Do you find yourself losing potential candidates to the competition? Are experiencing an increase in counter offers? We’ve got the perfect solution for you!
Did you know counter-offers are one of the top three recruitment challenges faced by employers today? In fact, 54% of employers say they have to fight harder for candidates than they did in the past, and 34% saying they are filling vacancies with second-choice candidates.
With the supply of professional talent shifting and demand continuing to increase as the UK continues to recover from the Covid-19 pandemic, attracting and retaining the perfect candidates can be tricky.
Losing candidates to counter-offers will always be a burden for those looking at recruiting, but how can you reduce the likely impact on your business? Take a look at our suggestions to help you employ ideal candidates and avoid losing out on good talent.
Tackling this issue head-on during your initial search and interviewing process, can help narrow down those candidates that may not resonate with your company culture or ethos.
Try asking candidates directly why they are looking for a new opportunity? Or why do they want to move on? Whatever a candidate’s motivation for moving on from a role is, it’s your duty to understand how your position and company are different, and how likely it is that a counter-offer would tempt them back in.
In our current economic climate, money matters, with many individuals still recovering from Covid and furlough, it comes as no surprise when 94% of professionals say base salary is the most important element.
It’s important to do your market research to find out what a reasonable base salary is for the role you’re advertising, particularly in comparison to competing companies in your industry and area. Ensure you’re being transparent with your candidates from the start and let them know the package(s) you are offering - keeping finer details such as these from candidates during the initial recruitment process can be a deterrent for some prospects and increase your chances of losing out on talent.
Company culture can have a huge impact on your reputation within the market. In fact, 47% of people actively looking for new positions say that company culture is their main reason for doing so. Focusing on your cultural strengths as an organisation and ensuring these are communicated to your target candidates can lead to you gaining a competitive edge over your competitors.
Your employer branding is a key opportunity through which to promote your company culture. Share details of any charity work or sports days you host, post photos of your office environment and encourage your employees to share their stories of why they enjoy working for you. Your organisation’s social media sites and employee profiles can all be used to enhance how your company is perceived externally.
Communication can make or break your chance of hiring a candidate. When potential talent isn’t kept informed of their status in the application process they’re much less likely to apply to the same organisation in the future, with 80% of job seekers saying they’d be discouraged to apply to a company that failed to notify them of their application status.
With that in mind, it’s crucial that you keep candidates up-to-date with where you’re at in terms of hiring. Regular updates via email will keep them interested in your role and demonstrate that your company is genuinely interested, as the period between offering them the job and the start date can make all the difference when it comes to counter-offers.
If you’d like more free help around minimising the risk of counter offers, contact Rikin Suchak on 0115 786 0443
