Losing Good Candidates to Competitors? These Tips Will Help Change That.
“Thanks for the generous offer, but I’ve decided to accept a position with another company.”
After weeks spent recruiting, interviewing and courting an exceptional candidate, it’s tough to get turned down. Unfortunately, however, it happens a lot – some statistics suggest as often as 35 to 50 percent of the time.
You spend a ton of time and effort identifying great job seekers, selling your company and adeptly negotiating deals. If you’re still losing more than your fair share, use PrideStaff’s tips to refine your hiring process and land more candidates:
- Accelerate your timetables. Are candidates accepting job offers with competitors before you ever get a chance to make yours? The longer your hiring process takes, the more time applicants have to explore other job options – and the more opportunities employers have to poach your top candidates. Consider combining first and second round interviews into a single event, or streamlining your post-interview decision-making. Do whatever you can to shorten your time-to-hire (without sacrificing quality), so fewer candidates drop out during the process.
- Leverage your personal networks. If you always find candidates through the same sources everyone else uses (e.g., major job boards), you will always lose a high percentage of them. Work your referral process and personal networks to get personally introduced to high quality prospects.
- Make sure your pay is competitive. Money isn’t everything, but it’s important. Make sure that the salary surveys you use are accurate for your sector and geographical location, as well as the current employment market and time of year. If you’re losing more than 50 percent of your candidates to competitors, do some investigating on your own to find out what other companies are paying. Use your findings to make a case for higher pay to key decision makers.
- Take good care of second and third choices. Carefully maintain relationships with runners-up. Update them on the job’s status and ensure they always know exactly when they will receive communications from your business. If your first choice falls through, you’ll have other individuals “waiting in the wings” who are primed to accept your offer.
- Outsource portions of your hiring process. A recruiting firm like PrideStaff can shorten your time-to-hire, handle the time-consuming administrative burdens of recruiting and screening, and consistently deliver high performers who want to work for you. Best of all? You only pay a fee if you hire a candidate we refer, and we guarantee our results. Learn more about PrideStaff’s On Target fulfillment process today.