Useful Guideline To Make Appropriate Compensation Decisions For New Hires

One of the key aspects of hiring skilled talent is to provide appropriate compensation that ensures the maximum satisfaction of prospective candidates besides providing value for money to the hiring organizations. This is true irrespective of whether the hiring organizations are conducting a board director search in Canada or are seeking a professional to take on the role of a senior manager. However, since there is no definite formula to know what is the appropriate salary for different candidates. In this context, the below-given guidelines can help the recruiters make the most appropriate compensation decisions for new hires while also ensuring that these decisions prove beneficial for the clients. Global Leadership Development & Coaching.

Refer To Salary Surveys To Learn About Average Compensation For Different Positions

Salary surveys provide a reliable reference point for the hiring organization to learn about the average compensation amounts for different positions within a specific niche. The surveys are based on a wide range of data including the skills and experience of the candidates, the average living costs and even the part-time and full-time employment options. It is advisable for the hiring organizations to choose a compensation amount that is at least equal to the average for a specific position, if not more. 

Factor In The Other Elements Of Compensation

Talented professionals often feel more interested in the other elements of compensation that they would be getting in addition to the base salary. Hence, it is quite common for the best recruitment firms in Vancouver to factor in these elements while deciding the final compensation amount. These elements may include the various benefits, perks, and incentives that an organization may choose to offer to the most suitable candidates. ICF accredited Executive Coaching Firm In Canada.

Compensation Is Paid To People, Not Positions

Many times the hiring organizations have a fixed compensation amount based on the position that needs to be filled. However, the consultants from the top leadership development firms in Canada advice against following this trend. This is due to fact that the compensation is to be paid to individuals, whose skills and expertise may vary considerably and the compensation offered might not match their skills and expertise. Hence the hiring organizations should carefully consider the competence, skills, and expertise candidates before coming up with an appropriate compensation amount for them.

Underpayment Should Be Avoided At All Costs

Offering compensation amount that is lesser than what the candidates deserve is something that the hiring organizations should avoid doing at all costs. This can lead the organizations to miss out the opportunity of hiring the best candidates for the job and suffering significantly greater losses than it would have cost to recruit them at a decent salary. Moreover, it can impact the goodwill of the hiring organization in a negative manner.

Maintain A Scope For Continuous Salary Adjustment

According to the professional ICF coaches in Canada, the hiring organizations should make sure that they maintain scope for continuous salary adjustment while deciding the compensation amount. The companies should constantly evaluate and update the salaries being offered on the basis of changing market trend, specific needs of exceptionally good candidates and even while hiring under special circumstances. This will make attracting and recruiting the right candidates easier.