Let’s face it, the business world is moving faster everyday. Companies are fighting to stay in the game by generating newer, better products than the competition, and adapting to a technology-dependent society. But despite this growing momentum, hiring strategies are falling behind. And fear is the culprit.
When it comes to hiring, companies are allocating more time and resources than ever before to finding that perfect match. The interview process alone costs a company a minimum of eight weeks. And that’s if all the cards fall into place – scheduling, preparation, screening, job assessments, etc. Imagine the frustration when an employer finally makes an offer to the “chosen one” but misses all signs of a possible counter-offer. The dreaded employment counter-offer – it’s the deal breaker that can cost companies thousands and job seekers the career opportunity of a lifetime.
It’s Monday morning. Business cards have been printed, a cell phone plan activated, and a new laptop purchased. HR has bent over backwards to make sure that everything is in place, customized to fit the specific needs of the role. But where’s the new guy? A new hire that proves to be a “no show” is every employer’s worst nightmare and one of the many reasons why fear has plagued the minds of leaders at growth companies nationwide and slowed the hiring process. We all know that the candidate could’ve at least called. But what preventive measures can employers take to avoid the “no shows”?
Employers, you failed to see to the signs. Clouded by the excitement of stealing an experienced candidate from a competitor, you put out all the stops to win over that top performer. But sometimes pulling from a competitor is not the answer.
Top 5 Ways to Avoid Losing Your Candidate to a Counter-Offer
- Conduct a thorough interview process. Get to the root of why the candidate is leaving his/her company and how ask how he/she would react if presented with a counter offer.
- Assess their soft skills. By asking behavioral-based questions, employers can not only get a better sense of how their transferable skills will correlate to job performance, but also of how they will handle their exit from their current employers.
- Make a plan. There should be an internal or external person designated to handle the potential counter offer. During the interview process, plan to ask questions to gauge their commitment level, paying close attention to their feedback, enthusiasm, and body language.
- Have two # 1 candidates. Always have a backup in the event that your first pick doesn’t work out.
- Keep in touch with the candidate after sending an offer. Like external recruiters, hiring managers must act as the hiring liaison. That means following up with the candidate to make sure he/she is on board, shows up on the start date, and is engaged throughout the orientation process. Developing a relationship of trust during the waiting period is critical. The courtship doesn’t stop with “I do.”