“Candidates, aka applicants, seek clear compensation information or a salary range in job listings – and on direct approach the salary on offer is either an interest-grabber or deal breaker. Our research reveals that around 82% of target audiences refrain from applying for suitable positions due to the absence of such. This represents a significant setback before the recruitment process even commences.”
– Isobel, Recruitment Dynamix
More than 75% of candidates now prioritize compensation when considering job opportunities, marking a notable shift from previous priorities where career advancement held the top spot.
At Recruitment Dynamix, we’ve strengthened our candidate engagement strategies by upfront disclosure of salary ranges. This transparency is met with positive responses from applicants, who perceive it as an indicator of employer value, thereby enhancing our employer branding efforts. Early disclosure of compensation also streamlines the process by aligning expectations for recruiters, talent acquisition teams, and candidates.
Why do some employers opt not to reveal compensation upfront?
Some believe that delaying discussions about remuneration allows for flexibility in evaluating candidates holistically and potentially nurturing less experienced individuals. However, this approach may deter qualified candidates who perceive a disconnect between their skills and the advertised compensation package, resulting in missed opportunities.
The timing of salary discussions is critical, as many candidates drop out of the hiring process when compensation remains undisclosed. Given the diverse job specifications and titles across industries, compensation often serves as the primary criterion for effective matching. Failure to address this early on leads to the loss of potential hires and wasted time.
In conclusion, fostering open dialogue about compensation tailored to candidate skills and experience is imperative. This approach empowers candidates to evaluate job offers based on their preferences while ensuring they feel valued and understood throughout the process.