Are Your Hiring Expectations Realistic?

Hiring is on the rebound in Massachusetts. That means the pool of top-notch candidates is shrinking and competition to bring them on board is fierce for small businesses. It also means that having realistic hiring expectations is key to finding the candidates that are the best fit for your company.

Defining Realistic

The Rolling Stones said it best: “You can’t always get what you want, but if you try sometimes … you get what you need.” A hot hiring market means that job seekers — especially the top candidates — have an advantage over employers. They can ask for higher pay or other benefits and decline offers that don’t meet their requirements. Small businesses and nonprofits can’t expect top talent to work for low pay, nor can they expect to bring on an inexperienced person and demand that s/he perform like a seasoned veteran. Being practical about what type of talent and/or experience your company can attract and afford will make the hiring process that much more efficient.

To set realistic hiring expectations, you have to know the going market rate for the position(s) you’re trying to fill as well as what your company can afford to offer.

Everybody wants the best, most talented and well-connected employee who will have an immediate impact. But is that truly what you need? Possibly. It is also helpful to understand how appealing your company mission or purpose may be to a prospective hire. Do you provide a cutting edge opportunity within your industry? Will your vision speak to a candidate’s personal priorities or values? Practically speaking, it may sometimes be more cost-effective to bring in a less experienced but enthusiastic candidate who is interested in learning the job and making a long-term commitment to your company.

Being Practical

First, it is important to establish what you are able to pay, what perks you can offer and what are the skills and/or qualities a candidate must have for the position you want to fill.

Next, do some research to collect current information about the salary and benefits being offered by competitors/similar-sized organizations for comparable positions. You can browse job listings or utilize online tools such as payscale.com or salary.com. You also want to compare and contrast the benefits you’re offering vs. others in your industry — flex time, telecommuting, vacation time and health care. A recent poll from Monster.com looked at what sacrifices employees would make to accept a new job, and more people were willing to work more hours or accept a lower salary than were willing to sacrifice health care or vacation time.

With the salary and benefits information in hand, business leaders will be equipped to decide the best course for their companies: Is it more beneficial/cost-effective to pay for experienced professionals who can have an immediate impact (and will you be able to keep them)? If you bring in a less experienced person at a lower salary, will it be worth it in the long run (i.e. given cost to train, less immediate production/fewer sales from that position for the short term)?

We Can Help

Insource’s HR consultants are professionals with industry-specific experience who can help you answer those questions. We talk with you about the position you need to fill and explain what is a realistic expectation based on the job description, your budget and what others in your industry are doing. We learn about your business to responsibly and positively represent it to candidates who may put more emphasis on culture and benefits than on salary, or who bring additional skills that can add value. In short, we do our best to get you what you want and what you need.

Our unique business model allows us to work with you on an as-needed basis when issues like this arise, saving you and your staff valuable time and money and helping you manage business risks.  For more information, please contact Saleha Walsh, Director of the Human Resource Consulting Practice at 781-374-5103 or Sharon Stone, Insource’s Director of Business Development at 781-374-5109.