Hiring in Today’s Challenging Job Market
Sign on Bonus. You can try offering a sign on bonus to the candidate vs. offering them the full base pay they are wanting. This may not work all the time, but they may consider taking a slightly lower offer if the sign on bonus is attractive.
Higher than average pay increase at first review. You can put in their written offer that if their performance is good when employee reviews are completed, you will give them a set pay increase amount higher than your average pay increase. By doing this, you can also begin to address the internal pay issues to narrow the gap between higher paid new employees.
The last thing that companies can occasionally do is a one-time market adjustment on pay. This solution can be expensive and will not be possible for every company. However, some companies can afford to do this depending on their profitability and the number of employees in the roles where the market adjustment is being made. This one-time adjustment can make up for years of poor planning in some cases.
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