Many people assume job candidates will take a position with the organization that offers them the most money. In fact, the salary negotiation process is much more involved, and savvy employers understand they must address a variety of factors to secure top applicants.

Following the steps below can help hiring managers navigate salary negotiations successfully:

• Research the market. Review current salary and benefits standards to get a sense of what candidates may be seeking. Consider paying slightly above your competitors for skilled professionals. Tools such as the Occupational Outlook Handbook from the U.S. Department of Labor’s Bureau of Labor Statistics and the annual Salary Guide from Robert Half International provide information on current trends.
  
• Make your pitch. The employment offer should be delivered by the person’s direct report. This will establish rapport and allow the new employee to ask questions about the position and compensation package. It is also your opportunity to sell your organization: Highlight the strengths of your firm and the benefits that come from working there.
  
• Remain flexible. If a top applicant asks for a higher salary than you had planned, explore how you can accommodate the request. If you can’t go above your original offer, look for alternatives such as a signing bonus, extra vacation days or telecommuting options.
  
• Complete the agreement. Once you’ve come to terms with the individual, provide a letter detailing the position’s title, responsibilities and pay. Also send the new employee information they’ll need to contribute quickly.