In this job market, employers are finding it tough to fill vacancies. There are fewer candidates for each role, and candidates often have more than one job offer to weigh. Some employers are finding that they’re making offers only to have these offers rejected—meaning they’ve got to keep searching for candidates.
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What can employers do to help improve their offer acceptance rates? No one wants to have to restart the process after getting to this point. Here are some of the actions employers can take to up the odds that the job offer will be accepted:
- Be up front in the job posting. When posting a job vacancy, consider listing the salary range and work environment. Listing the salary range this early means you’ll be less likely to have an applicant who is unhappy with the range—and less likely to lose a candidate at the end of the process solely because the salary on offer is less than they’re willing to accept. When candidates know the range up front, they’re more likely to accept the offer because it should not be a surprise. The same goes for benefits.
- Give information about the company. Candidates want to know more than just the salary and benefits. They want to know about the work environment and company culture, so they can assess whether they think the organization is a good fit. Help them get that information by having an updated website, providing company information in the job post, and providing more info during the recruiting process. Consider telling them more information about the team they’ll be working with, including info about the types of projects they’ll be working on and the general working environment and expectations. See if they would be interested in meeting their future coworkers during the recruiting process.
- Move quickly. In the current job market, the unemployment rate is low, which means there’s a higher likelihood that your candidate will have multiple offers. If you wait too long, you increase the chances that he or she will have already accepted an offer from someone else. This will mean it could be too late for you—even if your offer would have been accepted otherwise.
- Assess the candidate experience. How are candidates feeling throughout the process? Are they feeling valued? Are they being communicated with consistently and quickly? If the candidate experience is negative, it can turn off someone who may have otherwise been a great new employee.
- Do your homework. If you know what the market rate is and what your talent competitors are offering, you’ll be more likely to make an offer that is in alignment with candidate expectations.
- Get to know the candidate. During the recruiting process, ask questions that allow you to gauge candidate needs and expectations. What were they dissatisfied with at their last job? What benefits are important to them? This type of information can help you see if you’re able to provide what the individual is expecting. Then you can be better placed to tailor your offer to what the candidate wants—which brings us to the next point: personalization.
- Personalize the offer. When making a job offer, consider first talking in depth with the candidate to see what benefits they value. It may be possible to create an offer package that is personalized enough to meet their needs. It may also mean you can counter any fears they have about the organization by addressing them in that moment. (Note: be sure that you’re treating candidates fairly and consistently; personalization does not mean giving similarly situated candidates vastly different pay packages. Be aware of what customization you can accomplish while keeping fair and consistent total package offerings for those in similar roles.)
That’s not all. Stay tuned for tomorrow’s Advisor, where we’ll continue outlining actions employers can take to help improve offer acceptance rates.