Strategies for Maximising Job Packages: Navigating Salary Constraints

| 5 minutes

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. 

  1. 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. 

  1. 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. 

  1. 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. 

  1. 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. 

  1. 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.  

3 Fintech Talent Themes of 2023

| 5 minutes

Whether you’re a candidate looking for your next role or a business trying to find the perfect new team member, 2023 has been full of challenges and opportunities. 

We look back on some of the main themes that have emerged in the Fintech talent market throughout 2023 and how they might continue to influence and shape the market in the new year. 

Booming sub-sectors offer strong opportunities 

Doom-and-gloom headlines overlook some incredible growth and opportunities in thriving Fintech sub-sectors. 

The challenges and risks of an unstable market are creating strong growth opportunities for Fintech firms that help businesses manage risk, stay compliant, and keep existing customers happy

The focus on business efficiencies has seen many businesses look for more automated solutions, and roles in AI-focused Fintechs are likely to continue growing throughout 2024 as currently manual processes, like credit decisioning, gets a mid-decade makeover. 

As well as RegTech, there’s been a drive for more ethical, sustainable investment. The ESG sector has been booming, and with it the chance for top talent with shared values to find rewarding careers. 

The in-demand skills of 2023

Throughout 2023, there’s been a gentle expansion of what falls under the “Sales” remit. 

With all business spend under the microscope, companies are increasingly looking to keep, optimise, and upsell to the customers they already have. 

According to Bain & Company, a 5% increase in customer retention can increase profits by as much as 75%. The result is a surge in demand for  Account Managers with the right skills to build and nurture relationships. 

With firms becoming more risk averse in times of uncertainty, there’s also an interest in hiring people with great data analysis skills. 

Revenue Operations (RevOps) roles have been on the rise as companies look to dig into their data, find efficiencies, and to take a more joined-up approach to sales and marketing. 

A candidate-rich market 

A pause on hiring in some sub-sectors has led to candidates applying for more opportunities than usual. 

The knock-on effect is that hiring companies are receiving many more candidates than they’d expect, giving the impression of a candidate-rich market

This can create a false sense of security for hiring employers, and throughout the year we’ve seen firms increasingly miss out on top talent with a drawn-out recruitment process that sees candidates snapped up by the competition. 

Our advice to candidates is to only apply for opportunities that are a great fit with your skills, interests, and values. Reducing the number of applications you’re juggling will free up more time to create high-quality compelling applications. 

For hiring managers, dig into someone’s motivations for applying early on in the application process, or work with a trusted recruitment partner to screen out those who are looking for any job, not your specific role. When you find a great candidate, act quickly to make sure it’s your team they’re joining. 

Our talent network is an incredible source of insight into the perspectives and experiences of Fintech top talent. 

We’re the only Fintech sales specialist recruiters, and over the last twenty years we’ve built up a strong network of candidates and companies who trust us to build their teams and find a great match. 

If you’re interested in becoming part of or tapping into our Fintech sales talent network, get in touch with the Finiti team today.