CPA Practice Advisor - 39

THE STAFFING & HR ADVISOR

Know How to Negotiate Salaries?
You'll Need to Today
YOU'VE FOUND THE perfect new employees for your accounting firm, and
PAUL McDONALD

Senior Executive Director
Robert Half
paul.mcdonald@cpapracticeadvisor.com

all you need to do now is tell them the good news and they'll sign on the
dotted line. Right? Not so fast.

Skilled accountants and auditors are in high
demand today, especially CPAs who possess
a robust combination of functional, soft and
technology skills. This demand, persistent talent
shortages and the resulting intense competition
for top candidates have led to professionals being
increasingly comfortable negotiating salary.
In a recent Robert Half survey, 55% of workers
reported trying to negotiate for higher pay with
their last job offer, up 16 points from 2018. Most
employers seem to have received the message:
62% of managers are more open to negotiating
salary than they were a year ago, and 59% feel
the same when it comes to nonmonetary perks
and benefits.
Don't expect business as usual the next time
you're ready to extend a job offer to your top pick.
Keep these five tips in mind:

1. LEAD WITH A COMPETITIVE
SALARY.
Some hiring managers start with a lowball offer
in anticipation of having to negotiate it higher.
That strategy can work against you, however,
as many professionals see below-average compensation as a signal your firm doesn't value its
candidates or employees.
Keep in mind your top applicants are likely
other firms' favorites, as well, and research
suggests they could be weighing more than
just your opportunity. A Robert Half Finance
& Accounting survey found nearly six in 10
workers have received multiple job offers
simultaneously. Start salary discussions with
an attractive offer, or
candidates
may
simply walk away.

2. BENCHMARK COMPENSATION.
You'll need to know what candidates are being
offered by other organizations, including your
competitors. Consult trusted resources, such as
the annual Robert Half Salary Guide, that report
on starting pay for public accounting positions
and trends in benefits and perks. Customize salaries for your market, and come up with a figure
that's attractive, fair and a fit for the firm - and
has wiggle room for subsequent negotiation.

3. DON'T DAWDLE.
As more employers vie for a smaller number of
skilled candidates, we're seeing managers bringing up salary earlier in the hiring process. They
recognize that delaying conversations about
money only increases the chances of losing their
first-choice candidate to another firm. As soon
as you've found a professional who meets your
needs, move quickly to reach an agreement.

4. STICK TO YOUR
LIMITS.
Even if you feel you've found the
perfect candidate, don't blow
your budget to bring that
person onboard. If existing
employees find out that a
new hire earns substantially more than they
do, you could end up
with disgruntled
workers - and
needing to fill
more vacancies, as a
result.

5. USE ALL YOUR
BARGAINING
CHIPS.
Salary isn't the only part of the
compensation package that's open
to discussion. If you've hit your upper
limit, consider additional incentives.
Perhaps offer a signing or one-year anniversary retention bonus, for example.
Some of the most attractive perks
don't even involve money. As workers
increasingly attempt to balance their
personal and professional lives, you
could provide extra vacation days,
limited travel and the option to telecommute a couple days a week.
The compensation negotiation process
will be different for each job candidate. Understand what today's professionals seek and are
being given by competitors, start with a strong
offer, and remain flexible. Rest assured, today's
accountants are ready to negotiate. By following
these steps, you will be, too. ■

AUGUST 2019 ■

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