The current job market is tough, especially regarding finding (and retaining) new hires. After a successful search, the last thing you want is to lose your ideal candidate to a counter offer. Luckily, with the right strategies, you have a better shot at winning them over. Money matters but isn't everything. Here are five areas to focus on so you can avoid losing potential talent:
1. Provide Superior Communication- One of the best ways to attract top talent is to make them feel valued before they’ve secured the job. Build excitement and a sense of camaraderie through phone calls, emails, or perhaps an invitation to lunch. Express how much their talent is wanted. Many companies lose employees because, after a while, they stop making them feel valued. With strong communication, you’ll demonstrate just how vested you are in hiring them.
2. Address Must-Haves- Companies often start by asking why someone wants to leave their current job. Flip the narrative and discover what they enjoy about it. Those factors will carry over into their new position, so use them to your advantage. Then, inquire about their non-negotiables. What must-haves are topping the list? Address how your organization can support these points and offer what they want.
3. Highlight Company Benefits- While your new potential hire is busy selling themselves to you, make sure you’re selling your company to them, too. Sure, they must be interested in the position if they’ve applied for it. But when a counter offer comes in, why will they choose your business? Do you offer:
These factors are equally important (perhaps even more so) than salary. They are also what sets your company apart and will make someone want to work there.
4. Timing is Everything- There is a fine line between moving too quickly and not moving quickly enough. Drag your feet, and risk losing a candidate, but they can also be scared off by prospective employers who are too aggressive in their approach. Show your interest without making them feel pressured to choose. It’s a balancing act but crucial to close the deal.
5. Know Your Competition- You must gauge what kinds of packages competitors are offering. Hiring is never easy, so present your best offer from the beginning. In today’s market be prepared to throw in some perks to sweeten the deal. Ask yourself the cost of not obtaining this talent. Trust us—better to invest at the start than risk losing a rising star. That will end up costing you much more in the long run.
The best defense is a good offense, and at The Pharma: Health Practice, we’ll provide the right strategic solutions during the recruiting and hiring practice. We know how difficult the job market is, which is why our team of experts does everything in its power to take the pressure off. Since 2007, the network we've built consists of the various leaders across a company's internal business units. In addition, we do not just excel at placing leadership, we thrive at populating the teams which support them. Whatever your needs may be, we are here for you.
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