Part of the challenge in hiring finance candidates is meeting their pay expectations. Although many candidates have realistic ideas of pay ranges, some expectations may be too high or too low. Rather than turning to other candidates for interviews, take the time to decide whether a candidate whose pay expectations are outside your range may be worth considering after all. Here are some ways to do so.
What to Do When Pay Expectations Are Too High
If a candidate’s pay expectations are beyond your range, you want to avoid wasting anyone’s time by keeping them interested in the role. However, don’t give up on pursuing the candidate. Instead, send the candidate an email thanking them for their interest in the position. Let the candidate know their target salary is outside your range for the position. Share that if the candidate’s target isn’t firm, you’d like to discuss the role further. Otherwise, you don’t want to waste their time. Provide your pay range so the candidate can decide how to proceed. They might be able to go a bit lower in their pay expectations.
What to Do When Pay Expectations Are Too Low
If a candidate’s pay expectations are well below your range, you might be tempted to think the candidate won’t be a good fit for the position. However, keep in mind that previous pay is not an indication of a candidate’s true value. Because it’s hard to know which pay range is appropriate for a certain role, companies don’t always properly compensate employees. As a result, being paid below-market-rate doesn’t mean you should dismiss the candidate. Instead, find out whether they can perform the work according to expectations. Or, rather than asking about pay expectations, tell candidates your range upfront. Let them know that pay depends on specific skills and experience, then ask whether they’re still interested in the role.
How to Provide Context Before Discussing Pay Expectations
If your company doesn’t like including pay expectations in job postings, and some overqualified candidates may be looking for higher pay than you’re offering, you might dismiss the thought of calling them for an interview. However, consider meeting with overqualified candidates to discuss details of the role and benefits. Since they know little about the position before talking with you, they don’t understand the responsibilities, pressures, hours, or other information that affects pay expectations. After gaining a better understanding of these factors, candidates are in a better position to decide what their pay expectations should be and whether to move ahead in the recruiting process.
Set Reasonable Pay Expectations
Set reasonable pay expectations with help from Casey Accounting & Finance Resources. As a top Rolling Meadows employment agency, we understand the current job market. We find you qualified finance candidates, set up interviews, and help negotiate adequate pay expectations. Contact us to get started today.
