In this candidates’ market, the offer stage of the hiring process is incredibly important. That’s why we’ve devoted recent blog posts to the topic:
- “Why Candidates Are Turning Down a Job Offer from Your Client”
- “How to Increase the Odds of Candidates Accepting a Job Offer”
Considering the importance of the topic, we’re back with another post! This time, we’re going focus more closely on recruiting clients—hiring managers and other officials who are in charge of their organization’s hiring process.
Yes, we’ve addressed many of the things they should do during the process. However, what should they know? (Knowledge precedes action, after all. Or at least, it should.)
Making a job offer with the proper knowledge
The best practices for making a job offer has as much to do with ensuring that the candidate accepts as it does with preparing for the contingency that the candidate does not accept it. Remember, the goal is to hire the best candidate possible for the position. Sure, your recruiting client wants its top choice to accept your offer. But if that does not happen (for whatever reason), then that client must be ready to take other action . . . and quickly.
With all of this in mind, below is a list of things that your recruiting client should know during the offer stage of the hiring process:
#1—How quickly the organization is prepared to make an offer
If company officials interview a candidate that they really like, are they prepared to make an offer that day? The next day? When? Top talent is in high demand right now. That means A-level candidates do not stay on the market very long. Waiting too long to make an offer is a sure way to lose out on such a candidate.
#2—What the organization can afford to pay
How can you make an offer without knowing what the organization can afford to pay? A sensible question to ask, but it has happened. The hiring manager should know, without a doubt, the answer to this question. This is one of three very important figures that they must know prior to extending an offer of employment to their top choice.
#3—The current market value associated with the position
How can you make an offer without knowing the current market value associated with the position? The answer is that you can’t. You CAN, but you increase the chances that things will not go particularly well. Company officials must do their homework in regards to these areas in order to make a compelling offer that successfully closes the candidate.
#4—The level of compensation that would compel the candidate to accept the offer
This is the third important number that the hiring manager should know. While in some states, it’s illegal to ask about current compensation levels, it’s certainly not illegal to ask about desired compensation levels. And if your client knows what it will take to close a candidate in terms of compensation, then that knowledge will increase the likelihood of success.
#5—Whether or not the candidate is interviewing with other organizations
It is also not illegal to ask candidates whether or not they’re considering other opportunities. Now, of course, it’s possible that the candidate will flat-out lie. However, there is no harm is asking the question. If you’re dealing with a top candidate and you know for a fact they’re a top candidate, they’re probably considering multiple opportunities. Regardless of what they might say to the contrary.
#6—Whether the candidate is at risk for accepting a counter-offer
As an executive recruiter working for our client, you can absolutely ask this question, even if the hiring manager does not. “Will you consider a counter-offer if one is made by your current employer?” Once again, the candidate could lie to you, but then if a counter-offer is made, they have to dismiss the fact they told you they would not consider it. It’s more difficult to accept a counter-offer if you’ve given your word that you would not consider one.
#7—Which candidate is considered to be #2 on the list
Sadly, the candidate might not accept the offer. Or they might accept it and then accept a counter-offer. Or they might accept it and then simply “ghost” on it. If that happens, who’s next? To which candidate would your client want to make an offer next? If the hiring manager does not the answer, then that could slow down the entire hiring process—or even bring it to a screeching halt.
Educating clients about how to extend a job offer
Effectively engaging candidates, especially top candidates, is crucial to hiring success in this current market. While as a recruiter, you can certainly assist in accomplishing this for your clients during the interviewing and hiring process, they still play an important role. This is where educating your clients becomes even more important.
However, as a search consultant, that’s what you do: you consult. For some organizations, even those that have a grasp of current market conditions and act with a sense of urgency, they lack the knowledge necessary to close top candidates consistently. However, with the help of an experienced search firm, they can navigate the market more strategically and approach the offer stage of the process in a manner that will allow them to enjoy more success.
Top Echelon offers a free monthly webinar as part of its Recruiter Coaching Series. After the webinars are over, we post the recorded version of the webinars on our website. These webinars touch upon a variety of recruiter-related topics. These topics deal with both candidates and clients. As always, our goal with these webinars (and corresponding videos) is to help recruiters make more placements.
Industry trainer Doug Beabout of The Douglas Howard Group has a webinar video on the Top Echelon website that can help with the dilemma posed in this blog post. The title of that video is “Beating Counter-offers: Your Deadliest Trap.”
In addition to training and webinars, Top Echelon offers other recruitment solutions. These solutions include the following:
- Big Biller applicant tracking software
- Top Echelon recruiter network
- Top Echelon contract placement services
For more information about Top Echelon and the products and services that it offers, visit the Top Echelon website by clicking here.