Probably the most common question I’m asked when a candidate reaches out to us seeking employment is “What’s the market rate for my role at the moment?” Clients have their own version – “What price am I looking for to get a NetSuite consultant with these skills?” Salary expectations are one of the biggest points of potential conflict, because neither side has a perfect understanding of the market at any given time.
There obviously isn’t just one set answer to either of those questions but if there was, it would change regularly. There are better questions to be asking.
How Should You Set Salaries for NetSuite Team Members?
As a recruiter, I work closely with decision makers on all levels of companies of every size. A Director I’ve worked with on many placements said to me once “The trick is simple. Good companies want good people. They pay good money and they look after their team.”
This is absolutely true, and it’s probably the most important thing to remember.
Let’s imagine you have a NetSuite administrator role and you find a candidate willing to drop their current salary by 10%.
The first question you should be asking is why? Are they relocating to somewhere with a lower cost of living? Do they see a chance to progress their career that they lack in their current role? Is there something wrong where they are?
Virtually none of those reasons will guarantee long-term satisfaction with that salary. Six months down the line, a highly skilled employee may be approached by a competitor for a role with them; even if they stay loyal, having seen a better salary offer may make them wonder about leaving. You could have a resignation email in your inbox inside a month.
This isn’t the only problem with trying to undercut the value of your potential candidates. You can see excellent candidates end negotiations abruptly if the first offer is low enough, costing you time and money in the interview process before they deliver.
Statistically, a bad hire costs a company on average thirty times what was spent on on-boarding, training, and paying them.
My job as a recruiter is to advise and support the hire process on behalf of both client and candidate. If you can’t match the salary expectations for the role, you will need to offer something else that will make up for it.
Salary expectations will shift over time, but they’re only part of the puzzle in NetSuite recruitment.