Attention employers, money may not be the reason people leave but it is one of the top reasons candidates don’t accept your job offer. According to a recent CareerBuilder article, 7 in 10 Salary Offers Disappoint Job Candidates.
The 2013 Staffing & Recruiting Pulse Survey reported that 71% of staffing firms say job candidates’ salary expectations exceed the employers’ offers, and only 25 percent say job candidates’ salary expectations are in alignment with employers’ offers.
Compensation & benefits are the second biggest reason that candidates turn down an offer – 30% of recruiters said compensation and benefits offered were not in line with the candidate’s expectations. Salary is second to the 46% that turn down a job because they received another offer.
So are candidates overestimating their worth? Or are employers undervaluing candidates?
Here are some things we know about the current state of salaries in 2014 according to this Monster.com article.
- Wages are down significantly.
- Merit pay increases are roughly 1 percent below the pre-recession average.
- However we’ll likely see more in performance bonuses when businesses are successful.
- New hires will see larger salary increases than current employees.
- Employees are growing confidence and will ask for higher increases.
- IT, healthcare and energy will see much higher salaries this year.
- Accounting/Finance will trend slightly higher than average.
Offering competitive salaries will help you win over the candidates you want. So, do your proper research on sites like Salary.com to ensure your compensation rates are in line with the market. That way, if candidates are disappointed with the salary, you know it’s because they need to get their ego in check and not because you didn’t do your homework.