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The Employment offer and the importance of including all the best attributes of our company within it.
A basic offer of employment has three components: start date, title and compensation. The easiest way to have your offer turned down is to provide only those three elements. The best way to get to “YES” is to provide a complete employment offer.
We are going to list and briefly describe these elements and discuss why presenting the entire opportunity is important in a competitive talent market. Most likely you will not have all these components for any offer. We're not suggesting you change or upgrade any piece of your current program, simply provide your potential hire the most number of reasons to accept the opportunity that you are actually providing.
Advancement/Personal Development Opportunities
Consider the prospective hire’s current situation. How is this a step up for them, what will they learn, and who can they become by taking these responsibilities? What is the career path from this role? The fact is, no one likes to take a new job; everyone wants to advance in their career. Make this offer all about them; talk about how their skill set or supervisory experience will be enhanced or how success in this role leads to a promotion. Remember, the offer is all about ‘what’s in it for them.’
Most people like to be the master of their own destiny. If there is more autonomy in this role than their current role or if the culture/supervisor is very open to new ideas, this is a benefit, discuss it. If there is flexibility in the work week or the opportunity to work from their home, mention this as well.
If new technology is being used you are adding to the individual’s skill set, this has a value and should be considered as part of the offer. If this is the first time the person will be leading a team, this is another perk. If there are exciting projects, then you should discuss this again at the time of the offer.
If the position is located closer to the person’s home than their current job, this is a perk, mention it. If it isn’t, then consider discussing flexible start times, work from home options or car pooling opportunities.
Start at the beginning, the sign-on bonus, if there is one, then consider the base salary, the performance bonus or commissions/incentive, then move to a pensions, RRSP, RESP etc.
People work best when they are in an environment that suits their personality. Your corporate culture has a value, there are people who will leave their present environment to come to work at your company simply because your culture fits theirs and their current employer’s does not. Take this opportunity to sell. Use words that describe your culture. Consider terms such as entrepreneurial, flexible, family-oriented, caring, fast-paced, casual, fun, professional, team oriented, success driven, goal-oriented, etc.
Corporate Financial Stability
If your company has a great balance sheet or 100 years of profitable existence or 15 years of profit growth, you should discuss it. Everyone wants to work for a financially solid company. The candidate may suspect his current employer is headed toward tough financial times, knowing that he is going to a solid employer will be a big plus. Play up your company’s success.
If the supervisor is a mentor or a great leader, this job is a better opportunity. Working for someone who has a track record of promoting people out of their department is a distinct benefit. Make it very clear who this person will report to both directly and indirectly.
Discuss your benefits package and the related costs. Include health insurance, disability insurance and dental/optical packages.
Long-Term Earning Potential
Discuss bonus payouts, a pension plan or profit-sharing plan if you have it. If there are stock options or discounted stock purchase plans, discuss wealth building options. Additionally talk about the average raise/bonus paid out over the last few years. If there is a career path for this person discuss the path and the earnings potential of following this path.
It is possible that the travel with this job is less than their current situation; if so, sell the idea of more nights at home with family. If it is more, then discuss how well you treat your people when they are on the road, such as traveling business or first class and any flexibility you have
If you have a beautiful campus setting, remind them of it. If their office comes with a view, or if they will have a private office, mention this. Consider the amenities at your facility that another might not have such as a cafeteria on-site, close to public transportation, etc. All of these things will be considered when the candidate is making a decision, remind him/her about the nice amenities your company provides.
Most people don’t leave Holt Renfrew to work at Wal-Mart, even if it is for more money and a better job. Many people want to work at the most prestigious firm in their field or in the most prestigious sector of their industry. If you company is a leader in any way or if this job is more prestigious than their present employment, play this card.
The older sector of the workforce is thinking about retirement savings every day and the younger sector has learned from their parents that you need to plan for retirement early. Discuss the options that your company provides.
Top performers want to work with other top performers. If you have a stand-out team or if you have a few key players, talk about how this recruit will interact with, learn from and contribute with these people. If you have a charismatic leader, bring them into the interview process and then remind the recruit that they will get to play on this leader’s team.
This is like the prestige factor described above. Use an improved title as a bargaining chip. It works! If possible, create a new title, I know one company that changed the Director of Human Resources title to Chief People Officer. Wow! Sounds great doesn’t it. Try this when you can.
Discuss what they will learn. Include new technology or any formalized training programs in which they will participate, both internal and external. Today’s worker wants a great skill set. If your opportunity will add a skill or improve one of their skills this makes them more valuable in the workplace and increases their ability to earn money.
Vacation/Personal Holidays/Paid Time Off
Some places give vacation time, some paid time off, which includes sick time and personal days. Also consider national holidays, dependent upon the industry you work in, this can amount to considerable time. Ask any banker, you’ll quickly learn.
Here is where you compare how many hours or possibly days the employee will be away from home with one job vs. the other. Additionally consider the length of the workday and the number of working days in a week or two week period. Remember to calculate traveling days if extensive overnight travel is involved.
How can we help? Please let us know how we can support you or your business?