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. For more information on what our applicants are looking for when it comes to pay, download our pay analysis.