Employee Retention
Remuneration Negotiation Salary negotiations are a critical step in the hiring process and also attach a huge significance in retention of the employees. Candidates with in-demand skill sets may already be evaluating other opportunities by the time you make an offer, so its important to handle this stage effectively. Following are some tips for successful salary negotiations.
Act Quickly Once you’ve selected the prospective hire, make the offer as soon as possible. A delay can cause you to lose the best applicant.
Cautiously Evaluate the Employment Offer Enter negotiations with a strong understanding of compensation trends. The offer should be fair to the candidate and in line with current standards in the industry and at your firm. Businesses that can’t provide high starting salaries should consider offering other incentives — such as stock options, profit sharing or extra time off.
Elucidate the Details If possible, make the offer in person. This allows you to explain all aspects of the salary and benefits package, and provides an opportunity for the candidate to ask questions.
Provide Encouragement
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