Why they turned off my offer??
Imagine it is Friday evening and you are
excited for the weekend plans that you have made to spend with your family. you
are winding up all your work and you just call candidate for onboarding and to
confirm is everything good to go? But your call is not answered and you receive
a WhatsApp from him saying that candidate can’t join with an unconvincing
reason. When you call again your call is disconnected? Your Every subsequent
call is disconnected!!! You are
wondering how you will face the hiring manager? Your performance review cycle
is going on and it is going to impact your offer to join ratio. This is the
worst anticipated nightmare of the recruiters of most companies today.
However, Hiring the best talent is like
playing a pool game, your strategy and actions should align, making the way for
your favourite ball towards the hole, but what if after all efforts the ball
just rolls towards opponent court? You have only one move!! How will you prevent the ball from sinking?
Interestingly in FY 2021-22 overall offer
to join ratio of IT hiring was 45-20% & Only 10% of candidates join on the
first offer, ~30% offers were rejected by candidates just before 2 days of
joining & Withing 5 days of joining 28% of candidate ghosted and stopped
responding to employers.
Offer to join ratio has huge impact on the
employer When a vacant position is not filled within time This time lag can
cost the company in numerous aspects like time spent to rehire, monetary for example
hiring cost, lower client satisfaction, more pressure on the existing staff,
sometimes the projects that company has undertaken are impacted. That’s why from
east to west, north to south and around the globe the corporate recruiters
mourning for the same thing which is offer to join ratio. Every Company is
fighting this great talent war and getting their hands dirty in this blood
bath.
The tables have now turned its flipped to
employee driven market. What’s in the candidate’s mind is what every recruiter
is trying to crack in order to improve their offer to join ratio. There can be
many reasons from candidate’s side for not accepting the offer like higher
counter offer by competitors, candidate’s experience at the interview,
workspace culture, job flexibility, bad company reviews by employees, ambiguity
about job role, Poor Communication during or after interview. In fact, 60% of
candidate wouldn’t fill the application form if its too lengthy & if the
firm has negative image than 69% of candidates are more likely to dismiss the
offer.
There are ample ideas which can be tried,
tested and implemented, according to the suitability of the organization,
however along with this process the opportunity to improvement shouldn’t be
missed. To transform the offer to join ratio from a challenge to opportunity
the organisations can take these steps
1.
Improve Interview experience.
Organizations needs to work on rapidness and simplification yet effectiveness
of interview process and make the interviewee respected and valuable.
2.
Exceptional and constant communication
during the whole hiring process and after offer is issued. The application
status of the candidate needs to be communicated on time, so that they don’t
lose interest. The candidate should be well versed with the role, work culture,
success and other perks of working in the company.
3.
The compensation offered should
be competitive and attractive for the candidates. The package should be bundled
up with interesting and fruitful beneits.
4.
The hiring experience should be
customized to each individual for example connecting the candidate with the
colleagues after making offer and overwhelming them by sending friendly and
warm welcome messages from colleagues or inviting them over to any informal
gathering if happening in company to make them feel love the company’s culture
and feel part of the community
5.
After offer is made the
applicant should be linked with the reporting manager so that they feel comfort
with them from starting and feel motivated.
6.
Sometimes candidates apply just
for backup because their interest interest and the career goal doesn’t align
with the job opportunity so the person interviewing must make sure that the
role offered should be perfectly in character with the applicant.
7.
There should be less time
between offer and joining date so that the Applicant’s decision fluctuation
probability becomes low
8.
The Offers can be made through
employee’s reference thus diluting the ghosting chances to minimal and can lead
to good conversion rate.
9.
Training can be provided to
applicants can be provided with test so they know more about their work and
company’s work culture
10.
In order to increase applicant’s
engagement, they might be invited for Office visit so they get a FOMO if they
reject the amazing work environment.
Case studies There are many companies which tackled this problem very
intelligently and creatively
The best example is How Airtel reduced its
offer rejection ratio from 80% to just 26% in 3years only by identifying the
problems in its hiring processes and solving it strategically
J. Anish Kumar (Talent acquisition
manager at PayPal) quoted about how they deal with
this issue,” We’ve started using a quarterly sign-on bonus to reduce the
difference between the offer we have offered a candidate versus a counter offer
they may have got, and that has helped a lot.”
Lokesh Latchiyapriyan (Tech Talent
acquisition at Meesho) spoke about this ,” If we
know that already this person has got another offer, then we’ll fast track the
process and try to do something better. The only catch is finally what the
candidate wants to do, whether it is in line with what we can offer.”
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