The hiring process is often a long and draining ordeal, so it’s beyond frustrating when you finally select a great candidate, only to have them turn down your salary offer. The route you take to rectify this situation should vary on a case-by-case basis, as the circumstances will likely be different each time. Take your time to really think about what you want to do, as you don’t want to make a decision you’ll grow to regret.
4 Actions to Take When a Candidate Wants More Money
Choose one of these four paths if your top contender said no to your original salary offer:
- Bid Them Farewell. If you have plenty of time to fill the position and the person’s skillset wasn’t that extraordinary, simply tell them you’re disappointed that it didn’t work out and move on to the next. There’s no need to stretch your budget when you can find a comparable or better candidate by exerting a little extra effort.
- Raise Your Offer. Use data from the Bureau of Labor Statistics to check the current market salary for the position, to see if the number you originally proposed is fair. Raise your offer if the first amount was on the low side, or even if it wasn’t, but the person is worth the extra pay. Sometimes top talent costs a premium, but they’re worth every penny.
- Add Enticing Perks. Don’t give up if you would like to increase your offer, but simply don’t have the budget. Counter back by including perks like an extra week of vacation, flextime or the ability to work remotely certain days of the week. Many people are willing to swap quality-of-life incentives for additional money.
- Offer a Signing Bonus. Entice the candidate to accept your offer by throwing in a signing bonus. You’ll still have to pay more than originally intended, but at least it’s a one-time deal. Attach strings to the bonus, such as the person remaining employed by your company for one year, or they must reach certain performance milestones to get their money.
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