Candidate engagement- reason why your offer letter might not be converting into employees
64% of candidates research a company online and if they can’t find information on the company, 37% said they will move on to another job offer after receiving the offer letter. But most companies often tend to not share complete information as they either consider it insignificant or want the candidates to find it out themselves.
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Did you just go through the excruciating process of screening, shortlisting, and selecting candidates just to find out they won’t be accepting the offer letter? A long, expensive process only resulting in the cycle being repeated is definitely a recruiter’s nightmare. It not only results in taking a toll on the recruiter but also requires reconsideration of the complete planning apart from the delay in projects. But you can’t coax a candidate to not refuse the offer, can you? All you can do is just show them what the job entails, the rest is up to them. And don’t worry, even top companies at times fail to reign in all the candidates they roll out offers to.
Here are some common mistakes to avoid that result in low offer acceptance rates.
Lack of information
What do you think is the most vital information that the candidate would want to know before applying for a job? Roles and responsibilities? Position? Requirements? CTC? Perks and benefits? Well, the correct answer is everything and more. According to research, 64% of candidates research a company online and if they can’t find information on the company, 37% said they will move on to another job offer after receiving the offer letter. But most companies often tend to not share complete information as they either consider it insignificant or want the candidates to find it out themselves. Candidates assume that if a company is not being honest about themselves or concealing information regarding certain aspects of their policies, they can’t be trusted as employers.
So, be it about the job or about the company, share as many details while posting the job and while talking to candidates that ensures that they don’t think of going anywhere else. The more clear you are in providing all sorts of information to your candidate the better stand you hold in their eyes. Even if the candidates don’t join then, they will have nothing but great things to say about you and will continue to consider you in the future.
On an average the interview process for any job can take anywhere from 20 to 40 days. However, the top candidates are mostly out of the market within 10 days. That’s a huge margin and given the expectations of recruiters to be thorough and candidates to get a job quickly, there doesn’t seem to be a possibility of it being on the same page any time soon. Being thorough is vital to hiring a candidate because that not just decides one post but the future of your company. But how can you be thorough and still have a short hiring process that doesn’t take days to finish?
Well, the wisest thing to do is get your team ready and prepared in advance by making a tight schedule that doesn’t exceed a week. Always remember that quick closure is the key to high conversion rates. However, at times it can take time and you might not be able to close positions fast enough and it’s okay. But do ensure that you keep updating your candidates about their interview progress. If there are any changes in the schedule let them know. This will earn you brownie points when the candidates weigh in their opportunities.
Absence of a well-defined employer brand
If you were to approach a customer would you casually approach them or create a brand value for them to become your loyal customers? You would want to be the first thought that crosses a consumer’s mind the moment they think about the product or service you provide, wouldn’t you? Why should it be any different when you are approaching your potential employees? According to research, 80% of recruiters strongly believe that employer branding plays a significant role in hiring talent. However, only 8% of the recruitment budget goes in for employer branding. This generally is the case with the companies that think their brand value is enough to reign in candidates, which is not true.
If you want the top talent to become part of your company, you need to entice them with the benefits of working with you and your work culture. No matter how big or small your brand is in the market you will fail to attract candidates if you have nothing to offer except a competitive salary and positions. Gone are the days when companies chose the candidates, now, the candidates chose the companies. They are watching you, listening to what your current employees are saying about the environment and the inside story. So, you better focus on your employer branding, if you haven’t already done it. Here’s an example of how top companies ensure no candidate refuses the offer.
Did you know that the candidates rejected by Google still wouldn’t say anything bad and keep applying for their job openings! And of course, a big part of the reason is that Google is considered to have one of the best work cultures in the world but another reason is the clear communication they firmly believe in. Google ensures that all the candidates who apply are always informed about their status in the hiring process regardless of them being selected or rejected. When a candidate applies for a job they know that there are chances of them not being selected for the job, and they don’t have a problem with it. All they want is to be informed about it so that they can decide whether or not they should continue to look for opportunities.
According to a study, 96% of job seekers say companies must be transparent. The more clear and engaging communication you have with your candidates throughout the hiring process the more appreciative they would be about it. Don’t let them hanging, respect their time. You can see the impacts of good communication yourself.
Hiring the perfect candidate is a Herculean task but what’s even more difficult is maintaining a reputation that ensures the candidate doesn’t reject you. But it’s vital and extremely beneficial in the long run. Whether you hire a candidate or not, you need to focus on building a pipeline you can rely on. Of course, you can’t do it overnight and make your offer acceptance rate cent per cent, however, you can start the process overnight. So, don’t hold off, listen to what the numbers are indicating and become the favourite of every candidate.