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Determining the remuneration package

 

Having chosen which candidate you wish to hire, you now have to create and make a job offer, and to have the candidate accept your job offer.

 

The remuneration package is typically viewed as the most important part of a job offer. It is also called the salary, salary package, earnings, wages or income. When you are hiring a candidate, it is normal to discuss in terms of an annual remuneration package made up of:

  • Base guaranteed salary
  • Discretionary bonuses and commissions
  • Other monetary benefits such as travel allowances, stock options, club memberships and medical insurance
  • Non-monetary benefits such as holiday entitlements

 

 

 

In determining the level of remuneration you should offer, you might have to consider these issues:

  • Does your company have a fixed grading and salary structure?
  • Do you have flexibility in what you can offer? Do you need to get approval from others in your ogranisation?
  • How much would the candidate consider attractive?
  • What are the current market levels of remuneration?
  • What is the candidate’s most recent salary package?
  • What are the candidate’s expectations?
  • Are there specific things that the candidate is looking for?

 

Want to know the latest IT salary trends?

Speak to a Recruitment Consultant

Past salary verification

 

You may ask the candidate to provide verification of their most recent salary package. This could be their payslips in the last 3 months.

 

Are your remuneration package competitive?

 

Having a competitive remuneration package will help you get the candidate to say ‘yes’ to your offer. To know if your remuneration package is competitive, you can reflect upon these questions:

  • Have you had trouble hiring staff in the past?
  • Have candidates ever declined your job offer?
  • Did they tell you which parts of the offer they found unattractive?
  • Have you had many newly hired staff leave your company?
  • Did they share with you why they were leaving?

Market level remuneration package

 

Seeking information about the level of salaries offered for similar roles in the same or related industries and in the same city can help you assess the competitiveness of your company’s remuneration package.

 

You may get such information by asking staff at other companies, or by speaking to your recruitment consultant.

 

Want to know the latest IT salary trends?

Speak to a Recruitment Consultant

 

 

Recruitment Trend Report 2018/2019: What IT Professionals Really Want

 

Attracting and retaining IT talent begin with knowing what appeals to them. We surveyed more than 400 IT professionals based in Singapore to shed light on What IT Professionals Really Want.

 

This report identifies the top factors influencing their decision to switch jobs and their views on working at a startup. This is the first study of its kind in Singapore and is designed to help employers and HR professionals formulate hiring and retention strategies that yield better results.

 

Download Report

Why Evolution?

 

Great recruitment experience

We develop close and effective working partnerships with clients to ensure we understand their strategic challenges and search requirements.

 

Deep market insights in IT recruitment

Attracting and retaining IT talent begin with knowing what appeals to them. Conducting research studies and gathering market intelligence are essential parts of our search approach.

 

Ambitious, Innovative and Collaborative

Our values guide our approach to recruiting the best-matched talent for our clients and securing the best opportunities for our candidates.

 

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