Monetary factors play a major role in attracting quality job candidates and retaining the best employees. You cannot lure the potential job candidates if you’re not willing to pay the market price. Even after the candidate has signed their offer letter and you’ve discussed the starting salary with them, undoubtedly the pay is still going to be on their minds.
Money is a touchy subject. It’s therefore advisable to be as transparent as possible with your employees at every step of the way. So before you’re taken by surprise, it is vital to prepare the answers to the questions your employees might throw at you. Here are some of the questions that the candidates trend to ask their hiring managers.
How is my salary determined?
If the company is not honest and explicit with their pay model, this question will make them a little uneasy and sacred. Determining the right compensation includes many factors such as title, years of experience and education level, skill sets, location, and more. If your company adheres to these factors then you should inform it to your employee.
Am I getting paid fairly?
Do not reply in positive unless you truly believe in the answer simply to avoid salary negotiations. If they are underpaid inform them that they could be earning more. And if they are being paid fairly tell them what they are getting is fair considering their background and market value. You can and should be honest; tell them if it is the absolute final offer you can make
Can I have a raise?
You should answer this question keeping in mind the performance of the employee in question and the financial health of your organization. If the employee has proved their merit and your business is soaring, then sit down and ponder over what raise is merited.
But if the question is ill-timed, it is completely fine to be honest. Let them know that you will only grant a raise after a probationary period and yearly performance reviews, but if the company isn’t growing, you won’t be able to promise a raise. And if the employee isn’t performing well, make sure to let them know. Tell them that if they wish to have a raise they need to work harder.
What can I do to get a raise/promotion?
This question is frequently asked to managers and it’s better to be ready with an answer. Companies do not have the same criteria for raises and promotions but the common answer you give is that you’re looking for a satisfactory job performance and if the employee helps in the growth of the company he will be given a raise/promotion.
Bear in mind that making verbal contracts, promise of long term pay and guaranteed statements can lead to a lawsuit, therefore be very careful with your words.
Why don’t I make as much money as my coworker?
Employees often do their research to find out how much their co-workers are getting. And if they find out that there is disparity between what they and a similar colleague earn, it can cause drama.
In this case, bring the focus back to the employee and not their coworker. Let them know that you’re willing to set up a meeting if they are not happy with what they are earning. And then you can evaluate if the employee if the employee is getting a fair remuneration. However, if you think that salary adjustments need to be made go ahead and make the appropriate changes.