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.
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