The Competitive Salary Your Next Employee Will ExpectApril 16th, 2015 | Articles, Hiring Resources | No Comments »
Good candidates don’t go unnoticed. The talent you want on your team is probably coveted or being courted by several of your competitors. Moving fast when you can is a given, but being a quick draw is not enough. Recent studies found that 42% of candidates turn down the offer. A truly competitive salary acquires talent that your team can’t afford to lose.
Entry Level Doesn’t Mean Chump Change
In the midst of a candidate market, offering appropriate compensation is all the more important from the start. Time spent negotiating a competitive salary opens enough space for competing companies to edge in and haggle the price up. Yet determining what is competitive can be like trying to find water with a divining rod if you don’t have the right tools.
The National Association of Colleges and Employers (NACE) conducts an annual survey of employers to determine salary projections for each academic major and degree level. Industry and geographic region are even taken into consideration to get salaries just right.
NACE reports that a competitive entry level salary for engineers is $62,998 and for computer science ends up being $61,287. Master’s degrees can elicit more with $71,140 for computer science majors and $69,698 for engineers.
More precise regional numbers are offered through the NACE website in addition to other resources like Salary.com or CareerBuilder’s Data Portals.
Top Developers Are Top Dollar
What about the technical elite, those who have worked at the cutting-edge? To get the best in the development industry, competitive salaries easily break six figures.
Mobile development is still king and experts in any of the major mobile platforms can anticipate higher salaries. An iOS Developer typically earns $120,000 to $150,000 while and Android Developer edges up further with $135,000 to $165,000.
Cyber Security Pays Dividends
Security breaches have changed the way large and small companies approach the integrity of their data and IT infrastructure. Government trained cyber warriors and ex-hackers are getting snatched up by any business.
In fact, the typical candidate is receiving 5 to 8 competing offers before accepting one that easily earns $100,000 right out of the armed services. Those who want front-line cyber security might even need to pay more. A Security Architect can even expect $150,000 to $175,000.
Though it appears to be high by itself, the millions a good cyber security professional can save employers often make these salaries well worth the cost.
The Knowledge to Stay Competitive
Money isn’t always the answer to every candidate, but it’s critical to know what certain experiences, skills, and education levels can expect. To keep up to the minute with competitive compensation, it helps to reach out to recruiters who speak with hundreds of candidates over the course of a month.
Though you may offer other lucrative benefits to offset the cost, your knowledge can at least help you make the decisions needed to bring in the best talent you can.