It’s no secret that salary is often one of the biggest drivers of a candidate’s decision to accept a job offer. Who wouldn’t want to make more money, right? Well, according to CareerBuilder’s 2015 Candidate Behavior Study, the highest salary isn’t always the highest priority for a candidate.
The study found that more than 3 in 4 candidates (77 percent) are willing to accept a salary that is 5 percent lower than their expected offer if the employer created a great impression through the hiring process; even more (83 percent) would do the same if the company had a reputation as a great employer. Candidates would also accept a lower salary if the company had a lot of positive press recently (69 percent) and had great online reviews (73 percent).
Those are some high numbers.
What does this mean for you?
As this increasingly becomes a candidate-powered economy, the battle for the best talent will only heat up. While it’s still important to offer compensation in line with market value, these findings underscore that sometimes salary isn’t enough. You must build a strong, authentic employment brand and make sure those who touch the hiring process are ambassadors of that brand.
This also emphasizes the ripple effect employee satisfaction can have on recruitment. If employees are happy, they’ll spread that message, strengthening your organization’s reputation and allowing you to capture in-demand candidates at competitive prices.