Hot Tip #9 - Use the 30% PLUS Solution to Close More Deals
Hiring the best is getting more and more competitive. To ensure you're hiring the strongest talent available you need to plan on offering them at least a 30% increase. However, this increase doesn't need to be all compensation. From what I can tell, more candidates are shopping their offers around and accepting counter-offers. If you find yourself in this squeeze-play, you'll need to reposition your offers as more than compensation.
In Recruiter Boot Camp we suggest that recruiters need to change the candidate's decision criteria away from the short-term tactical stuff - like compensation, titles, and location - to the more strategic issues that range over career growth, job stretch, company culture and leadership qualities of the hiring manager. This is where the 30% PLUS Solution can help. Early in the conversation, with a strong candidate, tell the person to evaluate your opportunity situation on three primary criteria: 1. job stretch, 2. long term career opportunity, and 3. compensation package. Mention that your goal - and your company's - is to offer at least a 30% increase, but it will be a combination of all of these factors and not just compensation. Then ask the person if he'd seriously consider a new job if the job stretch was 10-15% (meaning it was a bigger job with more impact) and the job growth was 5-10% (meaning it had significant long term upside) if the compensation was fair. Most people will agree to at least explore a situation under these terms.
Then, go on to say that most people who overvalue compensation tend to end up regretting it. For one thing, job satisfaction doesn't come through compensation; it comes through the work you do every day. If you take a job for the money it tends to stall-out your career, while doing work that doesn't allow you to grow into bigger positions. So, what looks like a good move today might be something you'll regret later on.
If this doesn't work you'll need to bring in the PLUS factor - this is the hiring manager. As long as the compensation is competitive (top third), top people tend to take jobs for the job match (stretch and growth) and the leadership skills of the hiring manager. You'll minimize counter-offers and close many more deals when hiring managers get personally involved in the recruiting and closing process. The 30% PLUS Solution is a neat tool to use as you strategize the recruiting process and put offers together. (Send me an email (info@adlerconcepts.com) if you'd like a copy of a form I use to formally compare different offers on a strategic vs. tactical criteria.)
Search by Keyword:
Recruiter Boot Camp
- Learn the latest sourcing and networking techniques
- Use new techniques to take an assignment
- Defend your candidates from dumb decisions
2009 Performance-based Hiring LIVE Tour
- Discover new sourcing techniques
- Learn what drives on-the-job success
- How to close on opportunity not compensation
- Find out how to use deep job-matching techniques
- Recruiter Diagnostic
Are You a Great Recruiter? Take the Recruiter Diagnostic to find out now. - Free Career Website 5-Point Evaluation
Is your career web site an asset or liability? Find out with our free 5-point evaluation. - The Recruiting and Hiring Process Audit
Click to download the slides from Adler Group & Hireability's discussion "Do You Have What it Takes to Hire Top Talent?" - Performance Profile Preparation Guide
Here’s a step-by-step guide to creating performance profiles including some great sample. Use this when taking your next assignment and discover how to change the selection criteria from skills to performance - The Performance-based Interview Guide
A complete Benchmark Interview Kit, including a Technical Product Manager Performance Profile, Structured Behavioral Event Interview, and a 10-Factor Candidate Assessment. - 10-Factor Candidate Assessment
Download our classic 10-Factor Candidate Assessment for a quick, easy, and most importantly, accurate way to assess the quality of any candidate. - 10-Factor Assessment for Corporate Recruiters
Check the recruiters on your team (or yourself!) with this 10-Factor Assessment for Corporate Recruiters. - The Corporate Recruiting Department 10-Factor Assessment of Critical Deliverables
Check your recruiting team with this 10-Factor Assessment for a Corporate Recruiting Department. - Legal White Paper
Click to download this report on the legal foundation for Performance-based Hiringsm.