Jerry Bernhart, president of Bernhart Associates Executive Search, recently gave us his thoughts on DM compensation in today’s hiring market.
It’s true that the happily employed rarely are enticed away by a fatter paycheck alone. Still, compensation packages play a bigger part in the interviewing and hiring process than ever before. Remember the old days? Top candidates were doing well if they got just one solid offer. Now multiple offers are almost the norm.
If a DM firm’s owner or manager wants to stay competitive, they must be realistic about what they’ll have to pay for top talent.
A recent placement Bernhart made provides a textbook example of market forces at work. The candidate had been at his current company since 2002. Two years ago the firm was acquired, resulting in layoffs and a one-year pay freeze. He estimates in the last four years his salary increased about 16%, which works out to 4% annually.
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