If you wouldn't mind, it may help the conversation if you tell us what the "competitive compensation package" is.
When I first got out of school I went to work in a car dealership and the first thing I learned when dealing with a customer who was looking to buy a car was to beware of when someone said they wanted it "fully loaded". As it turns out the term "fully loaded" means different things to different people. To some people a fully loaded vehicle had A/C and power windows, to others they expected leather, premium sound system, moon roof, nav, etc.
A competitive compensation package is a very subjective thing and too often what the employer feels is competitive is usually on the low end of average. The low end of average is good for someone who is currently unemployed, but for someone who is working, and most good Essbase people are working, you have to ask the question of why would someone leave where they are for a comparable compensation package. Unless the person is very unhappy, in which case they are the ones actively looking, it is going to take more than a comparable package to motivate someone uproot their professional life and make a move. Changing jobs is a big deal and for most people even an increase of a few percent is not going to motivate them to take the chance on moving. This is even more relevant given the current economic situation where people have to ask themselves "what if I make a move and the company then decides to lay me off because I am the new guy?". So now this person has to factor into their decision to make a move the risk involved. "What if the new boss doesn't like me?", "I've already proven myself in my current company, do I really want to go somewhere new and have to prove myself again?" Certainly there can be a challenging element to the new position that makes it worthwhile, but ultimately anyone with a good job today is taking a risk making a move and frankly if the compensation bump is not sufficient, many will not entertain the thought.
For most of us who have been around a while we have learned that the grass isn't really greener from one place to the next, every once in a while something special comes along, but in general, most places are the same, with some good points and some not so good points. So besides having a competitive compensation package you have to ask yourself if your company really provides something of value that will attract people. How are the benefits, what is the support for career growth, what kind of ongoing training are you going to provide, what commitment to the technology stack are you presenting to applicants? All of these things have to be factored in.
Lastly on the compensation, it doesn't help when employers post that they are offering a competitive compensation package. That is an overused term that no one pays attention to. Please know I am not calling you out on this, all employers do it. The reasoning behind it baffles me (I have been a hiring manager in a few companies, and it always seems to be the same underlying reasoning that no one wants to say) but basically there is this haggling mentality out there that you can't put your best offer forward. Some of the reasoning is around the "what if I could have gotten them cheaper?". Then there is the fear the person will want more than the offered salary. There is the concern if you post too low no one will respond and if you post too high, everyone will respond including those not qualified. At the end of the day, wouldn't it be better if we just called it as it is? Put your best offer out there, if it is truly competitive and enticing, your phone will ring off the hook and you can find the best applicant. If no one calls then you know you are not offering enough to lore someone away.
Again, this is not meant for you directly, but for all employers, we should just put it out there and then run with it, when someone asks for more, you tell them that is your best offer, if it was enough to get them to send in their resume then they are likely willing to accept it. I think we could all do a lot better if we skip the negotiation dance and just put it all out there.
Anyway that is just my opinion on the subject. I also agree with what others have stated about not enough fresh talent coming into the market.
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