Work life balance, location, interesting work environment, good supervisor/coworkers are buzzwords promoted by Employers to potential Employees. Often under-represented in the hire process is compensation. With the changing demographics, aging population, the market for professionals is competitive and compensation as a buzzword is gaining ground.
This is particularly true for high demand positions, including: complex accounting roles (high level IFRS knowledge for public companies), specific experience (IPO experience), complex risk roles in the investment industry (pension money looking for managers), taxation roles (dealing with new legislation and taxation authorities).
Employers assume that it will be sufficient to provide an excellent work environment …. however, often, offers perceived as too low are refused by candidates.
As a recruiter knowing the “market”, helps the candidate understand their market value, and also matters to our clients not lose qualified candidates, or pay too much.
Compensation is more transparent and workforce is more mobile, so cash is “king”.
We have seen this demonstrated often, with counter offers from current employers and “double” counter offers from perspective employers, generally resulting in a higher compensation for the candidate.
In the past, companies may have perceived this process as a negative start, but is it really a bad development?, absolutely not, especially if both parties are happy.
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About the Author: Dejan Ristic
In 2004, I founded Exceleris. In addition to managing all recruitment aspects of Exceleris, I have consulted (as CFO or in similar roles) with a number of technology companies (both publicly traded and venture funded start-ups)....