You’ve done it. You’ve found that next big hire for your Sales Team. They’re perfect for the role. Job done, right?
Finding the right person isn’t the end of the recruitment process. Before you start planning their induction and forwarding meeting invites, there’s still the delicate process of finalising the job package.
But what happens when you don’t have any wiggle room on salary?
Here’s our five top tips for taking a more holistic approach to job packages that can make all the difference between losing top talent and making sure they sign on the dotted line.
- Unlocking hidden benefits
When there’s a lot to communicate in a job spec, benefits are often the first thing to get condensed or cut.
Two-thirds say benefits are as important if not more important than salary, with a similar percentage saying benefits will be a key priority when applying for their next role.
Whether it’s tangible benefits, like healthcare or an on-site gym, or culture-based benefits, like team events and remote working, make sure you communicate the full breadth of benefits the job package includes.
- Tailoring bonus structures
There might not be any stretch when it comes to base salary, but there are many different bonus structures out there that can help attract and retain top sales talent.
Think about which activities drive sales for your business and get creative with a tiered bonus structure. You could also add in activity-based bonuses for the initial few months to make sure the candidate’s take-home gets a boost right from the start.
What’s great about generous bonus structures is that when they win, so do you.
- Negotiating equity and stock options
An alternative to a bigger salary in the short term is to offer new starters a stake in the company.
The exact amount you’re able to offer depends on a number of factors, with the average equity share in startups hovering around 1%.
Offering equity or stocks shows that you’re committed to both them as a team member and to the company’s growth in the long-term, even if the short term salary might not be what they had in mind.
- Customising benefit packages
There’s much more to a job package than just the salary; the right benefits can be the deciding factor between two similar offers, even when the other salary is higher.
Over four in ten employees don’t think their current company’s benefit package meets their needs, and half even say they’d accept a pay reduction for a more tailored benefits package.
To use this strategy effectively, talk to the candidate to find out what they really value. If they have young kids at home, flexible working might be the benefit that wins them over, or if their family is overseas the ability to work from a different timezone for a month a year might suit them best.
Take the time to understand the things beyond salary that matter to a candidate and create a benefits package that’s perfectly tailored to what works for them. This shows that you’re being as flexible as possible in the areas where you do have stretch.
- Emphasising career growth opportunities
If you’re talking salaries with a candidate, chances are they like you as much as you like them. They’re picturing themselves as part of the team – they’re invested.
Capitalise on that interest and a great mutual fit by painting a picture of what their long-term career with you could look like.
Progression could mean a promotion, but it can include other learning perks too. A huge 86% say that they’d change jobs if another company offered more opportunities for development.
Where possible, share examples of others who’ve joined your business at the same level and have progressed, as well as how you support learning and development throughout your business.
Communicating your offer
Articulating the full range of what you offer as an employer is crucial to navigating that tricky final stage of the recruitment process.
Taking a clear, proactive approach to understanding a candidate’s expectations at the start of a process can also avoid losing time or, even worse, a successful candidate at the final hurdle.
We’ve been curating our network of top Fintech sales talent for twenty years, often placing top talent multiple times throughout their career.
To learn more about how we ensure a smooth, successful recruitment process by getting to know candidates and their expectations, get in touch with the team at Finiti for a friendly chat.
