The good news? After months after sourcing, screening, interviewing and reference checking, you’ve finally made a hiring decision. The bad news? Your top pick candidate just countered your initial salary offer with a higher one.

First, as one of the leading recruiting agencies in Houston, TX, Murray Resources can tell you that top candidates are going to demand higher compensation. Not only do they have the track record to back up their demand, but they also have access to extensive salary information and negotiation tips via the web.

To reach a fair compromise, here are a few tips to consider:

Know your limit.

While you don’t need to offer the maximum compensation during the first go-around at the negotiation table, you do need to know how high you are willing to go.

Obviously, when determining this number, you’ll need to know what you can afford. But beyond that, consider how hard the position has been to fill (the harder it’s been to fill, the more leverage the candidate has) and whether you have other candidates who are equally qualified. If the latter is the case, then you certainly have more power at the negotiating table.

Know your options.

You can’t fulfill the candidate’s salary request – but you know they’re the ideal fit for the position. Then get creative! Offer other perks and benefits that aren’t going to be costly to your company and will make new hires happy. Think extra vacation days, the ability to telecommute and bonuses for achieving specific goals.

Know when to say “no.”

If the negotiations having been going back and forth for some time and you’re making little or no headway, know when to walk away. Hiring is always a gamble. And the last thing you want to do is hire someone who winds up being a bad fit and who also commands a hefty salary.

So if the risks are starting to outweigh the benefits in terms of hiring a particular candidate, then it’s time to draw the line.

A final note: Make sure the candidate understands all the perks of working at your company. For instance, if you offer regular 3% pay raises each year, then let them know. A candidate may reconsider a job at your company when they look at the bigger, long-term financial picture of working there. They may be able to make more at your company if you offer regular raises vs. accepting a higher paying position at a company that does not.

If you need additional help with the hiring process, call Murray Resources. As one of the leading recruiting agencies in Houston, TX, companies all over the city rely on our expertise to source, hire and retain top talent for permanent, temporary, part-time and contract opportunities.

Contact us today if you’d like to learn more.