So, you’re an HR leader or a hiring manager, and you’ve got this dilemma: should you reveal the salary upfront when posting a job opportunity or keep it under wraps until you meet the candidates? Although there are many opinions and perspectives around this question, we firmly believe that sharing the minimum amount you’re willing to pay is your best approach.
If you’re in the US, keep in mind that some states legally require you to share salary expectations right from the very beginning. But even if it’s not required, we’ve got two good reasons why we believe you should be upfront about salary:
Avoid the speculation
First and foremost, it’s all about ensuring you offer competitive pay in the job market. Some folks speculate about the candidate’s expectations, arguing that keeping the salary hidden helps them pay as little as possible. Sure, that might make sense for some junior roles, but it won’t cut it for higher-level positions. Plus, it’s always risky, even for junior roles.
There’s an important aspect here. Taking advantage of someone who is unaware of their true market value can put you in an extremely precarious position. As soon as the person realizes how poorly they’re being paid compared to others in similar roles, they’re likely to feel unhappy and dissatisfied. Having unhappy employees is not what any employer wants. When they find a better-paying opportunity elsewhere, whether they’ve realized they were being taken advantage of or not, they’re probably going to leave – that’s just human nature.
In fact, even if they stumble upon a higher-paying job and it has nothing to do with them realizing you were shortchanging them, they’ll still likely take that opportunity. The bottom line is, as soon as they find something better, they’ll be out the door.
So, to avoid high employee turnover and maintain a stable workforce, it’s best to play it safe and set a salary that aligns with the market rates, ensuring you offer your best within your budget. Treating your employees fairly and paying them what they deserve is not only the right thing to do, but it also creates a healthier and more stable work environment in the long run.
Attracting Top Talent
Secondly, if you want to attract the cream of the crop, you gotta be upfront about the money. Top-notch talent needs to know what’s on the table before they even consider your job offer. They’re not gonna waste their time on a half-baked opportunity with unclear conditions. If you want those A-players to apply, put your cards on the table from the start. Sharing the salary range not only draws in qualified candidates but also saves you time by weeding out those who aren’t interested from the get-go.
Most of the time, top talent is not looking for a job. You have to be as attractive as possible to get their attention. If your salary is competitive, you ought to share it!
In a nutshell, finding the right balance between experience, skills, and budget is key. You gotta figure out what the market is currently paying for the skills and experience you want and then aim to snag the best candidates within that range.
Approach the whole hiring process with the understanding that great talent comes with a price tag. Do your homework and check out the market rates to get an idea of what’s fair. That way, you can set realistic expectations and avoid any awkward surprises down the road. Being transparent about salaries not only promotes fairness and equality but also makes your hiring process smoother and more effective.