Following on from our recent article about recruiting and retaining top talent, even when you can’t compete on salary, what about when you get to offer stage? What can you do to make an offer which is hard for a job seeker to refuse?
Demand is still high for skilled candidates and the market still shows no signs of slowing down, especially in Jersey, as the pool is even smaller on an island which is 9 by 5! Employers are all competing for the same top talent, so just imagine that you’ve interviewed a candidate at least twice, maybe even skills tested, you’ve made the offer – what can you do to surpass your competition and make it hard for them to refuse?
When considering offers, candidates aren’t just looking at the take home pay – they will be considering your proposal as a whole, which is an offer that will provide a competitive benefits package, career progression and an environment in which they feel valued.
So how do you make an employment offer that wins the candidate?
Number one on the list is salary: If the candidate is right for the job, they match all of your requirements, why not pay them what they are worth? As companies carry out research on salary, so are job seekers - they will research their worth, and expect to be paid this. We believe you should be fair and offer the salary relevant to attract and retain top talent – this doesn’t have to be higher than your competitors are paying, unless you are happy to do so, just a fair reflection of the level of the role and the candidate’s ability.
Make your offer competitive: The majority of candidates will likely want to receive more than one offer in order to compare them, so will take into consideration a counter offer or competing employer.
If you are aware that a candidate has another offer on the table, ask for full details, including benefits. You may increase your offer by £1K, but if your competitor has shorter working hours or better benefits, your offer will in fact be less – so consider the whole package if looking to be competitive. Make sure any benefits or initiatives offered to new employees are also given to existing ones, this will help improve staff retention and engagement!
Provide written details and breakdown of your offer: The majority of firms will confirm offers verbally, but not necessarily in writing. We would recommend that you extend your offer in writing also, listing benefits and even breaking them down in monetary terms. A clearly presented offer, showing the cash value of your benefits could make the difference between your offer and your competitors!
Make the candidate feel wanted: Ensure that your offer is personable! By this we mean, make the candidate feel valued and feel that you genuinely want them to accept. This can be done with the written offer, thanking them for their time, saying what a great fit you feel they’d be and that you hope they choose to join the team.
Promote the right aspects of the job: When extending an offer to a candidate, have you considered what their main motivation is outside of salary? If it’s career expectation ensure you’ve given a clear indication of what a candidate can achieve within your firm. If a candidate has spoken about professional study make sure that they have details of what study support you offer, what qualifications they can pursue and how quickly they can progress with these. Having this information will not only help you make a decision about who the best person for the job is, it can also help you to create a compelling and tailored offer, making acceptance much more likely.
Timing is also a key factor, and is something that can make a huge difference. If the interview process has been successful, we strongly advise not taking too long to get your offer out, and even once the offer has been accepted make sure the paperwork is processed and sent through in a timely manner. This is all part of making a candidate feel valued.
As the economy continues to grow, in-demand professionals increasingly shop around for more desirable opportunities, seeking higher salaries, better benefits and work-life balance. It is important for hiring managers to be aware of all potential motivating factors, by keeping an eye on what competitors are offering and keeping the recruitment processes short and efficient in order to avoid losing their best candidates.
Select.je specialises in permanent, temporary, contract and executive recruitment for office professionals, predominantly within the finance industry, as well as pre-employment screening, training, psychometric assessments, skills testing and training. For unbiased advice, without the hard sell call 01534 88 88 66, visit: select.je or email us if you prefer email@example.com