If you’re a job seeker with exceptional talent, it’s important to research and know your worth. You must be willing to negotiate your salary and justify your expectations. If you can convince the employer that you are worth more than the industry standard, he is more likely to be willing to pay. If you can negotiate a salary that is above the industry standard, you will be in a better position to achieve your career goals and make a significant contribution to your company.
However, is there really any chance of getting a deal that is above industry standards? Experts comment on how flexible a company’s approach is when offering a higher salary, especially in cases where a candidate’s skills and experience exceed the industry standard.
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Companies are often flexible when it comes to salaries for exceptional talent. In today’s competitive job market, companies are eager to attract and retain the best and brightest employees. One way to do this is by offering salaries that are above the industry standard.
There are a number of reasons why companies are willing to do this. First, they know that exceptional talent can make a significant contribution to the company’s bottom line. Second, they want to create a positive work environment where employees feel valued and valued. Third, they want to prevent top talent from being lost to their competitors.
When do companies offer a good deal?
Economic conditions and industry trends can affect a company’s ability to offer higher salaries. During periods of economic growth, companies can be generous, while recessions can lead to more conservative compensation strategies.
Sachin Alug, CEO of NLB Services: “It mostly depends on the employer’s budget for the role in question. While it is best practice to follow industry standards regarding pay, it is not uncommon for companies to go above the proposed pay level, provided their budget allows for the same.”
“In the post-covid period, a large number of companies, especially in the technology sector, offered very competitive salaries to quality candidates. In fact, unprecedented strides have been made with many global companies granting unprecedented benefits just to recruit and retain top professionals,” said Alug.
On the other hand, there are circumstances where not all companies are willing to pay above the industry standard. This is usually the case for companies that are struggling financially or that are not in a competitive industry.
Sumit Sarabhai, business head of emerging vertical sector TeamLease Services, said: “Turnover has increased in response to high market demand and a plethora of opportunities, posing a significant challenge for companies looking to retain their valuable workforce. The current proliferation of opportunities has prompted companies to devise more attractive incentives, specifically targeting candidates whose skills and experience match their requirements.”
“This dynamic landscape highlights the importance of salary flexibility, especially when a candidate’s expertise is greater than others in the industry in a similar role and is in line with organizational expectations,” Sarabhai added.
If a company is on a budget but still wants to attract top talent, they can offer additional benefits such as stock options, flexible working arrangements, professional development opportunities or a promising career path.
“In this changing job market, adopting a flexible approach that values and rewards exceptional competencies becomes critical. This approach not only addresses the current challenges, but also strengthens the company’s ability to attract and retain top talent in a fiercely competitive environment,” said Sarabhai.
Above industry standard salaries for exceptional talent
Companies vary in their flexibility and willingness to offer salaries above the industry standard for exceptional talent. While some organizations recognize the value of attracting and retaining top employees and are willing to offer higher salaries to secure their services, others may have tighter budget constraints or standardized salary structures that make it difficult to deviate from industry standards.
Experts believe that preparing well for negotiations and a clear understanding of their own worth can increase their chances of receiving a reward package that reflects their skills and contributions.
While salary is a critical factor, other aspects of a job such as company culture, work-life balance, growth opportunities and job satisfaction also play an important role in overall career fulfillment.
