Securing the best talent can be a challenge for any organisation and in a candidate-led market you may have found yourself in the position where your first choice for the role has turned down your job offer. There can be any number of reasons for this; some may be completely out of your control however there are several steps that you can take as an employer to put you in a prime position and make them an offer they simply will not be able to refuse.
Reason 1: A slow recruitment process
This is undoubtedly one of the primary reasons why your favoured candidate may no longer be in the market for a new role. If you think a candidate stands out from the crowd then the chances are that other employers looking to fill a similar position will think the same! Top talent will be in demand and it is often the employer who is able to move swiftly and make a strong offer that reaps the rewards.
What you can do: Ensure that your recruitment process is as streamlined as possible with the key decision makers involved so there are no delays when you have identified the best person for the role.
Reason 2: Uncompetitive salaries
Whilst a good salary on its own is unlikely to be enough to sway the best candidates, offering too little could increase the chances that they will accept an offer from elsewhere if they feel they can command more for their skills. The top candidates are very likely to be at the higher end of the salary bracket for their role and their current employer could look to make a counteroffer to retain them.
What you can do: Ensure that you are offering competitive financial renumeration packages and benchmark salary levels against similar roles in other organisations. Bear in mind that salary benchmark tools will provide a useful point of reference, but these should be used as a guide and you will need to apply your own circumstances when determining your final figure.
Reason 3: Lack of benefits package
Today’s top candidates are looking beyond the salary on offer and weighing up the full benefits package that is potentially available. Not only will a comprehensive package carry financial ‘value’, but it can also demonstrate a company’s commitment in a range of areas such as employee wellbeing.
What you can do: If you do not currently offer a benefits package, look to put one in place as soon as possible and review on a regular basis. Consider what benefits are most likely to appeal and bear in mind that these may be different depending on a person’s career status or life situation. To really attract the best talent, where possible build in an element of flexibility to enable your employees to tailor their package to suit their individual needs.
Reason 4: Poor work-life balance
The last year has demonstrated that it is much more possible to work effectively from home. Whilst in time there will more than likely be a return to workplaces, it is expected that more employers will give staff the opportunity to continue to work at least a portion of their hours from home. Sticking steadfastly to the traditional office based 9-5 could be off-putting to candidates looking to achieve a better work-life balance.
What you can do: Put in place and review a flexible working policy which enables employees to tailor their hours around childcare needs or arrangements outside of work whilst still meeting the needs of the business. Even simple things like allowing employees the option to take longer lunch breaks to enable them to attend an exercise class will help boost morale in the team.
Reason 5: Lack of progression opportunity
Even the best salary and benefits package is unlikely to see the top candidates overlook a lack of progression opportunities. The best talent will be ambitious and will be looking to see how you can help them achieve their career goals.
What you can do: Outline the training and development opportunities that will be provided by the company. Describe how you see the successful candidate contributing to the future of the organisation and be clear to demonstrate that there is room to grow in the company. Create excitement about the opportunity to join the organisation and look at the possibility of introducing them to the team they will be working with so they can start to build a rapport.
Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to speak to a member of our team about your recruitment needs.