Determining the starting salary for a new position is sometimes harder than setting the price for a company's product or service, especially if the position you want to hire is a brand new title for your business. It is important that the rates are adequate and appropriate. If the salary is too low you may not attract and retain talent. If the salary is pushed up too high, this could create risks for the budget. So what is the best way for hr staffing agencies to make a starting salary? Here are some notes and criteria to consider.
Almost all of us only work in a career. Therefore, the company is paying wages for the knowledge, understanding and experience of the job and the life of employees, not merely for a fixed salary structure. The growth ladder for businesses is not going in a straight line like a few years ago. Now companies must be aware of which skills are added, and skills that can be added from one job to another will be useful to the position and to the company itself. That means the employer must understand the job skills you want to hire for the new position.
Understand the market
Companies can conduct salary surveys online to find out if the market is paying for this position or similar position. The company may also use information from prospective candidates themselves during the interview process. But be very careful because these data may not be completely accurate, candidates can inflate their income because everyone wants to get a high salary for a new job.
Know the role of position
A new position in the market will be difficult to get salary statistics. In this case, the company is advised to consider, carefully analyze job requirements by educational level, years of experience, and special responsibilities for the job. Companies can still pay on the job request but can adjust based on the candidate's personality, education and skills. Candidates always want to recognize their years of experience.
“Not just” salary
Some young technology companies use their "high" salaries and a young, dynamic culture to attract good engineers, especially in the highly competitive technology personnel market. Smaller businesses may consider negotiating a tiered salary. Candidates may receive a low salary initially but if they achieve the performance, their salary will be increased. Or creating conditions for employees to do other jobs is also an attractive way, such as allowing employees to take 4-8 hours off per month to work more or allow employees to work at home. In addition, it is possible to create some open policies for employees who are in a less defined working environment and staff are entitled to make decisions in the implementation project. These practices help create employee loyalty and make small businesses and developing businesses work more effectively.
One of the key factors determining the success of a business is the salary negotiation process. However, it is not necessarily that hr staffing agencies have experience to ensure that the salary negotiation process does not make any mistakes. Faro recruitment.com would like to share some things that businesses should note during the salary negotiation process.
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