Two years ago, with a talent pool that wasn't moving anywhere easily, candidates could call the shots.
That balance has been somewhat redressed but many candidates we speak to still believe they can command an above average (which is c11% for an external move as it goes) pay rise should they move to a new company.
... with a recession on the horizon, things have changed.
In a poll we ran this month, salary is now the top motivator behind a move for nearly 60% of respondees.
This is against a backdrop of most of our clients keeping an eye on the immediate future and attempting to stay within budget ahead of the pending recession - it's not an easy marriage to get right when hiring.
So how can you balance the wants of the candidate pool with the demands of your Finance Director?
Here, we cover off 7 things that should help you get that star candidate over the finish line and onboard.
1. Get in the Know
Before you start hiring, work out whether the role you want to recruit is attractive, competitive and, indeed, possible in the current market.
If it's not, then you might need to rethink your priorities for the role.
We discuss how you should rationalise your must haves, needs, wants and would-love-to-haves here - if it becomes clear that what you want is unrealistic, sit with your recruiter for 30mins and strategically map out your team. That extra depth of thought will help.
Most FMCG recruiters will be able to provide you with a salary survey for broad context.
However, they should also give you some advice on how the market's playing out just now and whether what you want for this hire is realistic.
2. Be Upfront
58% of candidates who responded to our September poll, outlined that salary is currently their biggest motivator when considering a next step.
Back in late Spring of 2021, in a similar poll, most candidates told us that a company's ESG agenda was the most important thing that they considered - being BCorp was, and still is, attractive; ESG ranked second on the poll in terms of pull factor this time around.
However, with a recession on the horizon, things have changed.
When advertising a role, getting your recruiter to brief it to the market or engaging with candidates directly be honest about your budget. It'll save time, effort and potential disappointment for everyone.
3. Circle Back Throughout
Revisit salary expectations throughout the process.
Unless a candidate is actively looking for a new role - and the best candidates are mostly passive - they might think, 'what the hey, it's worth interviewing to find out more even if it's not for the amount of money I want'.
After 2-3 interviews, now knowing more about the remit and what you can offer as an employer, the candidate might conclude that it doesn't match their perceived worth - they'll either withdraw or get to the end of the process and push for more than you have to offer.
You can nip this in the bud earlier by sense checking how a candidate feels about the role and whether, with the information they have from other interviews, they still feel like its the right fit and challenge.
Get your recruiter to reiterate the salary on offer whenever they reconnect with the candidate too; they'll be talking to each other a lot for a 4-5 week period - your consultant should already do this anyway but it's worth double checking.
4. Identify Other Motivations
Meet your favoured candidates in-person.
You'll know when you meet 'the one' - probably within the first 30 seconds of meeting them actually.
The last 2 years has made it really easy to interview via Teams. People have gotten pretty good at it too - it's become comfortable. Trouble is, from a cold start, it's difficult to build genuine rapport and interviews can become throwaway.
In-person, you're often able to read people better and without the barrier of a computer screen you'll be able to ask better questions.
You will have a freer flowing conversation that'll give you the platform to discuss the candidate's 10yr plan, ask about their motivations and what's keeping them up at night. Find out about what's worked for them in previous roles and what's turned them off previous employers.
Getting a deeper understanding of a candidate's motivations will give you a better idea of which levers to pull. If it is salary, like our poll would suggest, focus on money and what they could earn at your company.
If you think that, actually, you've uncovered other motivators then bring them into the reckoning.
Importantly, note these down and discuss them with your recruiter when putting an offer together.
From the off and throughout the process, get your recruiter to find out what else is important to the candidate... working from home on a Monday, being paid more, being able to park at the office, having the ability to drop the kids at the school gates every morning...
Often, a salary-led stance will soften if you can make other parts of a candidates' life easier. Again, it's about illustrating these 'perks' though and making them tangible - your company benefits might provide the candidate with newer options that they've never had before.
5. Pull back the Curtain
Explain how things really work at your company.
If salary is the main motivator, as it seems to be with nearly 2/3 of FMCG candidates, more money usually goes hand in hand with progression or exceeding KPIs.
What does success tangibly look like at your company?
We have clients who operate a meritocracy, others require employees to go through a panel interview to move upwards. Others remain flat structured and pay a bit more every year but titles never really change. Some give spot bonuses for exceptional work.
Each business has it's own quirks... they're quirks that most candidates don't really ask about during the interview process so paint the picture for them: your company could potentially reward the candidate in ways they haven't seen before with previous employers.
6. Deliver the Offer via your recruiter or HR
At the business end of the process, use the consultant that's been communicating with your candidate from day one.
Candidates expect offers to come from recruiters if they've been using one.
If your recruiter has done their job thoroughly then your offer should be competitive and the candidate should be at least 90% sure to accept.
Recruiters are used to negotiating on a daily basis.
Recruiters are also used to conveying messages between employers and candidates which need to be articulated more subtly sometimes.
Liken it to when your Grandma texts you... she's only using Caps Lock because it's easier for her to read, SHE'S NOT SHOUTING AT YOU. Little things that a candidate says at offer stage can be misconstrued easily and all that effort and input throughout the hiring process can evaporate in no time.
A good recruiter will advise both you and the candidate objectively without causing alarm unnecessarily.
Final Point.
Don't worry if, despite your best efforts and covering every base, it doesn't work out.
People are being put under more and more strain from the environments around them just now. They change their mind, get cold feet, reconsider their situation, get tickled on the tummy by their current employer so they stay... it's a challenging marketplace.
We're always helping clients to make their company/brand more enticing and open to the candidate pool.
Talent is still moving in the market despite the economic forces at work around us.
If you miss this candidate this time, even by following the above advice, there will be another one out there.
POET specialises in solving recruitment problems for FMCG clients and we help companies to hire the very best in Marketing & Insights talent.
If you need help with anything, get in touch here
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