There are a number of criteria that job seekers are looking for when assessing the suitability of job opportunities, but wages and benefits are definitely among the most important.
Every day we come into contact with companies that don’t advertise salaries.
Here’s 10 good reasons why the salary should always be included in the job advert.
1. You could be losing 30% of candidates
We’ve found that when job ads include a salary range in them we receive over 30% more applications. Furthermore, UK career portal Jobsite found that drop off rates for job adverts without salary details are between 25-35%.
This not only means that applications for each vacancy are lost but if a high proportion of your vacancies do not include salaries, this could be having a significant effect on your talent pool and the number of candidate’s you can promote vacancies to via job alerts!
2. DOE doesn’t mean anything!
Using Depending on Experience (DOE) on a job advert, immediately suggests that candidates may have a fight on their hands and essentially they are applying for a role where the salary is something outside of their control.
Is it a case that you will simply pay the candidate whatever they received in their last role? Or are you going to offer the lowest salary possible?
DOE can be used however when advertising a salary range. Candidate’s can clearly see what kind of salary they will essentially be offered with a clear understanding of the best and worst case scenarios. By simply advertising a salary of £45,000 – £55,000 DOE for example candidates can use their current salaries to assess their suitability.
Salary bands will also reduce the number of people seeking much higher salaries than you are willing to pay.
3. Candidate’s will find out the salary anyway!
With a growing number of resources to choose from, it doesn’t normally take much digging for candidates to find out what they can expect in terms of salary.
If you advertise on job boards, a growing number of these platforms give candidates an indication of what the role should be offering. If candidates receive details of your vacancy via job alerts they also have a good indication as to what the salary will be.
The rise of employee driven websites such as Glassdoor also gives immediate access to salary ranges as well as company benefits and reviews from past and present employees.
4. Millennials want it this way!
Unlike their elders, Millennials are much more inclined to openly discuss their salaries with parents and friends.
By 2030, Millennials will account for over 75% of the workforce. As competition to attract the best employees continues to increase, organisations are constantly on the lookout for innovative ways to attract Millennials. Listing salaries will merely be an essential requirement like the Job Title and Location.
5. Candidate’s don’t leave one job for another on the same salary!
One of the main reasons why employees leave companies is to seek higher pay and progress within their career.
It’s also important to understand that a candidate’s current salary is not always an indication of their worth.
For example they could have been a loyal employee who has endured a pay freeze for several years.
6. There is no excuse for not knowing what the salary is
We know that some business list DOE as they have no idea what salary they should be advertising or what the market is dictating. It is simply just a case of getting candidate’s in and asking for salary expectations!
This type of approach can lead to a number of issues.
What salary has been budgeted for the role? You find the perfect candidate but their salary expectations are just too much – what now?
How would you manage resentment from other colleagues in similar roles if they became aware?
7. Advertising salaries could soon become regulated.
Whilst diversity and equality are considered to be the most important issues within the recruitment industry right now, the level of scrutiny that organisations will face in the future is set to increase.
Not only will organisations be required to illustrate their processes are discrimination free but it is highly possible that recruitment will need to show a salary breakdown by race, ethnicity and gender too.
If similar regulations are applied to advertising salaries then you will have no option but include them in your adverts.
8. It will help your advert stand out from your competitors.
Put yourself in the position of a job seeker. You identify 2 potential job opportunities. One of the adverts shows a salary range, the other states ‘£competitive’.
Which vacancy would you be more inclined to apply for?
The one you know fits within your salary requirements or the one that might or might not!
Some recruiters argue that they will attract people outside of the salary band if they advertise a salary as £competitive.
However when you consider the amount of time it takes you to screen candidates and interview them for you only to be told that the salary is below their expectations this approach can prove very counter productive and leave both parties feeling frustrated.
Can you afford to take the risk and lose valuable recruitment time!
9. It will remove awkward conversations.
Bringing up the topic of salary in interviews is very much like playing a game of poker. No one wants to give away their cards.
Candidates know that bringing up the topic of salary too soon could make themselves look too money-driven, leaving them in a very vulnerable position as they don’t know whether or not they can even afford to accept the job that’s on offer until the final stages of the process.
Listing the salary in the job advert avoids any awkward conversations regarding salaries and ensures that the candidate you are looking to offer are already happy with the salary package otherwise they wouldn’t have been there!
10. Using ‘£Competitive’ can be seen as a negative
What does £competitive mean to a job seeker? Could this be translated as ‘the going rate’ or ‘what we can get away with’ or ‘depends on what you are asking for’
If you really are able to offer a competitive salary, why not shout about it?
In order to secure the best talent, organisations need to ensure that they positively promote their employer brand and deliver the best possible candidate experience. Advertising your salary actually plays a significant role in both attracting the best candidates and managing them accordingly through the relevant stages of your recruitment process.
How advertising salaries can save you money!
- It maximises ROI on your advertising spend
- It reduces time dealing with enquiries from potential applicants
- It reduces time spent sifting / managing irrelevant applications
- It helps build a pool of candidates suitable for future vacancies.
- It reduces time and costs of interviewing candidates with higher salary expectations.
- It helps ensure only relevant candidates complete online tests.
- It avoids the time and cost implications of counter offers.