Offer Rejections Are the Mostly Costly Pitfall in Recruiting
The field of recruiting and hiring is filled with metrics. Time to hire,
cost to hire, days to offer, qualified candidates per opening, retention
rates, sourcing channel… the list goes on. All of these benchmarks are
important to track and serve as great indicators for the overall
performance of your hiring efforts. However, these numbers mean nothing
if you can’t convert on one key metric – offer acceptance rate. Think
about it, days to offer means nothing if no one is accepting those
offers. You can’t even track time to hire if you aren’t making hires.
Additionally, a poor offer acceptance rate is the number one red flag
for inefficiency. As a recruiter or hiring manager, the majority of your
time and resources are spent finding the ideal candidate. Considering
this, having that ideal candidate turn down your job offer at the last
minute not only hurts on a personal level, but it is also one of the
most costly pitfalls in recruiting.
Offer Acceptance Strategies Should Be Built Into the Entire
Recruitment Process
For these reasons, it is absolutely vital that you build steps into your
recruitment process to develop a certain amount of control and certainty
over the acceptance of your job offer. This starts from the beginning,
with the initial communication to your candidate, and it doesn’t end
until your candidate’s first day. Throughout this entire period, you
need to make sure that you are collecting all of the right information
and re-affirming it with the candidate along the way. Doing so allows
you to gauge their interest level, realize their motivators, and
identify anything that they may be getting hung up on. Understanding all
of this guarantees that you leave no stone unturned and enables you to
avoid any surprises in the job offer stage. Below, we provide 5 secrets
for how you can easily go about building offer acceptance strategies
into your own recruitment process.
Step-by-Step Guidelines on the 5 Secrets for Boosting Your Offer
Acceptance Rate
Like what you see in the infographic below? Download Newton’s eBook for
an in-depth look at the 5 secrets for boosting your offer acceptance rates.
Contact Newton to Learn the Secrets of Boosting Offer Acceptance Rates
We can help you develop a consistent, systematic approach that will
undoubtedly increase your job offer acceptance rates.
Guest Post by Danny Madigan, Marketing Associate