Companies vary in their flexibility and willingness to offer above-industry-standard salaries for exceptional talent.
If you are a job seeker with exceptional talent, it is important to do your research and know your worth. You should be prepared to negotiate your salary and justify your expectations. If you are able to convince the employer that you are worth more than the industry standard, they are more likely to be willing to pay it. If you are able to 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 a chance for you to get a deal which is above the industry standards? Experts suggest how flexible is a company’s approach to offering a higher salary, particularly in cases where a candidate’s skills and experience exceed the industry standard.
Companies are often flexible when it comes to salaries for exceptional talent. In today’s competitive job market, businesses are eager to attract and retain the best and brightest employees. One way to do this is to offer salaries that are above the industry standard.
There are a few 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 appreciated. Third, they want to avoid losing top talent to their competitors.
When do companies offer a great deal?
Economic conditions and industry trends can impact a company’s ability to offer higher salaries. During periods of economic growth, companies might be more generous, while downturns could lead to more conservative compensation strategies.
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Sachin Alug, CEO, NLB Services, “It usually depends on the employer’s budget for the role in question. While the best practice is to follow the industry norms with respect to salary, it is not uncommon for companies to go above and beyond the proposed compensation level, provided their budget allows the same.”
“The post-covid period saw a multitude of companies, especially in the technology space, offer highly competitive salaries to quality candidates. There have even been unprecedented steps where many global companies have extended never-before perks just to recruit and retain top-tier professionals,” Alug added.
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 businesses that are struggling financially or that are not in a competitive industry.
Sumit Sarabhai, business head, emerging vertical, TeamLease Services, said, “Attrition rates have risen in response to high market demand and a plethora of opportunities, posing a significant challenge for businesses seeking to retain their valuable workforce. The current surge in opportunities has compelled businesses to devise more enticing incentives, specifically aimed at candidates whose skills and experience match their prerequisites.”
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“This dynamic landscape emphasises the importance of salary flexibility, particularly when a candidate’s expertise exceeds in comparison to others in the industry in a similar role and is in line with organisation’s expectations,” Sarabhai added.
If a company is constrained by budget but still wants to attract top talent, they might offer additional benefits, such as stock options, flexible work arrangements, professional development opportunities, or a promising career trajectory.
“In this changing job market, adopting an agile approach that values and rewards exceptional competency becomes critical. This approach not only addresses the current challenges but also strengthens the company’s ability to attract and retain top-tier talent in a fiercely competitive environment,” Sarabhai added.
Above industry-standard salaries for exceptional talent
Companies vary in their flexibility and willingness to offer above-industry-standard salaries for exceptional talent. While some organisations recognise the value of attracting and retaining top-tier employees and are willing to offer higher salaries to secure their services, others may have stricter budget constraints or standardised salary structures that make it challenging to deviate from industry norms.
Experts feel that being well-prepared for negotiations and having a clear understanding of their own value can increase their chances of securing a compensation package that reflects their skills and contributions.
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While salary is a crucial factor, other aspects of a job, such as company culture, work-life balance, growth opportunities, and job satisfaction, also play a significant role in overall career fulfilment.
