Most candidates want to know the salary ranges of positions before they apply for the job to ensure they have proper compensation. Although the labor shortage is waning, many still agree that the job market favors applicants. It may be part of the reason why job seekers often have high expectations when it comes to the recruiting process. Candidates want evidence of transparency, accountability, and a strong company culture when applying for jobs. It’s no surprise that many staffing direct hire job seekers will automatically rule out job postings that do not share any information about the salary.
Why Are Salary Ranges Important?
Find out why workers want to know the salary range for an open position.
Candidates Want To Know Staffing Direct Hire Compensation
Staffing direct hire candidates often expect to know the salary ranges of a position before they enter the executive search & recruitment process. It is a reasonable expectation, but unfortunately, statistics reveal that only 12% of job postings share this information. Statistics show that this is an improvement from the previous rate of 8%, but it is clear that there is still much room for improvement. Job seekers may skip opportunities from employers that do not provide any data about compensation.
Employers Must Be Honest About Compensation Details
To attract the best candidates and mitigate liability, staffing agencies, recruiters, and employers must offer transparent information about the compensation a position provides. For most jobs, though, salary depends on experience — so how can a company provide accurate information that doesn’t misrepresent the compensation? Employers must focus on offering straightforward, transparent information, including a precise salary range for the position. A disclaimer should accompany this figure, indicating that it represents potential compensation and that the position’s final salary will depend on the candidate’s experience.
Compensation Is More Than Just the Salary
Employers should also include job posting information about other compensation package elements. Salary is often the most critical number for job seekers, but candidates should also consider a position’s paid time off, health insurance, and retirement benefits. These aspects of a compensation package can dramatically increase its monetary value. It can improve the quality of the candidates applying for the position.
Transparency Can Make Staffing Direct Hire Easier
Transparency is ultimately the best policy for developing a staffing direct hire recruiting strategy. Remember that the top candidates want to know what kind of wages they can expect from a position, and the best companies will offer this information freely. Employers should also invest in a professional liability insurance policy to minimize other liabilities that may emerge throughout the recruiting process. With the right insurance policy and a commitment to transparency, employers can minimize risk and attract the best candidates on the market to open positions.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and are committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.