So….you’ve been looking for someone to fill a key role for months. Your budget is tight, but you’ve been holding out for Mr or Mrs Right – the perfect candidate with the perfect experience, but someone who would be willing to accept the role for a bit (maybe a lot) less than what they’re earning now. Which is a reasonable expectation, because after all, there will be some great opportunities for long term wealth creation in the future, if the market turns and the company finally starts to show a profit – right????
And then it all happens….a great candidate comes along – excellent experience, super talent, will really add loads of value, and BEST of all – they’re willing to accept your package offer (which is significantly less than what they were ideally looking for))!! Amazing, right????
No – wrong! wrong! wrong!
In the real world, unless there are some truly compelling wealth creation or career development opportunities on offer, when a seemingly great candidate is willing to take such a significant drop in package, you should be asking some serious questions.
Very possibly, the candidate really IS excellent, and for some reason or another is in a financial situation where he/ she is willing to accept a job that is paying substantially less than their previous one. The danger in this scenario is that this is most likely to be an interim stop-gap, allowing the individual to earn a salary whilst continuing to look for a job that offers a package more in line with their ideal expectations. A quality executive, no matter what the immediate circumstances are, knows their true worth and will not make a long term commitment to a company that does not recognize it. Is there any real economy in spending the time and money to bring someone in, integrate them into your business, and have them leave within a year?
So if it feels a bit too good to be true, and you think you’ve just signed on the ‘bargain’ of the year….think again.
And I’d say, if it works out for the long term, congratulations! But then, I’ve never actually seen that happen.