Hiring in the chemical industry is highly competitive, so it is important to make sure compensation packages are able to compete with the competition. Not only are candidates likely to interview and receive offers from multiple companies, but they are also likely to be given counter offers as well. Going into the offer stage with a plan to determine compensation will help secure top talent.
Research the market
If you are trying to acquire new talent, make sure the compensation package is comparable and competitive to what other companies in the industry are offering. Use your network and discuss with others in the industry to get an idea of what they believe is competitive. Get comparisons for different roles and levels of experience. Look at job postings similar to the role you are hiring for and see what compensation and benefits are listed. Another factor to consider is the location and understanding the cost of living- be aware of compensation market trends for the specific location.
What else can be offered?
There is more than money that can be offered in the compensation package. Candidates are appreciating other perks such as flexibility, remote or hybrid work options, professional development, and educational opportunities more and more. These other benefits can be leveraged if the ideal compensation is going to be tough in your budget. Great benefits can make or break a candidate’s decision when deciding between opportunities.
Understand the candidate’s expectations
This should not be a conversation in the initial interview. However, once further in the process, get an understanding of what the candidate is expecting. Make sure it is an offer that the candidate can be excited about for both the salary and the benefits package. A lowball offer may put a damper on the candidate’s excitement for the opportunity. Make sure it is an offer they will appreciate that will show them that your company is excited to have them join the team.
Work with a talent partner
Working with a chemical recruiter can offer advice and deep industry knowledge. A niche industry recruiter will know what compensations are being offered for various roles and experience levels which will give advice on what ranges would be appropriate. A recruiter can also work as a partner in managing compensation and benefits expectations of both the company and the candidate to ensure a middle ground is met. The ultimate goal is to find a place where both candidate and company are happy about the offer and excited to start their journey.
Are you looking for top talent in the Specialty Chemical, Plastics, or Animal Health industry?
Contact us to discuss how we can bring top leadership talent to your team. Boaz Partners is a premier executive search firm focused on the direct recruitment of executives and professionals for the specialty chemicals and plastics space. We are your partner, and our focus is on custom recruiting solutions.