In 2024, one the challenges we came across was companies setting expectations that just didn’t match up with the salary they were offering. A lot of businesses were expecting candidates to take on critical roles, but the salary they offered just wasn’t the right salary for the job.
This wasn’t a small problem, it had real consequences. In fact, in our searches last year, 22% of candidates who had the right experience, skills, and values didn’t move forward because the salary wasn’t competitive enough.
What Does That Mean?
It meant those candidates were either already making more, were offered the same, or just didn’t see a big enough increase to make a change.
22% might not sound like a lot, but that’s still a pretty significant group of people who could have been a perfect fit and helped push the business forward. And while money isn’t the number one reason people look for new opportunities, most people expect at least a 10% increase when they move into a new role, especially those who are not actively looking.
Why the Right Salary Still Matters
While it’s true that money isn’t always the top reason someone looks for a new job, salary does play a big part. Most people expect a 10% to 20% increase in salary when they make a change. It’s a reflection of their experience, skills, and the value they bring, and it’s important that the salary reflects that.
It’s Not Just a Job; It’s a Career
People aren’t just looking for another job, they’re looking for a career. They want to grow with the company, make an impact, and be part of something bigger.
As an employer, it’s important to show candidates that your company is a place for long-term growth, not just a stepping stone. But for that to happen, you need to recognise their value and offer the right salary. When employees feel valued and are paid what they’re worth, they’re more likely to stick around and put in the effort to help the business succeed.
Investing in Employees: A Win-Win
When you invest in your employees, by offering the right salary and giving them opportunities for growth, it benefits everyone. Employees who feel recognised and well-compensated are more motivated, loyal, and dedicated. They’ll be the ones helping your business grow and succeed year after year.
So, if you want to keep people around for the long haul and build a strong future, make sure you’re investing in them in a way that makes sense. Pay them the right salary, show them you care, and they’ll give that back to you in a big way.
If you want people to invest in your company for the long haul, you need to invest in them too.
The traits of a successful company always point to its leadership. Leadership isn’t just about steering the company; it’s also about tapping into your employees’ needs and helping them overcome challenges to embrace the tasks set before them. This creates loyalty that moves the business strategies of the organisation forward. The result is an employer brand that attracts top talent who serve as the backbone of a strong corporate brand.
That being said, poor leadership can have a different effect, driving talent away from the company and weakening the employer brand.
Become concerned when leaders don’t:
Listen: to those they lead or utilise their talents
Share: intel about the company with their team
Prioritise: honesty or respect with their team
Strong leadership isn’t about perfection. Rather, it’s about not being afraid to fail, admitting to mistakes and staying on course.
When hiring, there are three traits to consider during the interview.
Pay attention to leaders who:
Have people skills: People skills and the ability to excite teams are important. Leaders with these qualities drive growth and are able to represent the external brand with marketing and public relations.
Own their failures: Leaders often focus on their accomplishments. Those who own up to their mistakes are more relatable to not only team members, but external stakeholders.
Empower staff: Strong leaders avoid micromanaging and instead, lean on their staff’s expertise. When employees feel they are empowered, it drives operations and creates great company culture and innovation.