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So after reading the previous post, you went out and found some great talent, interviewed them and want to offer a position. Before you do that, let's ask ourselves a few questions: 1.) What are the benefits I'm willing to offer in this role? 2.) What is the growth potential in this role? 3.) What is my salary range for this role? 4.) What am I willing to offer, to get this candidate?
As /u/lSC mentioned in the first post, if you are hiring below market wage, you'll run into some issues. This is where you have to be willing to offer other fringe benefits that will help you land quality candidates. In my experience, pay isn't everything. How many times have you heard of people leaving high paying jobs? Job satisfaction, development opportunities, bad culture, work life balance and proper tools and resources have always been ranked higher than pay in company surveys that I've worked at (I know there is additional sources that should be able to help back this statement up, but I'll just rely on my personal experience for now). One thing to keep in mind at this point in the process, you are a salesman. You are selling them a paycheck. Just as in the interview, they provided you their highlight reel, now it's time for you to do the same. "Look, I am only paying minimum wage for now, but this is what I have planned for this start-up...." "You'll make below what other Managers make in similar roles, but you'll have more autonomy to decide what direction we go..." These are all transitional statements to talk around what else you have to offer other than pay. DO NOT BRING THEM IN AT YOUR ABSOLUTE MAX. This goes for more of your intermediate roles, but if you can only afford $20 bucks in hour, I'd say start your search at $15. This will help you give them raises throughout the year and even on years where your company might not perform as well as you had hoped. Again, money isn't everything, but the guy that gets a .50 cent raise on a tough year will probably give you everything in return. The most success I've had with this part is selling the developmental skills and things they will learn as a new candidate at the work place. This is part of a different subject, and I won't get in the weeds here, but just think about what you can offer from a professional stand point.
Salary negotiations: It's tough for the employee, and even harder for the employer. Again, be real with what you can afford and start the recruitment process somewhere below that. I will say this, if you can't compete with what the candidate is looking for, walk. Don't try and make it work or operate at a loss. Telling someone they have to take a pay cut because they are making too much for the business performance is a lot harder than recruiting someone at a lower wage. You have to think big picture in this part of the process, or you might find yourself regretting your decision down the road. So, much like buying a car or a house, find your number and stick to it. I have had folks walk out and say they'll think about it or be surprised that we offered so low. THAT'S OKAY! If you are a start-up you are probably looking for someone that is interested in more than just making cash. These candidates exist, and they'll take your lower offer if there is something more in it for them (i.e. culture, development, job satisfaction, etc.) For those commissioned folks out there, you have a tougher road to some extent. You have to show them they can make a living wage off of selling your product. In these cases, I like to do a shadow day (Typically limit it to half a day and lunch). Let them take a tour with your best guy and see what the environment is like. My only caution is to make sure that employee is the most engaged ever. You don't want someone that is not particularly happy working with you, talking to a new candidate. For technical roles, when my salary was low, I walked them around the facility. It helped that at this point everything was new and shiny, but this is where a solid salesman can help. Maybe your shop or work environment is not looking desirable at all. Tools everywhere, old computers, disorganized. SELL IT! "This is where we need your help.... You can help us get to the next level.... etc."
I'd like to help more and I'll post some other tips next weekend. If you are looking for interview/recruiting help, feel free to reach out. Consulting is only a passion at this point and I'm looking to fine tune some of my advice, so any and all feedback is much appreciated. Thanks!
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