You might be seeing a lot of headlines like this, this and this that paint a bleak picture of hiring right now. However, while certainly not uplifting, they only tell one part of the story of the hiring market, especially for what’s happening with hiring in the Accounting and Finance industries. The struggle to find talent is in full effect right now. The Bureau of Labor Statistics has predicted “The demand for individuals in business and financial occupations will grow five percent between 2019 and 2029, faster than the average for all occupations, resulting in about 476,200 new jobs.”
If you’re hiring key positions in Accounting and Finance this year, here are the five things you can do to insure your top candidate is not lured away by a counter offer from their current employer.
Understand the Candidates’ Motivation for Leaving Their Current Role
One way to get to know a candidate at the beginning of an interview is to ask them about their current role. Get them talking about what their current “day in the life” looks like, and ask them what they wish they were doing or how they feel about their relationship with their boss/ manager.
A recent DDI survey of 1000 people asking why they quit their job revealed, “People leave managers, not companies. 57 percent of employees have left a job because of their manager. Furthermore, 14 percent have left multiple jobs because of their managers.”
Unless they’re getting a new manager, their pain points are probably not going to improve, and likely makes your opportunity more attractive.
Have You Made it Easy for the Candidate to Interview & Hire?
According to Yello.co, it takes three to four weeks on average to hire for an open position across all industries. How does your average hiring timeline compare to this? Respondents to Yello.co’s 2020 Interview Scheduling Survey said, “60% of recruiters say that they regularly lose candidates before they’re able to schedule an interview.” If you are finding yourself in the 60%, what can you do to make your process easier?
Ambrion’s Managing Director, Katie Kelly says, “When you go out to post on the job boards and start recruiting candidates, ensure you’ve cleared your calendar. And, make sure all the other stakeholders that the candidates will need to meet with have done the same.”
If you can’t make time to interview, it will be impossible to get anyone hired, especially more quickly than the average three to four week timeline.
Lead with your Best Offer
You don’t want to turn off your best candidate with a lower-than-expected offer. You might believe that your offer letter is merely a “starting point” with the expectation that your candidate will counter if they require more from you. However, as reported by the Society of Human Resource Management, “Forty-six percent of men negotiated salary compared to 34 percent of women. Workers ages 18-34 (45 percent) were more likely to negotiate salary than those ages 35-54 (40 percent) and 55 or older (30 percent). Of the 27 major U.S. cities surveyed, candidates in New York City were most likely to have done so (55 percent).”
Meaning, if you don’t lead with your best offer, you might not get a chance to negotiate. Oftentimes, a candidate will think this is your best offer and walk away instead of asking for what they want. Even if a candidate does ask for more, that adds to the timeline for both of you. They’re likely still pursuing other opportunities, and you’re not wanting to risk losing your second and third choice candidates if your top candidate walks.
Remember, your “best offer” isn’t always about money. Candidates want the best all around offer for them. Ask about their expectations when it comes to time off, work schedule, environment, whether the ability to work remotely is critical, and what benefits they like at their current employer. -Get this information during your interview, and you will be better positioned to make an offer your candidate can’t refuse!
Treat them Like a VIP
Candidates like to know where they stand in the field of other candidates. They also appreciate prompt follow up to lingering questions post interview about benefits or other details you might not have had answers to during your first meeting. Don’t take three days to follow up with your candidates, don’t be evasive when he or she asks you a straightforward question about your interview process, and don’t forget to tell them how fortunate you feel to have them as a candidate in your process.
Reconnect with Candidate & Openly Discuss Their Status
If you’re not ready to make an offer within the first week of your interview process, make sure you’re checking in with your entire field of candidates to get an update on their status. This will ensure you are the first to understand if they have received another offer, have received a counter offer, or will give you more insight into what kind of offer they expect/ want from you.
Don’t miss this opportunity because you’re busy or feel like it’s a non-update/ update. Your candidates will truly appreciate hearing from you. Note what thetalentboard.org reports, “Only 37 percent of candidates say that HR/recruiting professionals clearly explain what will happen post-interview.” If you’re in the 63 percent that IS communicating with your candidates, your role is likely to jump to the top of their options because they know what to expect.
We know counter offers are part of the hiring process in 2021, but it doesn’t mean they have to happen to you. Use these five strategies to optimize your hiring experience and communicate with all your candidates, and not only will your process get high marks, you’ll be more likely to snag your top candidate for each of your open positions.