The process of making an employment offer to a candidate may seem a simple task at first glance. But do you know critical factors based on which applicants are weighing job offers. A recent study proves that salary isn’t the only factor that candidate looks for in a job offer.
The key to a creating a successful job offer extension is to consider it as a process that starts from the very second you start engaging a potential candidate. As employers, we all experienced that annoying feeling that comes along after finding a great candidate and rolling out a job offer and then the candidate reacting to it with unwillingness, taking too long to respond or even accepting a counter offer.
A compelling offer is anything that makes your organization and position stand above all other potential competitors in the market. Here are the tips to keep in mind while creating an offer that candidates just can’t resist:
This might seem simple, but it is one of the most commonly made mistake while making a job offer, lack of details and rolling out offer too early in the process. Most offer rejections happen just because hiring manager doesn’t know the candidate sufficiently. During the interviewing rounds, make a conscious effort to know the candidate well and note the key information points. A couple of must have notes is the candidate’s desired start date, financial outlooks, ability and willingness to commute to the office etc.
Apply the standard 10% rule
Generally, professionals expect a minimum of 10 to 15 percent increase in salary when they switch to new job. You noted down their present salary during the interview, so while making an offer keep this in mind that you will just get a tepid response if the amounts on table is less than 10 to 15 percent. But sometimes less salary can be compensated with additional bonus, healthcare, investment or lifestyle benefits, also highlighting your work culture, flexible work arrangements can act as a sweet topping on your offer which candidates just don’t want to miss.
Act Fast to Make an Offer
If you’ve made a decision and found your right fir then why wait? Time is always ticking on your head if you don’t act fast then you will miss out your found treasure, because in a down economy exceptional talent is rare. Reach out to candidate soon after they are interviewed and turn their interview anxiety into enthusiasm of cracking it successfully. This will ease the candidate’s stress during the post-interview waiting period. While informing the candidate don’t forget to mention how he was best among the whole lot of other candidates, show that you are thrilled to make them a part of your team.
Follow Up in Writing
Most important, many candidates don’t believe an offer to be real until it’s sent in writing. Then put your words in an email or letter. Clearly lay out all the elements in the offer letter including job title, base salary, benefits, vacation, holidays, perks, etc. Once the offer is sent to the candidate, don’t forget to follow up at least once a week until the start date. The risk of candidate backing out last minute is slightly high if the time period between acceptance and start is longer.
Set a deadline
Make sure to you set a deadline for the candidate to accept the offer. A three-day deadline is typical but if the candidate takes too long to respond then its not a good sign. Follow up again and ask the right questions to discover if you still can expect a positive response or candidate has made other plans in mind to do offer shopping.
Finding the right candidate in today’s competitive employment market is tough, you should be prepared to entice top talent at all levels in the recruitment cycle. And when you found the perfect fit for your job opening don’t risk losing out on them. Streamlined job offer process is one of the most important steps which includes designing a well-tailored offer letter that address the candidate’s needs, wants and pain points and is just too irresistible. The above discussed tips will definitely help you make a compelling and effective job offer and results in positive experiences that compel best talent to join your company.