You have found the perfect candidate for the role, offered them the position, but unfortunately they have declined your offer. In this candidate led market, this is not uncommon. Here are 5 likely reasons why this may happen.
This is simple. You’re not paying what they think they deserve and your benefits package may not be generous enough / as good as others out there. Whilst the pay cheque is certainly not the only thing that matters to the modern job seeker, it is still very important for initial attraction of candidates for the role. It is important that you understand current salaries in the market for your specific vacancies so you can compete. ProTech can help you with salary information at the time your openings become live.
If you cannot match your competitors’ salary, you can improve the overall package offered by including additional perks and benefits e.g. flexi-working, free lunches etc which many people often value just as much.
In this candidate driven market it is very likely that your top performing interviewee was also top of your competitor's list for potential hire. How do you rank amongst your competitors? Are they viewed a better place to work? Do they offer more money for the same role? Perhaps more progression? Losing out to a competitor is a common reason why candidates may be declining your job offer and accepting theirs.
Counter offer from current employer
In a previous blog we looked at what candidates should do if presented with a counter offer. It is very common for an employer to present a counter offer when one of their employees hands in their notice. If their offer tops or even matches yours, along with the ease of remaining in their current company, it is likely that they will accept. Frustratingly, statistics suggest that over 60% of employees who accept a counter offer end up leaving that organisation within six months anyway.
A bad reputation or a bad review is enough for a candidate to decline your offer. It is a good idea to check out your Glassdoor reviews and other press around your company that could have a detrimental effect on your hiring success. If you have got bad reviews, address these within your company and be prepared to answer questions about them in candidate interviews.
Took too long in the decision making process.
This is frequently overlooked and often a major factor in offers being declined. If candidates are interviewing, they are looking to start a new role in the near future. This means that they are likely to be interviewing at more organisations than just yours. With this in mind, if the hiring process is long and slow, it is likely that they are not going to hold out for you to make your decision, especially if they are being made offers by your competitors. Remember, time kills deals. Bear this in mind as, in this candidate led market, all companies are looking for new talent and you don’t want to miss out because you are too slow!
Remember to keep these things in mind to make sure your hiring process runs as smoothly as possible. Get in touch with ProTech today on 01442 299000 to help you find the best talent for your company.