How to avoid losing candidates to counter offers
Counter-offers are one of the top recruitment challenges encountered by employers. The supply of skilled talent is pivoting while the market continues to grow. Counter-offers will consistently have their place in recruitment, but how do you lessen their potential effect on the business?
We have several tips to help you avoid losing candidates to counter offers.
Sell the company culture
Don't undervalue the positive corporate culture's influence on your stature within the market. Concentrate on the company's cultural strengths and ensure it is displayed to your potential candidates. Everything from optimistic leadership, fast job advancement, and honest communication to social activities and an adaptable work environment can make your organization a great workplace.
Employer branding is a crucial chance to boost your company culture. Release and share details of any charity work or sports events your company organizes, post photos of the office culture and motivate your workers to share their views of why they enjoy working at your company. Your company's social media and employee profiles can be used to improve the company's image.
You'll also want to read and respond to online reviews on your company website, as your reputation online can significantly affect how potential candidates perceive you.
Knowing a prospect's reasons for quitting their position
Meeting with candidates who have not yet left their current role can present numerous challenges, one of which is finding what they're looking for in a new job – and what they dislike about their current workplace.
During the scoping and interviewing process, ask the candidates why they are looking for a new opportunity. It may be related to perks, as most top-performing candidates believe bonuses are essential when working with an employer.
Whatever a candidate's motivation for moving on from a role is, it's your responsibility to ensure your job and enterprise are different. A candidate unhappy with their salary may very well accept a counter-offer of more compensation, but someone disillusioned with a company's setup and policies may not have the same appeal.
Handling the counter-offer questions
As you head towards the last phase of the recruitment process, you may wish to ask the counter-offer straight to your top candidates. Discuss whether they believe if their existing organization would propose a counter-offer and how they would handle it if this does occur. Their answer should be telling as to whether or not they are keen to start a new role entirely or if they want to stay in their old organization.
While a good salesperson will be fast on their feet and eager to convince you of their choices, watch out for a hint of suspicion or conflict when you present the counter-offer question. This discussion should be saved until you're assured you'd like to propose the candidate for the position.
Propose a reasonable salary and compensation
To maintain a prospect's interest, you must offer them an appealing salary package.
Do market research to find a reasonable base salary, especially compared to other companies in your industry and region. Be precise while offering the package; if a candidate's initial offering is deemed too low and you backtrack to deliver more, you risk upsetting them and failing their trust.
One way to further engage your new employees is by inviting them out with the team or spending time in the office before their official start date. This will help incorporate them into your company culture and hopefully inspire them to feel committed to the company.
Recruiting the right employees can be challenging at the best of times, especially when they make counter offers. A specialist recruitment consultancy can help you to close the deal and avoid losing candidates to counter offers.
Contact us here to talk about how we can work together.
