The number of job vacancies in Australia is at an all-time high, with 242,900 at the last count. While this represents a strong economy, which is ultimately good for business, it leads to issues when it comes to recruiting.
A tight job market means that candidates have their choice of available jobs – so companies must work harder to attract the attention of the best candidates.
As a recruiter, I understand how frustrating it can be when a potentially excellent candidate match falls through – for whatever the reason, but it can be particularly difficult when the candidate chooses to work for a competitor instead of you.
So, I have put together this guide on the main reasons candidates are likely to reject your job offer, so you will know what to avoid to get the quality candidates to say ‘yes’.
Your Compensation Package Isn’t Good Enough
First and foremost, you must be offering your candidates a salary and benefits package which is at least as good the other companies your candidates will likely have considered.
While a competitive salary is a must, employers are having to be increasingly market-aware when it comes to giving candidates an offer they can’t refuse.
Just recently I was working with a candidate who was considering two similar job offers; the salary offered in both positions was comparable, but the deciding factor was that one company was offering a much better health insurance package and the availability to work from home sometimes – the candidate had a young family and these benefits really spoke to her.
If you can offer candidates benefits such as –
- Healthcare insurance
- Additional Superannuation
- A company car
- Work laptop/mobile
- Homeworking opportunities
- Flexible working hours
- Gym membership
- Subsidised food and drink
- Commission (if applicable)
Then you are more likely to be seen as a more attractive employer to all potential employees. These perks are more than affordable for larger companies, and they will pay dividends in attracting the best talent and creating a happier working environment.
Little Chance of Promotion
The workforce of the last 30 years has been dominated by boomers; however, this is set to change. It is estimated that by 2020, millennials and X-ers will make up 35% and 35% of the workforce respectively, with boomers accounting for a mere 6%.
Younger workers have felt a sense of frustration that they don’t stand a chance of being promoted to above, or even equal to, their more experienced superiors.
So, offering promotion prospects to Gen X, millennial and Gen Z employees is a reliable way to attract them to your organisation.
A recent Business Insider survey found that more than 75% of Gen Z workers believed that they should be promoted within their first year of work. When a promotion is simply not an option, employers are offering substitutes such as a raise, being offered a new title and ‘workversary’ celebrations so that they feel valued.
If you can offer some of these promotion-related benefits perks, this will help in getting your candidate to say yes to your offer.
Your Recruitment Process is Too Slow
One of the main benefits companies report in working with recruiters is that the speeding up of the process drastically reduces the number of great candidates who drop out of the process along the way.
One of the main reasons we hear from candidates as to why they remove themselves from the recruitment process is that the process takes too long and in that time, another company has made them an offer that they decide to take instead. Even candidates who are particularly interested in your company over another can be tempted away by a swift recruitment process.
It is widely accepted that your time to fill should be as short as possible. The Society of Human Resource Management reports the average time to fill is 42 days – how does your company measure up?
Your Culture Doesn’t Speak to Them
Many smaller companies fall into the trap of believing that creating a great ‘company culture’ is reserved for bigger organisations.
There is the idea that you need to spend lots of time (and money) on staff away-days, employee events and programs, office relaxation spaces and monthly guest speakers – but it does not have to be this involved.
Creating a positive company culture can be attainable for every single business, all you need is two things. Firstly, a company ethos and mission statement which you have thought about carefully, and secondly, to hire people who fit into the ethos and agree with the mission statement.
I have worked with companies of all sizes, and great company culture is not something which is only achievable for a select few, nor is size important – I have witnessed fantastic company culture from a range of differently-sized businesses.
In order to highlight to candidates why your organisation should be their first choice, tell them about your culture in the interview. If possible, take them into the office to see how employees interact with each other, and direct them to your company social media where they can see what values your organisation stands for.
Remember, this is also a two-way street; both you and the candidate need to discern if this is a partnership that will work out.
If you need help, not only attracting the best candidates to interview with your company but to say yes to the final job offer – get in touch with us today to find out how we can help.