Insights into the forces shaping our industry.
Make Offers That Get Accepted and Retain Employees
You’ve interviewed candidates and narrowed it down to the one! What are the next steps?
- Move Fast – Candidates have many opportunities coming to them in this market.
- Review your salaries based on today’s market. Your recruiter should have some insights into what the current market pay is in your industry. Think outside the box with sign on bonuses and more job flexibility (in office vs remote or hybrid). Make sure your current benefit packages are in line with your competition.
- Make a verbal job offer first, either over the phone, in-person or via video conference. They need to hear your excitement and you’ll be able to hear how they react. Include all the details: job title, start date, compensation, bonus structure, pay frequency and date which they must accept or decline the offer. Listen intently to how they react and address any signs of hesitation.
- Apply the 10% rule (this may be higher now given the market). If you’ve done your homework and asked the candidate during the interview what they need to make a move, then you should know what salary will be accepted. Generally speaking, candidates are expecting a minimum 10% raise when they change jobs.
- Explain pay and benefits as clearly and thoroughly as possible. If you don’t know all the benefits and details, connect them with someone in your company who can answer all their questions asap.
- Ask – I understand you will need some time to review, but can I ask what you think about our offer? Any hesitation from the candidates indicates they may have some concerns and there is a potential the offer will be declined. Ask them why they hesitated and given them time to talk through their concerns.
- Follow up with a written offer. Give them a clear deadline to respond, 2 business days is typical. Remember this is like a marriage proposal, if someone asks you to marry them, and you say, ‘well give me about 2 weeks to decide and I will get back to you.’ That does not go well in love or in job changes.
69% of workers are more likely to remain with a company for 3 years or more after a positive onboarding experience.
- First ask your current employees why they stay and what they liked or didn’t like about their own onboarding process. Use that information to refine your interviewing and onboarding program and solidify your company’s culture.
- Encourage and establish formal or informal mentorships to connect new employees with senior leaders. (Include your current employees and include them in this potential program)
- Focus on milestones with your new employees and acknowledge that they are met in the way the employee likes to be acknowledged. What are the 60 – 90 day goals for the position and then what are the 6th month and annual plans? Do a deep dive at these reviews to look at their career goals and/or life goals.
- Open communication- Ask for employee’s opinions and then acknowledge and utilize that feedback.
- Employees who work for companies who value them and make the work meaningful, stay longer with their companies.
- Celebrate the wins and host regular status meetings to help address the process and progress
- When someone leaves, do an exit interview. Use that information to help see if there is a need for change in the company