5 Ways to Hire When You Can’t Offer Top Salary

There is a stigma associated with recruiting outstanding candidates in today's candidate-driven market, and that it requires paying them a lot of money to work for your organisation. If you cannot do so, then your pool of potential employees will begin to dwindle.

However, money isn't necessarily the most important thing to consider when making a job decision. Money's negotiable, but what's harder to change and what can genuinely decide a company's success are factors that one cannot measure in ringgit. There are several ways to recruit people into your organisation without paying top market rates.

Here are five strategies for positioning your organisation and available roles to attract qualified candidates:

 

1. Your company's culture

The culture of a firm is its beating heart and spirit. It's how your company stands out in the marketplace. In recent years, workplace culture has become a big topic. Companies are putting a lot of their money and attention on this aspect because it is an intangible that can ultimately make or ruin a company.

When you think that you will be working in this setting for eight hours a day, five days a week, it is critical that your staff appreciate it. Because if they do, the end outcome could have a very positive impact on your company and the ability to attract new staff.

Employees rate among the most trusted influences when communicating about their company's engagement and integrity. You can be doing everything correctly in terms of salary, but if your employees disagree, it could hurt your employer brand.

Make sure your employer brand and culture are known for being a place where people desire and love to work in order to stand out from the competition. Focus on strengthening employee relationships and engaging, acknowledging, and rewarding employees to create a better team.

By proactively communicating, listening, and being open, make the workplace a comfortable environment to share and receive feedback. Stay loyal to who you are while inspiring your staff with a compelling vision and purpose. Your company values can help make your organisation a place where people want to work.

While your culture can help you attract customers, it can also work against you. It might have a domino effect if your culture does not reflect positively. Is your company well-known, or are there negative online reviews? If that's the case, it's time to focus on improving your company's culture and employee experience.

 

2. Professional development & growth

When it comes to attracting top performers, professional development opportunities and the chance to advance within the organisation can be just as crucial, if not more so. According to a Gallup poll, 87% of millennials believe that professional advancement opportunities are essential to look for in a job. 

Large companies with the financial means to pay a lot tend to have fewer options for advancement and a more generic approach to professional development. This allows smaller enterprises to benefit from this potential.

As a small business, you have the freedom to establish a diverse range of growth and professional development opportunities based on the interests of your employees. Employees benefit from opportunities to grow and learn in areas where they might not find in larger firms.

 

3. What distinguishes you from other companies?

Consider what makes your company unique. What makes your company stand out as a place to work? Is this your goal? Is it true that you are the market leader in terms of innovation? Consider why individuals want to work here in the first place.

When telling your story to candidates, determine what makes you distinctive and sell it as part of your employer value proposition and brand. Perhaps your organisation receives exceptionally high ratings for employee trust in leadership and devotion to the company's values and mission. Maybe it's your commitment to corporate social responsibility or being an inclusive employer. Focus your interactions on what makes you unique and sets you apart from your competition in your field.

If you're having trouble figuring these things out, you should conduct an internal poll of your staff. Your team will assist you in:

• Identifying your strengths and shortcomings, 

• What makes you distinctive, and 

• Gaining a better understanding of their overall employee experience. 

 

4. Benefits

Candidates want to know how your company's benefits may help them with their physical health, future plans, mental health, and overall happiness. The perks your organisation can provide a candidate are a deciding factor in deciding where they want to work when they are in the decision-making process. Offering progressive or new benefits may be enough to persuade candidates to choose you.

You can use your creativity when it comes to your company's benefits package. You can include things such as: 

• Paid parental leave, 

• More annual leaves, 

• Flexible working hours, 

• Education or certification reimbursement, 

• Pet insurance, 

• Gym memberships, 

• Daycare discounts, and more.

Selecting items that connect with your company's values and set you apart from the competition is critical to attracting great staff.

 

5. Compensation Review

Now, you may not have the capacity to pay employees at top rate, but consider conducting a compensation analysis so you can answer these questions:

• Are you offering the market rate?

• How do you stack up against your competitors?

Knowing what your jobs are worth in the market is crucial for making educated judgments when bidding jobs, extending offers, and others—knowing what the market says might help your organisation compete on a more level playing field. You can then let your culture, perks, professional growth, and other factors speak for themselves if you can offer a wage that isn't too low on the market.

It's also a good idea to keep an eye on your rivals if you're vying for the same talent. Knowing this information can aid you in establishing a scalable compensation strategy that will allow you to soar beyond your competition while remaining fiscally prudent in the future.

 

Finally, numerous elements play a role in a candidate's decision-making process when looking for a new job. Salary isn't necessarily the most critical factor.

As a leader, you have the power to design a candidate (and employee) experience that gives them more to consider than just the money. To attract top talent, you must ensure that prospects have a complete image of what it's like to work at your company, including your culture, what makes you distinctive, the growth and development possibilities available, and the comprehensive rewards benefits package.

Source: Helios HR