You’ve found the perfect employee to fill your vacancy, but their asking rate is more than what you have allotted in your budget. Do you pass on this rock star to hire an individual that is less appealing but within your budget? Will it even really make that much of a difference? How can you hire top performers if you don’t have a top performer budget? Check out these tips on how you can recruit rock stars for your team without breaking the bank.
Emphasize other Company Benefits
Salary isn’t the only way to compensate an employee. You can provide a generous health coverage package, stock options which will always increase in value and a variety of other incentives to entice a potential hire to join your team. A lot of companies are offering gym membership reimbursements and flexible work locations to their employees as well. A lot of top performers are seeking an opportunity to grow within a company versus a top dollar salary and will weigh the pros and cons of their benefits package. If you have the right company culture and you can provide a chance for an employee to leverage their potential, you won’t have an issue recruiting Rockstar employees on your team.
Rockstar employees aren’t stagnant. They will seek every opportunity available to develop their skillset so that they can reach the next level in their career. Keep them challenged and watch them rise to the occasion! At the current moment, you may only have an entry level budget to hire someone that comes to the interview table with mid-level experience and killer references. What will make them consider your opportunity over others? The potential for growth! A potential promotion or job title change can make your opportunity worthwhile in comparison to other opportunities that aren’t advertising promotion or growth potential. If you’re able to shift money around next fiscal year to promote your rock star employee they’d appreciate taking that chance on joining the team below their market rate.
Bite the Bullet to Save Money Long-term
Hiring top performers will save your company money. They are proactive, productive, and effective which in turn can result in your company earning more money and hitting higher goals. Top performers are influential and can have a positive effect on their team members. They take ownership, are more likely to personify the company’s mission as if it were their own and put forth their best efforts on projects. Selecting a “bad” hire may save you money in the interim but it’s guaranteed that it will cost you more on the back end. Settling for less in terms of hires can result in mistakes that will cost you money due to lack of attention to detail, as well as, unsatisfied customers, damaged relationships with vendors, poor company morale, and unachieved goals. Is it worth putting your company’s potential growth in jeopardy to save a few dollars? It is far more profitable to invest in a rock star employee and your company will thank you in the long run.