Posts
How Do We Reduce Our Starting Pay Without Compromising Recruiting?
Q: We want to reduce our starting salaries without compromising our ability to recruit top candidates. What are some alternatives we can offer people in place of higher wages?
- Pressed by Pay, HR associate, health care, Brooklyn, New York
A: The reasons that people accept positions with a company vary widely, with pay being one factor as a candidate evaluates an offer. Alternatives to higher starting salaries are numerous, but at their essence should be determined in light of your company's business strategy and human resources philosophy.
Are you a firm that can recruit and retain based on your corporate mission and vision (innovative, philanthropic, community service, religious, etc.)?
Does your firm have a reputation for providing employees with intrinsic benefits on which you can build a brand image?
How important is work/life balance, and do you walk the talk?
Can you provide employees with highly competitive noncash benefits instead of cash?
Are you able to provide a wealth of technical or other training and developmental opportunities?
Is your company a fun place to work?
The point: Don't attempt to replace high starting salaries for recruits with something that will not fit with your company's culture. The result will not be what your management is expecting.
Also, don't interpret the current "buyer's market" in labor for some jobs as an excuse to make low-ball offers to all candidates. Although this may work to hold down costs in the short run, it could be detrimental to long-term business performance. In this type of labor market, experienced candidates may accept any offer, even one involving pay cuts, but won't be content until your company addresses this imbalance in some other meaningful way.
Before embarking upon this strategy, it is appropriate to analyze why it is important to management to reduce starting salaries. What are the important considerations in this decision? Once your company has outlined the business reasons changing its pay policy, your human resources department then needs to communicate it to managers, as well as adjust your recruitment strategy. In these difficult times, it is critical to not be "penny-wise and pound-foolish" with pay. Experienced candidates, as well as high-performing employees, should be identified and compensated appropriately.
[Source: Bob Fulton, The Pathfinder's Group Inc., Glenview, Illinois, November 19, 2008]
Hari Nair
Vice President - Human Resources
Sona Koyo Steering Systems Limited
38/6, On Delhi Jaipur National Highway 8
GURGAON 122 001
Haryana
Mobile :
+91-98-102-89047
e-mail :
hari.nair@sonagroup
hari.nair69@
harinair64@gmail.
Web :
www.sonagroup.
www.haripassionhr.
http://finance.
http://haripassionh
http://www.orkut.
http://www.facebook
http://www.linkedin
"Send an e-mail to PassionHR-subscribe
" No one can predict to what heights you can soar, Even you will not know until you spread your wings "
"Please do not print this email unless it is absolutely necessary. Spread environmental awareness."
http://groups.yahoo.com/group/PassionHR/
http://www.orkut.com/Profile.aspx?uid=17331195369402941603/
http://www.orkut.com/Community.aspx?cmm=36313142/
http://haripassionhr.blogspot.com/
http://www.facebook.com/home.php?ref=home#/profile.php?id=551210263/
http://www.linkedin.com/in/passionhr
Post message : PassionHR@yahoogroups.com
Subscribe : PassionHR-subscribe@yahoogroups.com
Mobile : +91-98-102-89047 {Hari Nair}
DISCLAIMER : This e-mail and/or all e-mail (including its enclosures/(s) or attachment/(s), if any) contains knowledge sharing information from PassionHR Group, which is confidential, proprietary, and/or copyrighted. Unauthorized disclosure, copying, distribution, or taking any action in reliance on the contents of this information (either whole or partial) is strictly prohibited. This prohibition includes, but is not limited to, displaying this transmission, or any part thereof, on any public domain such as a bulletin board. E-mails are susceptible to alteration and their integrity can in no way/cannot be guaranteed. PassionHR Group will/shall not be liable of this e-mail if modified or falsified. If you are not the intended recipient of this e-mail or received any link or derogatory material or article then kindly delete it immediately from your system, and notify the sender of the wrong delivery with the confirmation that the mail (with its enclosures/(s) or attachment/(s), if any) has been deleted. Disputes if any are subject to Gurgaon (Haryana), India, Jurisdiction only.
Moderator - PassionHR Group, India
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
No comments:
Post a Comment