Have a “Beer” Budget but Need “Champagne” Talent?

When it comes to compensation, who do you think cares more about money- the employer or the candidate?  Both, of course!  Unfortunately, sometimes organizations are just not able to get to market compensation, but still need to make great hires to sustain and grow their enterprises.

If you’re a hiring manager or executive with a great opportunity but don’t have the best comp plan, here are some things that may help you close your search with a great hire.

You’re not alone

I would estimate 20% of the searches recruiters take are under the market on comp. In these cases, I advise my clients (employers) to look at other ways they can attract talent, such as how the position can advance the candidate’s career aside from money. In these cases, the company culture and career match has to be even more on point, since it’s not “all about the money”.

Eliminate candidates who rank money #1 or #2

If you ask the right away, people will be very honest about what’s important to them. If money shows up as a top motivator, you most likely don’t have a match. These candidates will appreciate your honesty when you tell them very quickly they are outside of the position’s compensation range…They may even give you a referral!

Create a case study

Find a case study in your company or on your team of someone who took the job not because of  just money and had a positive outcome. Look at promotions, long tenured talent and quality of work-life situations.

Know where you are ABOVE market

Even though you may not have market comp, there probably are areas where you are BETTER than the competition. Focus on those areas. Look at product or service offering,management/mentoring team, benefits, company culture, advancement opportunities and future growth- including IPO/Acquisition.

Take a ‘Career Sherpa’ approach

A ‘Career Sherpa’ is a guide that can truly help guide someone’s career. Take more time than your competitors to understand what’s important to your candidates. What their motivators are, what they are trying to accomplish and why. Make sure they feel understood and that they are gaining a mentor, not just a boss.

As I’ve learned over my years in recruiting, hiring is about building relationships and the ability to read people. Using these skills and my points above, you’ll be able to arrive at the “party” with something of quality in hand!

-Bill