Package Vs Job Title
How important is it that the package on offer aligns to the job title of your opportunity?
A job title plays a key part in attracting someone to consider your opportunity. So does the package that aligns to the title. There are certain expectations that come with a package linked to a ‘head of’ or director level title. To attract the best talent, you need to make your best offer and match the package to the level of the role and job title.
I vividly remember when searching for an opportunity to progress my career ten years ago and getting my offer for my first management job – it felt so satisfying to not only get a more senior title, but also getting the appropriate package and reward which went with the extra responsibilities. There were two other offers at the time to consider – I admit this was rather fortunate and is not always the case. Although all three were loosely the same opportunity to build and manage teams, one didn’t offer any bonus linked to the revenue generation of my team which I would have direct control over and the other didn’t offer anything other than taking the reins from someone else and mostly just being a better base salary. For me personally at that time in my life, I wanted a package which would reflect the job title and opportunity I was signing up to.
Some larger companies will have a reward specialist within their HR department to plan, implement and review the package that a company offers its employees. If you do not, you could consider using an external consultant to help you understand if the package supports the job title and level of person you are hiring. Aspects of a package that will be worthy of consideration against your job title and level of role being hired will include:
- Bonus: Is it competitive? Does it match the level of the person you are looking to attract?
- Long term incentive plan (LTIP): does this reward loyalty over a 3 – 5-year period and align to your company vision?
- Equity: can you offer a piece of the pie to attract and retain the best talent?
- Softer benefits: does greater flexibility and autonomy need to be offered to someone who is more senior?
Someone will not only need to be excited to join your business, they will want to have the rewards and benefits that align with the job title and responsibilities (and potentially the extra effort or stress that may come with it too). Utilise your internal and external partners to ensure the package is appropriate to the job title / opportunity and this will help to ensure you attract the best talent.