Another aspect of the job to consider when setting the pay rate is how much experience you are requiring of your applicants. This is because there can be a conflict between the amount of experience you are requiring applicants to have and the pay that you have set for a specific role.
Put yourself in the mind of the job seeker. Seeing a long list of required experience and qualifications will disqualify a lot of candidates very quickly, but not always the ones you want to be disqualified.
Here are a couple of stats:
- According to the Sentencing Project, 70 million Americans have some sort of criminal record.
- More than half of unemployed US men in their 30s have a criminal record.
- According to the Brennan Center for Justice, 1 in 5 Americans have a criminal record of some kind.
Research backs up that health benefits in particular are increasingly important to applicants as they make career decisions. According to a 2022 survey by FlexJobs, when asked what compensations and benefits are most important to them, participants said the following benefits:
- 63% specified health insurance
- 62% specified vacation time
These are just a few of the factors we suggest employers take into consideration as they attempt to set their pay rates to attract the candidates they need.