In a world where competition for top technology talent is fierce, counter offers are a common occurrence.
Counter offers are unfortunate for companies that are looking to recruit top talent and have invested time and effort to interview and select a fitting candidate, but there are three key strategies businesses can implement to minimise counter offers in their hiring process.
Ensure transparent communication
From the beginning of the process, maintain open and transparent communication with candidates, and discuss compensation expectations early on to ensure alignment and avoid any unwanted surprises at the offer stage, as delays and frustrations can lead to counter offers becoming more tempting. Before extending an offer, inquiring about any potential counter offer scenarios can help to address candidate concerns or doubts, and overcome objections.
Focus on the bigger picture
It’s important to focus on more than the immediate job offer throughout the hiring process - selling your entire company is essential. By showcasing company culture and long term career prospects, you can make your offer more appealing and neutralise the threat of counter offers considerably. Many professionals prioritise job satisfaction, growth potential, and alignment with a company’s values just as much as immediate compensation.
Make offers final and best
It’s crucial to present competitive compensation packages right from the start, so when you make an offer, ensure it is best and final. Research salary benchmarks and expected benefits for the position you’re hiring beforehand, but consider the candidate’s experience, skills, and qualifications when determining the final offer. Be prepared to pay above the market rate if the candidate has unique skills that are in particularly high demand.
Looking for technology talent?
At Glocomms we help businesses like yours to find the technology talent you need to succeed. Request a call back today and one of our specialist consultants will be in touch to help you find the best talent for your business.