An underwhelming first proposition not only risks acceptance but also sets the stage for potential counteroffers or competitors swooping in. In this blog post, we'll explore the critical importance of crafting a compelling opening offer and provide strategic solutions to ensure a positive and mutually beneficial start to the employer-candidate relationship.
In the competitive landscape of talent acquisition, securing top-tier candidates culminates with nailing the opening offer. You’ve found the perfect candidate and wooed them with a meaningful EVP (employee value proposition), you’ve started building the foundations of a great working relationship through the interview process, and now it’s offer time. You’re excited, they’re excited, and then the unthinkable happens. They get the offer, and it’s a no.
An underwhelming first proposition not only risks acceptance but also sets the stage for potential counteroffers or competitors swooping in. The psychological impact of an uninspiring offer is profound – candidates may not feel valued or excited about joining your organization. In this blog post, we’ll explore the critical importance of crafting a compelling opening offer and provide strategic solutions to ensure a positive and mutually beneficial start to the employer-candidate relationship.
The Perils of Underwhelming Opening Offers
Risk of Losing Top Talent
Candidates who receive an underwhelming offer may reluctantly accept, but the lack of enthusiasm can be a red flag. This puts organizations at risk of losing these candidates to counter offers from their current employers or attractive propositions from competitors. A lackluster start could sour the candidate’s perception of your company and affect their long-term commitment.
Psychological Impact: Feeling Undervalued
The psychological impact of an underwhelming offer is significant. Candidates may question their worth to the organization and wonder if their skills and experience are truly appreciated. This first impression sets the tone for the entire employee experience and can influence job satisfaction and performance down the line.
According to CareerPlug, 22% of candidates turn down job offers because the compensation and benefits didn’t meet their expectations.
Strategic Solutions for Crafting Compelling Opening Offers
Utilize the Soft Close Approach
The soft closing technique involves delicately probing for any potential issues that could derail the hiring process. Uncover concerns about unpaid bonuses, issues with benefits, increased commutes, or undisclosed relocations that might affect the candidate’s decision. Addressing these issues early on allows for smoother negotiations and fosters a transparent and collaborative atmosphere.
Obtain a Clear Picture of Candidate Compensation Needs
To avoid undervaluing candidates, it’s crucial to obtain a comprehensive understanding of their compensation needs. Engage in open and honest discussions about their expectations, considering not only salary; but also bonuses, benefits, and other perks. This forms the foundation for constructive negotiations and ensures that the offer aligns with the candidate’s financial and professional goals.
The Art of Negotiation
Negotiation is an art, and honesty is the brushstroke that paints a successful picture. Be transparent about the organization’s limitations and constraints while exploring creative solutions to meet the candidate’s needs. This collaborative approach builds trust and establishes a positive foundation for the employer-candidate relationship.
Keep the Big Picture in Mind
Consider the broader context when formulating opening offers. If your organization has a retention-focused, partnership-oriented, or hourly structure, it’s essential to evaluate the long-term costs and benefits. Remember that investing a bit more upfront might be more cost-effective than nickel and diming, especially if it secures top talent and promotes a positive employer brand.
The Wrap Up
In the realm of talent acquisition, the opening offer is a pivotal moment that shapes the trajectory of the employer-candidate relationship. An underwhelming offer not only jeopardizes candidate acceptance but also risks the loss of top talent to competitors. By employing the soft close approach, obtaining a clear picture of candidate compensation needs, mastering the art of negotiation, and keeping the big picture in mind, organizations can craft compelling opening offers that make candidates feel valued, excited, and eager to contribute to the success of the company.
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