Q. We are a successful high-tech product development company and employ a wide range of professionals from engineers and scientists to sales and marketing to manufacturing and operations. We are growing at a rate of 10 percent a year and are proactively recruiting year round. We have no problem attracting the talent but lose candidates at the offer stage. We average 10 percent to 20 percent compensation below our competition in the greater Bay Area. Any ideas?
A. You are not alone. In order to attract and retain talent, you must put together an offer that will benefit them on a short-term and long-term basis. I understand that companies want to be fair to their existing employees by keeping the game balanced, but sometimes you need to be creative and think outside the box.
It is critical to find out from the candidates who are in the interview process what their current or last employment package consisted of: base salary, bonus, stock options, retirement plan, benefits, vacation, PTO, education, career development. Find out what is important to them on an individual basis. For some, base salary is the priority, and for others it will be benefits, vacation and PTO.
Each person that you interview will have unique interests and needs. Too often companies develop a box and expect everyone that comes through the door to fit into it – they don’t. As an example, a 10 percent increase or $10,000 over the course of the year works out to be $38.40 a day of increased wages. Are you willing to lose a top notch candidate over $38.40 a day?
If you are losing the talent to your competition, look for creative ways to attract and retain talent: offer bonus programs or additional time off based on outstanding performances; flexible work hours; education reimbursement programs for additional training, certifications and degrees; and career development programs just to name a few.
As the baby boomers retire and the millennials become the dominant work force, you will no longer be able to group employees into a box. The “one-size-fits-all” mentality has run its course.
Q. I am a professional project manager with a large consulting company. Six months ago I interviewed with another company and was offered a position with their organization but turned it down because my current employer offered me a more attractive compensation package. The position is not working out for me due to the extensive travel requirements. I would like to contact the other company. How do I approach them without looking like a flake?
A. I wish that people would think through all of the variables before they accept positions with companies that require travel. Unless you are a travel junkie, 12 to 24 months of extensive business travel will wear you and your family down, and the increase in compensation won’t be worth it.
Plus, high travel demands are no longer necessary with technology like video conferencing and Internet meetings available to all of us. You need to evaluate how much your time is worth. You can never replace your personal time with self and family.
If you were working through a recruiter, contact him or her first and explain the situation. If you were working independently, I suggest that you sit down and write a letter to the hiring manager that extended the offer to you six months ago.
This letter should contain the following: your regret for not accepting his generous offer of employment, a description of why your current situation is not working out and an invitation to lunch to discuss current and future opportunities with the organization.
Send it by e-mail, fax or post mail and then follow up with a phone call within 48 hours. I’ve witnessed many successful reunions just like yours. You are not a flake. People make mistakes – we are human beings. We all deserve to be happily employed.
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Jennifer Laxton is a senior partner with Executive Search Associates in Santa Rosa www.esa.com. ESA is an executive search and consulting company. You can reach her at 707-525-1010 ext. 101 or jklaxton@esa.com. If you have questions with regards to your career situation, send an e-mail to askjen@esa.com.
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