DEALING WITH THE BAY AREA WAGE FRENZY

Recent reports on tracking compensation – published by PayScale and Glassdoor* – show swelling salaries for professionals in technology roles. As companies now increase the use of computing power for operational efficiency and organizational effectiveness, tech savvy people are now wanted for both tech companies and non-tech ones who are staffing for programmers, data scientists and innovators for technical solutions. Retail companies and logging companies need technical staff just as much as Adobe and Apple.

Technical professionals get calls from recruiters more now than ever. Employees, under intense competition for talent, are spinning the salaries higher. With median salaries ranging between $151K and $200K, the enticement for spikes in compensation can make heads spin.

How can a company manage the need for talent in this wage war?

Recruiters can help create a balance. When recruiters work with your company to understand the value of the long-term career potential, the company investment in professional development, the opportunities for professionals to fit in a culture that is right for them, they can create a candidate slate that balances both the compensation and the skills. They create a more reasonable approach to the true value of a company for the candidates to consider.

We recently solved this with a company that struggled with a slate of candidates whose base compensation was double what the Compensia market rate data showed at the 50th percentile. The ideal candidate seemed beyond reach. Working with the candidate on the “full value” of the role, we guided the candidate to a package that was affordable for the company by balancing lower cash comp with more stock options and performance-based bonus opportunity.

There are other ways to reframe roles that can make a difference as well. Flexible location, investments in education, sabbaticals, affinity memberships with local gyms and local services, along with other benefits can be compelling if they are customized to the needs of a specific individual.

Recruiters can keep a level head as they keep the recruiting process efficient but not frenzied, urgent and expensive. This helps prevent problems with “bad hires” and attrition.

It helps to take advantage of a recruiter who understands your business, its goals and the needs of potential candidates. With this balance, the odds of a more sane approach to finding the perfect professionals are much higher.

If your company needs talent sourcing support, we are pleased to find the perfect professionals for you.