How to avoid being outbid for talent as pay increases in the finance sector
Are you hiring finance professionals but struggling to work out what to pay them? You may have already looked into average base salaries for the job functions you’re hiring for, but pay inflation in 2022 means industry salary surveys can quickly become outdated.
To avoid being outbid for candidates in this competitive talent market, you must get to know average percentage pay rises. Talk to agency recruiters and newly joined employees (who’ve just had multiple job offers) to gain insights into the increments your rivals are giving. This will also help you avoid paying above the odds. For example, if most data analysts are receiving 25% when moving firms, but your candidate wants 40%, you may have room for negotiation.
For more tips on formulating and negotiating pay in a candidate-led job market, read the new pay report from eFinancialCareers.