Salary negotiation for potential accounting employers can be stressful. As a manager, you want to offer competitive compensation that fits with your company’s budget. A job candidate wants an appropriate salary based on his skills and experience. To find a balance between what you and your potential hire want, follow these guidelines.
Conduct Market Research
Before negotiating salary, use current market data from an industry expert to come up with an acceptable salary range based on geography, job requirements, and the candidate’s experience. Your research will add credibility to your negotiation and help facilitate the process. If you uncover a major difference between your budgeted compensation package and what your findings show, do your best to make adjustments. Just because you’ve been paying a certain amount for a specific role doesn’t mean you’ll continue to find top talent at that salary forever. Unless you offer competitive compensation, you may not secure your top candidate for the role.
While starting compensation is typically high on the list of reasons a potential employee accepts a job, remember to focus on benefits if your compensation range falls short of what he desires. If the salary you can offer is limited, consider a flexible schedule with one weekday off, telecommuting, more paid time off, stock options, or relocation expenses. These options still put money in the candidate’s pocket and can be viewed favorably in lieu of greater compensation. You’ll need to find a balance between what you can pay the potential hire and what they bring to the table.
Extend Suitable Offer
When the pending new hire and you are satisfied with a compensation and benefits package, extend a formal job offer. You’ll be confident the candidate can perform job requirements, and he’ll be satisfied that the compensation aligns with his skills and abilities. Negotiating a job offer will be win-win for you, him, and the company.
Salary negotiation for a new hire doesn’t have to be difficult. For more information on negotiating compensation for accounting workers, contact Trimble & Associates today!