Being able to accurately determine a salary figure is important both as a hiring manager and a job seeker. The salary depends on several factors, including experience, company size and budget, and geographical location. As a hiring manager, you want to make sure the salary package you offer, including benefits, is competitive enough to attract top candidates.
Research Salary Figures
Research the regional and national average salaries for the position. Online resources to assist in locating this information include the National Association of College and Employers. This research provides you with a salary range that is generally considered competitive for the position. Depending on the area of the country, the salary for a position may be significantly higher or lower than the national average.
Compare the qualifications of your company's job description to a boilerplate description of the same position. The more requirements there are for the position, the higher the salary range needs to be to compensate. This comparison assists you, as a hiring manager, to create a competitive salary range to attract top-tier candidates.
Create a full salary package. Total compensation for a position may include salary as one component. As a manager, if your company wants to attract top talent to the the position but cannot afford a large salary, consider adding other perks to the salary amount to create a full package for candidates. Common benefit package perks include health benefits, paid vacation and sick leave, flextime and access to onsite employee amenities, such as a health club.
Budget for the future. When you hire someone, you expect that employee to remain with your company long-term. Make sure that as a hiring manager you plan for periodical pay increases and bonuses when determining a fair salary for the position. You should also include any investment on behalf of the company, such as job training, seminars and career development programs, in your calculations. Mention opportunities for potential promotions and pay increases, depending on job performance.This may encourage qualified candidates to accept the job even if the salary is lower than normally would accept.
Items you will need
- Internet connection
- Job description
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