Did you know that over 50% of employees accept counter offers made to them? That’s not great news if you’re looking to hire. The battle for talent is heating up. So, how can you ensure that your star candidate doesn’t end up taking the counter offer that’s sure to be presented to them?
Engage the following strategy and make your candidate think twice about accepting that counter offer:
It Starts With the Interview
Assume your candidate will get a counter offer. And, if (and when) your candidate does receive one, you’ll want to have the knowledge to combat it. How?
- Ask
- Listen
- Take note
Ask about the candidate’s passions and learn about their career goals. Find out what their greatest frustrations have been in past roles. If you can figure out why they want to leave their current position, you’ll possess valuable information. And, you’ll have conveyed an honest interest in them while also getting data that can help them see why they should accept your offer instead of someone else’s.
Arm Yourself With the Stats
80% of candidates who accept a counter offer from their current employer end up leaving within 6 months. Furthermore, 9 out of 10 candidates who accept a counter offer leave their current employer within the twelve-month mark.
Also, you’ll want to give the candidate resources that explain why employers generally make counter offers in the first place. Here are some reasons employees should never accept counter offers:
- The trust is now broken
- Employers are just buying time to find someone else
- It hardly ever ends well
- Problems won’t magically disappear with a new title or salary
- The manager may only be worried about “how it looks”
- It shouldn’t have taken putting in their notice to get noticed.
Refer to the Candidate’s Pain Points
Once that counter offer comes rolling in, you’ll want to dig out your notes from the interview. Reiterate and paraphrase what the candidate told you is most important to them. Remind the candidate about why they were looking for something new in the first place. Help them recognize that your opportunity is a chance to see their career wants and needs materialize.
Close the Deal or Move On
After receiving a counter offer, the candidate may come back and ask to renegotiate your offer. But, don’t let the candidate take advantage of you. Make sure you’re comfortable with your best and final offer. You’ve done the work and put your best foot forward.
Now, it’s time to sit back and let them decide what they’re going to do. You want to hire a candidate who is enthusiastic about the opportunity and prospect of working for you. So, if the candidate decides to stay with their current employer, consider the fact that you may have lucked out.
Need more tips to close your star candidate? Read these 8 tips, proven to help you start closing candidates from the start of your hiring process!
Visit The Ultimate Guide to Hiring Digital Talent page for more information about how to close digital candidates!
