The first step towards finding the perfect candidate begins with an irresistible job posting. Of course, there are responsibilities, why you are a great company, and why they may want to work there. Yet, so many companies still fail to include the one thing that can be the biggest motivator for job seekers — salary information.
Some companies feel keeping the number under wraps will give them an advantage when it’s time to negotiate an offer. Others are concerned that competitors may peek at what they are paying. Few think unqualified candidates will apply just because the pay is attractive. However, we think writing “We are offering a competitive salary” in your job posting is no longer enough.
The question of salary is often a guessing game or a cat-and-mouse game between hiring managers and candidates. It doesn’t have to be that way.
Ultimately, you want to attract the very best candidates available. So, the most appealing aspect of the job — that is, salary information — should be highlighted in the job posting. Listing salary information will give them a reason to spend more time on their application to your company.
Here are several reasons why you may want to consider adding salary information in your job posting.
It’s one of the first things jobseekers look for
“When people are looking at job descriptions, they are looking for the details that drive their motivations when changing jobs,” said Monica Lewis, the Head of Product for LinkedIn Jobs. According to a Glassdoor study, 67% of employees and job seekers want to know about salary in a job posting. Pay transparency is clearly at the top of their mind during the job search.
Most employees and job seekers have choices in the job market. Many of them do not want to waste their time with a job where the pay and benefits are not aligned with what they are after.
Reel in a bigger and better pool of candidates
As a hiring manager, you would want to ensure your pool of applicants consists of people who (a) are good at their job and (b) may actually accept the position. The last thing you would want is wasting time on folks you cannot afford to hire.
By being upfront about the salary information in your job posting, you empower candidates to self-select out of the hiring process early. You will also attract candidates who appreciate how you take the guesswork out of pay and ensure they are paid and compensated fairly for what they do. Companies receive a higher volume of candidates and better quality applications when salary information is included in the job posting.
It makes your hiring process more efficient
Ask yourself, “What could your recruiters get done with the time and energy they spent, chasing down candidates who would eventually decline the offer when the salary is revealed?”
Sharing salary information or a salary range helps you to filter out candidates who would opt out down the road, after many, many rounds of interviews, when they realise the paycheck will not be able to meet their financial needs. In short, it significantly improves the efficiency of your hiring process.
Additionally, disclosing salary information early in the hiring process eliminates multiple rounds of negotiations from the interview. This allows you to spend more time with the candidates on the discourse of their experience, skills, and potential, and where the company will meet them where they are.
Companies receive a higher volume of candidates and better quality applications when salary information is included in the job posting.
Establish a culture of honesty and transparency
Disclosing salary information in your job posting tells a story about what kind of workplace your company is. It’s a chance to show — rather than tell — your culture of honesty and transparency. So, why not proudly show everyone just that?
Do you actually believe employees should be paid fairly and equitably? Describe how your rates of pay are based on Malaysia’s cost of living, salaries and wages survey report, and costs such as student loans and childcare fees. Show your employees you care.
It’s the right thing to do
Not saying anything about your salary information is saying something — that your company may be trying to underpay employees. If you want talented folks to build your company, obscuring what you can pay them and what benefits you can offer are not going to get you there.
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