Counter-offers are now prevalent in the industry and if not managed effectively beforehand can be a devastating blow for you as an employer at the end of a time-consuming recruitment process.
It is believed that one out of every three offers involving non-specialist recruiters are resulting in successful counter-offers being taken up and this is most likely because the correct preventative measures haven’t been put into place. To prevent a counter offer from derailing your candidate it is essential to have their motivation scoped out beforehand and the correct offer on the table.
How do you prevent a counter-offer in your hiring process?
1. Find out at interview the real reasons driving and motivating a candidate to consider you. You can remind them of these reasons throughout the process when you need to. If it’s monetary, it’s likely they will accept a counter offer so bear this in mind.
2. Talk to a candidate early on about the possibility of them being counter offered, and why it might happen. When it does, the candidate will be able to say “they told me this would happen” and any flattery they feel will have been dented.
3. Make paperwork turnaround a priority. Send the offer letter the same day as the verbal offer if possible. The time between verbal offer/acceptance and dispatch of paperwork is often a danger zone, as candidates can receive other offers, change their mind and secure counter offers.
4. Find out what the candidates’ company normally does when people resign. You will then be able to better help them through any temptation they might have.
5. Tell the candidate to call you straight after the resignation meeting. Hearing a supportive voice, after what will be an unpleasant meeting, from the place they see their future will help keep their head in the right place.
6. Use share options as a final negotiation tool.
7. Keep up communication especially post offer stage. Regular emails and calls to keep a candidate up to speed with new initiatives, to ask their advice, or just to say ‘hello’, help keep them focused during the notice period. A lunch organised before the start date further reinforces your investment in them and their investment in their future.
Using a specialist recruitment consultancy can alleviate the pain of sourcing and hiring the right candidate for your role. Not only do we have a database of active candidates with market related experience but we also ensure our consultants seek out a candidates’ true motivation before submitting their CV’s onto you. Contact us now to discuss how we can streamline your recruitment process or to help out with any current roles you are struggling to fill.