With the average length of time a qualified candidate is staying on the market clocking in at ten days, according to workable.com¹, it’s no surprise that we’re finding most candidates are receiving multiple offers. If you’ve recently lost your top candidate in a multiple offer situation, we’ll give you four strategies that will help you win in the next multiple offer scenario you might face.
Move quickly to give candidate(s) feedback
Make it a top priority to keep candidates in the loop on the process. Try to respond to candidates within 24 hours post interview with feedback. If you’re working with a trusted recruiter and receive a resume, try to respond in as little as two hours. That might seem quick, but with how readily candidates are being scooped up in this market, the faster you respond, the more likely you are to have a chance to at least interview the candidate.
According to a report by phenom.com, only 2% of Fortune 500 companies communicate the status of a candidates’ application status throughout the process, and their poor Glassdoor.com reviews reflect that.² Just because this is how “the big guys” are running their hiring processes, that doesn’t mean you have to follow suit. It will likely benefit you not to mimic their practices.
Keep the process moving. Try to schedule the second interview immediately after the first. Be prepared to make an offer in a week. The more quickly you can present the offer, the more quickly the candidate can accept, reducing the chances for another company to sneak in with another offer.
Be prepared to tell candidates why people want to work there
You might be able to tell a candidate why you like working there, but do you know why candidates leave their current roles to come work at your company? If you’re not sure, ask your team and colleagues how they sell your company to potential new hires. If you still need more help, techrepublic.com has 5 tips on how to sell your company to a new hire.³
You might be tempted to only focus on PTO and perks here, don’t. Weave in your culture and other intangibles into your “why.” This is your chance to give a candidate a “look behind” the curtain into how your company functions and thrives. Don’t miss out on this opportunity if you have some great nuggets to pull out.
Approach the interview process knowing how you can be creative to work with a candidates’ expectations. Can you give more PTO to compensate for a smaller salary bump? Can you offer “work from home” options to compete with a candidates’ current arrangement? Can you offer other “perks” that their current company doesn’t offer? Don’t underestimate the power of taking days to volunteer in their community, a car allowance, or other unique perks.
Know your candidate’s status
Working with a trusted recruiter makes knowing your candidates’ status easier. Your recruiter will check in with the candidate on your behalf and talk through questions and concerns. -This saves you time and money. Be prepared to adjust your schedule based on your candidate’s status. Also, try to be efficient with your candidates’ time, and your teams’ time.-Structure the time with the candidate so he/she can meet multiple team members in one visit (virtual or in person).
Know the role’s path to promotion/ growth
This doesn’t mean you have to guarantee your candidate will be second in command in two years, but it does mean you should know the path(s) to gaining responsibility and growth within your organization. Emphasize what makes the position unique, and link this to the candidates’ plans for their career. Explain how the candidate could start in this role, gain exposure to other areas of the organization, and give examples of what other paths employees have taken. Candidates won’t always take a role because it’s the perfect role for them now, but might be excited about the next role and their path for promotion. Don’t underestimate the power and potential of upward trajectory and opportunity for career and personal growth.
Multiple offer situations are stressful for everyone, including candidates. If you approach your hiring process with the goal of being the number one choice for each candidate you interview, you’ll go the extra mile to keep the candidate informed and engaged in your process. Using the four simple strategies above, candidates will rate their experience with your hiring process highly, and you’ll be more likely to win your top candidate, even in a multiple offer situation.