team building and delegation rule.
What does it take to develop people? More than writing “equal opportunity” into your organization’s mission statement. More than sending someone to a training class. More than hard work on the part of employees. What development does take people who are willing to listen and help their colleagues. Development takes coaches, guides and advocates. People development needs mentors.