So, you’ve found the one. The new hire that you’ve been searching long and hard for. You went through rounds of interviews, they tick every box on your list, and the team loves them. But then, they increase their salary requirements and you have no room to stretch in that line of your budget. You have already maxed out every last dollar, and getting more is just not an option.
Don’t give up and let this candidate slip through your fingers. There are several ‘value adds’ that can complement the salary offer and make it a package that your candidate is delighted to accept. To be effective, ensure that you know what truly motivates the individual so you can tailor the additions to suit their personal needs and wants.
‘Value adds’ to make your offer more attractive:
- More vacation time – For some people, especially those that see work-life balance as a high priority, extra time off can be incredibly valuable. It could be provided as several days to be used at the employee’s discretion over the year or offered on a periodic basis. For example, a client of ours offers their employees an additional personal day every three months to spend as they choose.
- A formalized growth strategy – One of the most common motivators for employees is career development. If you can’t provide the dollars a candidate is seeking today, sit down with them and work out a formal growth plan. This may include a commitment to providing training or a promise for promotion based on performance.
- Six-month salary review – If you are unable to offer the larger salary now, perhaps you will be able to secure the money in the next round of budgeting. We have a client that starts some new hires on a lower salary with an honest promise of a salary review in six months. Not only does it give the business time to allocate additional funds, it acts as an extra motivator for the employee.
- Flexible work arrangements – This may include work from home, hybrid work, or earlier/later start times. Technology is making flexible schedules easier to arrange and can be desirable, especially for employees with long commutes or parental responsibilities. We know of a company that allows their employees’ workdays to start from the time they open their laptop on their hour-long train commute to the office.
- Health benefits – You can really set yourself apart from other employers by providing a fully-funded and comprehensive benefits program. Any savvy job seeker will know the value of health benefits and appreciate that this is truly adding dollars to their deal.
- Gym membership or ‘wellness’ allowance – For people who love to be active and take care of their wellbeing, this can be a really enticing incentive. Additionally, you get the benefit of a happy and healthier employee—a win-win.
- Transit, vehicle or phone allowance – Expenses such as transit passes, parking, gas, mileage, and phone bills can really add up and put a dent in a person’s disposable income. By offering to take care of these additional costs, the candidate may determine that they’ll be further ahead than initially predicted.
- RSP matching & share purchase plans – Helping an employee build their financial portfolio and security is a great way to deliver more value. Additionally, it often leads to a longer-term commitment to your organization.
- Maternity/parental leave top-ups – Sometimes a candidate is planning for a family in the coming years and as such, maternity/parental leave programs are important to them. We recently helped a client land a candidate by pledging to top-up their EI benefits when they go on maternity leave so they maintain their current salary. Needless to say, the candidate was thrilled and signed immediately.
- Signing bonus – For some companies, budgets are structured so that they are able to offer a bonus to make up for a shortfall in salary. One of our clients offered a $10K signing bonus to a candidate they were eager to have on their team. In the end, everyone was happy with the outcome.
As consultants, we work with our clients and candidates throughout the negotiation process. It is our job to help you secure the talent you need and ensure that your new hire is excited about their final offer. Contact us to learn more about our process and how we can help you find the one.