If you’ve already downloaded your copy of Ambrion’s 2021 Salary Guide for Accounting and Finance professionals, you know that salaries are on the rise across the board.
Katie Kelly, Ambrion’s Managing Director explains, “2021 has been a whirlwind for recruiting and retaining talent. This is one of the hottest job markets we have seen in our 20 years. I would say that our salary guide provides a good outline, but the market is shifting even since releasing this guide in January. We have seen a steady demand and increase in salaries at all levels. To recruit and bring on A-level talent, we are seeing offers coming in on average with 20% increases.”
So if you’re planning to hire this year, at any level, what resources are you using to determine an appropriate offer/ salary level? With what is happening in the market right now, how do you know if your salary expectations are unrealistic, or if the candidate’s idea of what they need to join your company is out of line?
Do you feel confident you know what’s happening in the market right now?
If you haven’t downloaded Ambrion’s 2021 salary guide, we recommend getting your copy now to get a baseline on where salaries are at based on position title and seniority. If you haven’t checked in with a knowledgeable recruiter on current talent levels and market conditions, that should be your next step. Not only is a trusted recruiter working with talent each day, he or she can give you insight into the nuances of the frequency of counteroffers, advice on the latest interview timing and trends, and how to navigate internal equity versus the competitive nature of your talent need.
How much is too much?
You likely have a cap on how much you are able to spend on a new hire. How does your expectation align with current market conditions? What sort of ability do you have to work around your internal equity? Can you present additional work/ life balance or other positive attributes to add more value beyond salary? Here are six things you can offer beyond a salary to make your role/ company the ideal choice for your candidates.
Did you know?
We are finding that candidates are generally expecting a 20-30% bump when they switch jobs. They believe that they’ll only get the cost of living increase after their first year, so they’re inclined to want a big raise when first joining an organization. If that’s not feasible for you or your company, integrate some of the “whole package” options we mention in the previous paragraph.
Ingraining some parts of 2020 into 2021
Working from home, remote work, and access to the latest technology have all proved to be critical assets to have from 2020. Understand how your organization can integrate some of those key components into your offers in 2021. Take the best of what 2020 taught your organization and team, and leverage it to make your company rank first amongst your fiercest competition.
It does cost more to live this year
As Warren Buffet, the Berkshire chairman and CEO said at the conglomerate’s annual shareholder meeting on May 3rd,“We are seeing very substantial inflation. It’s very interesting. We are raising prices. People are raising prices to us and it’s being accepted.” What does this mean for you and your organization when hiring this year? It’s going to take more than a cost of living increase to stay competitive in this market.
It’s not too late to get current market conditions and understand how your salary range and compensation package compares to other organizations in the Twin Cities. Our recruiters are willing to provide fair and honest assessment of your open position and provide you with what they believe is a competitive range for the market today. The team is trained to evaluate your open position with desired skills to give you the most up-to-date and accurate information on what you could expect to see when putting together compensation packages or in assessing your current internal talent. Avoid going through a counteroffer situation, losing your top candidate to your competition, and offer refusal. A fifteen minute phone call could save you hours in your hiring process!