Recruiting can be a messy process, both on the candidate side as well as on the employer side, filled with lots of wasted time, misconceptions, misalignment, and general frustration. Fear not though, it doesn’t have to be so hard, not anymore.
How often does a hiring manager scope out a position that she wants to hire, including the most desired skills & experience and then, when the recruiter comes back with the suggested salary for that role, the hiring manager and/or the CFO freaks out… saying that the salary is a) outside of the budgeted salary and b) is not realistic with the market. The recruiter is then tasked with compiling competitive salary info and possibly even start interviewing candidates only to have the hiring process go sideways when comp is discussed.
With an application like Paysa, a hiring manager and/or recruiter can immediately see what the market salary would be for their desired candidate. Further, they can adjust the requirements (remove non-critical skills, change title, revise education requirements) as well as adjust what companies they want to extract candidates from – and see how the salary changes.
Buying a car is similar process: If you are anything like me, you start with the fully loaded version of the car… I want the sport version, premium sound, leather dashboard, automatic seats, special paint job, etc. Sounds good doesn’t it? How much is it? Yowza! Sticker shock! – No way I can afford that! Ok, lets get real… get rid of the sport version, special paint job, leather dashboard, but keep the premium sound… now what does it cost?
Now you can do the same thing with people.
Go to Paysa and create a fake profile for your perfect candidate. List all the skills you want that person to have, the title, experience, education and degree – including their school, as well as the company you want to pull from. Here is an example of an employee at Google – they graduated from Stanford with a PhD in Computer Science, have 10 years work experience, have been at Google since 2010, and are currently a Software Engineer Level 3. This person is estimated to make $285K per year.
Too high for your budget? Adjust the profile – I changed the school from Stanford to UCLA, moved the PhD in Computer Science to a Master’s degree, moved them from Google to Yahoo, and cut back their experience from 10 years to 6. New cost: $216K annual – a savings of $69K, almost 25%. That may be more in-line with your budget.
Now, the recruiter and hiring manager have a realistic set of requirements for their candidate, as well as what that candidate is going to cost the hiring company. From here, the recruiter can more easily identify those candidates that fit the profile as well as their expected salary.
Recruiting can be a messy process, but it doesn’t have to be figuring out the right salary for a position.
Next up, how Paysa can help recruiters and companies increase their ‘open rate’ among target candidates…
As CEO and Co-Founder of Paysa.com, Chris is passionate about helping employees maximize their value across the arc of their career.
Find Chris Bolte on LinkedIn.