I am having a crisis. My sales candidates are asking for more money than my incumbents are making. What can I do?
Pay them.
Unfortunately in today’s economy, employers are not able to choose a candidate’s compensation, the market does.
I know what you are thinking. I have a budget for this sales position, and I am are not going over it. We will just keep looking.
It’s a matter of economics. You can choose to swallow hard and pay the going rate or sacrifice millions in lost revenue because your competitors are stealing your customers.
This issue is especially acute in hiring early career sales reps with engineering or other technical degrees. Because of the shortage of graduates who have STEM diplomas, they can pretty well demand a very high starting salary. But, if you need to build your sales force, there is no way of getting around the issue.
During the Great Recession, companies were making hires at very attractive compensation rates. Times have changed, and you are also going to have to elevate the rates of your incumbents or lose them.
It’s a cycle. This too will pass.
Have a successful week.
Ken
Ken Lazar, CEO
Ability Professional Network
(614) 403-6079
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