The Biggest Factors That Impact Your Candidate Offer Acceptance Rates
One of the key parts of executing a successful hiring strategy is making sure that for all the candidates you want to hire, that you are able to get them to sign an offer. A lot of time we see organizations that are great at getting candidates in the top of the hiring funnel, but have trouble getting them to accept offers for the position they need to fill.
The problem with this is if you are investing heavily into your hiring efforts but you are not getting candidates conversion down at the bottom of the funnel, a lot of it can go to waste. As example, let’s say you make offers to 10 candidates, but only 6 of them accept. This means that all the investment your HR and employees made into interviewing the other 4 candidates that didn’t accept your offers can be wasted effort. This becomes wasteful not just with the time you spend, but can impact you financially as well.
Below we outline the 4 biggest factors that impact your offer acceptance rates.
1. Interview Process
If your interview process is not transparent, repetitive or messy this can turn off top candidates that can be a good fit for your open positions. It is critical that you are clear with candidates on your interview time period and your round-by-round process. Additionally, you need to make sure that everything from the interview process to what questions interviewers ask are done with purpose and in an organized manner. You also don’t want interviewers asking the same questions or candidates feeling that the process is disorganized with no end in sight. This can rub great candidates the wrong way, as they will have a high bar for what they expect from employers during the interview process.
2. Compensation & Benefits
You need to make sure you compensation is competitive with the marketplace. You can have the best culture ever, but low-balling rarely wins in terms of attracting the best candidates. We recommend that you run a compensation analysis every year to ensure that your compensation expectation remain competitive with the demands of the market. You also need to make sure that your benefits are competitive with other employers as well. You don’t want lose candidates because your compensation and benefits at out of range, as not investing in these could hurt you more financially in the long run.
3. Market Conditions
The job market shifts all the time and the demands of candidates change as well. Staying on top of market conditions and paying attention to the shifts can be critical to increasing your offer acceptance rates. As an example, we’re now seeing more demand from candidates who want flex-work or remote work instead of 100% in-office. You also need to pay attention to industry conditions as it can impact the competitiveness of the jobs you are hiring for. If the market all of sudden becomes competitive, you might be interviewing candidates who have multiple offers making it harder to get candidates to sign with your company.
4. Professional Growth
Every candidate wants to be at company where they have professional growth. By having a professional growth plan for each of your roles, this can help you stand out from the rest of the pack when candidates are considering your company for a job. It’s not just about the professional growth path for them in 2 or 3 years, its also about the long-term potential they can have by working at your company. We find that companies who have clear and well-established professional growth plans see higher increase in acceptance rates than organizations without.
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