When hiring top talent, counter offers should often be expected. After all, no company wants to lose its star employees and it is much easier to make a counter offer than start the hiring process unexpectedly. The good news when a candidate comes back with a counter offer is that they are valued and regarded as the best of the best. The bad news is now you have a tough decision to make: match the counter offer, increase your original offer, negotiate with the candidate, or start from scratch?
Although a counter offer from a candidate speaks volumes on their behalf and your decision to extend a job offer, it is not an easy position to find yourself in. As with many sticky situations, it is sometimes best to take a proactive approach and prevent the problem before it occurs; the same can be said for counter offers. When hiring the best talent for your company’s open positions, consider the following tips to avoid facing a counter offer:
- Understand the candidate’s needs and wants. One of the most important pieces of the puzzle when hiring a candidate who is already employed is understanding exactly why they want to leave their current position. Although it may be a contributor, money is rarely the sole motivator to seek employment elsewhere. Typically, reasons for changing jobs will include lack of challenges, no room for career growth, or they simply are not happy. If any of these are the case, a counter offer should not sway them away from your initial offer.
- Keep communication open. Many companies make the mistake of extending a job offer and not following up with the candidate until their start date. The two weeks after the candidate submits their resignation notice to their current employer will be prime time for the employer to try to win them back; this is why it is imperative to stay in regular contact during this period. Use this timeframe as your opportunity to begin the candidate’s transition to your company. Share your excitement to have them on board, include them in emails, and help them begin to feel like a part of the team.
- Do not fall into a compensation war. Getting into a compensation battle will ultimately put you at a disadvantage. If the candidate accepts more money now, their chances of ever being satisfied are slim. Instead, make your best offer and leave it at that. If the candidate is truly letting compensation make the decision for them, they will either hold you hostage by constantly asking for increased pay or leave your company at the first opportunity to make more money.
Counter offers can be frustrating and even if you put forth due diligence to prevent them, nothing is guaranteed. To make sure you are finding top candidates ready to make the transition to your company, you will want to partner with an experienced staffing firm. Recruiters have the edge of a competitive network of the best industry talent and know which qualified candidates are eager to make a career move in your field. If you’re ready to hire the best talent in Jackson, contact the professionals at Staffers, Inc. today!