When it comes to hiring top executives, the compensation and benefits being offered to them by the hiring organizations prove to be an extremely critical deciding point. Most people that to set the salary range for these positions is a fairly straightforward process. However, the experts from the top executive search firms in Shanghai beg to differ and consider it to be relatively complicated. This is because the salary range deeply impacts the success level that organizations can attain in attracting and recruiting top executive talent. That is why they advise organizations to follow the below-discussed tips for setting the right salary range while recruiting top executives.
Local Market TrendsBeing aware of the local market trends in
terms of the compensation and benefits being offered to executives appointed in
similar positions can help organizations set the right salary range. This
information can be readily obtained through some research or by consulting with
the local headhunting agencies. Considering these trends makes it easier for
the hiring organizations to negotiate with the shortlisted candidates more
confidently. This naturally helps them gain an upper hand during the final
interactions with these candidates and helps them avoid the risk of losing good
professionals.
Level Of
Competition In The Job Market
Another important factor that hiring
organizations need to consider is the level of competition for that specific
position in the job market. If the number of suitable candidates for a key
executive position is far lesser than the number of openings, then companies
might have to increase their salary range to attarct the right candidates. On
the other hand, if the candidates available are significantly greater than the
number of openings, companies can decrease the salary range. According to the
professionals from the top executive search firms in Beijing, this variation in salary range may differ from one
region to another and one executive position to another.
Company’s
Hiring Philosophy
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