How to Win the Offer War in a Competitive Market | reesmarx
Matt Mann

Matt Mann

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How to Win the Offer War in a Competitive Market

Employers are struggling to win over talent in today’s highly competitive job market due to the high unemployment rates we’ve seen in the United States over the last two years. As of March 2022, the country’s unemployment rate sits at 3.6%. With such a large segment of the population being unemployed leaving so many open positions to be filled, candidates have the upper hand. Talent are now able to pick and choose which company they’re willing to work for based off of their offered pay rate, benefits, and flexibility. If a company won’t give them what their looking for, they know that another one will. There is no longer a guarantee for employers that a qualified talent will accept their job offer. Now, it’s time they step up their game.

1. Ditch the Bland Interviews

Give your candidate an all-around experience during their interview. The better of an experience a candidate has of their interview, the more you’ll stand out to them as they narrow down their decisions between multiple offers. For in-person interviews, take them on a tour around the office and take time make them feel welcomed before they walk out the door. Introduce them to current team members, explain the work environment and company culture, discuss any events or internal committees your company may have and, of course, leave no questions unanswered. 

2. Keep it Movin’

A competitive market means that as an employer, you need to speed up the hiring process to get ahead of your competition. This doesn’t mean, however, that you have to compromise quality hiring decisions. Cultivate a consistent evaluation model/form that you will use while interviewing each candidate. This evaluation form could include hard and soft skills, level of education, professional experience, etc. according to what you’re looking for in a candidate for a given position. Not only will this allow you to relay candidate feedback to others on your hiring team quickly, but it ensures that each candidate is being rated equally across your standards. There are evaluation management systems available online that allow companies to collect interview details and data all in one place making it easier to compare candidates and get your offers out fast. 

3. Build up a Pipeline of Passive Candidates

Passive candidates are those who are those already employed and who aren’t actively seeking out a new position. Believe it or not, pursuing passive candidates is a great way to get quality talent to join your team. Since these people are not actively seeking employment, they’re most likely not interviewing with anyone else leaving the door open for you to pique their interest—after all, around 85% of candidates would consider leaving their position if a better opportunity were to come along. 

By pursuing passive candidates, you avoid rejected offers while getting them excited about your company. Seek out candidates with the right skills you’re looking for, and tell them all about your company, and the benefits you provide. Begin to develop a list of candidates who might take up a position in the future, and keep them in mind. Employee referral programs are also a great way to develop a list of passive candidates because it’s much more casual than being approached directly from a business. Ask your employees to recommend new hires with the incentive of a reward such as a bonus. If their suggestion meets your expectations for the position, you have another candidate that you can put in your back pocket for later if you need a position filled.

4. Close Upon the First Screen

Don’t wait until the first round of screenings is over to begin the closing process. Find out as much as you can on what the candidate is seeking out in a new position early on. Before you close out, ask the right questions during the first interview to avoid last-minute surprises from the candidate. If you feel they’re a great fit, extend the offer and begin the closing process immediately. It’s all about working smarter to win candidates before another company. If you’re quick to extend an offer your candidate may be more likely to accept it rather than waiting around for another offer to come along to compare yours to. 

5. You Can’t Win Them All

Sometimes despite how well you’ve provided a candidate with a top-notch experience, they still end up declining your offer. You may feel that you’ve put in a lot of wasted effort but remember that candidate pipeline? Revisit that list of candidates you’ve looked at and start looking for your next hire there until another applicant comes along and you might just end up with a talent that’s even more qualified than the last.

The hiring game is a tough one in today’s competitive job market. Getting the right hiring strategy down can go a long way, and these tips can get you started. Soon enough, you’ll be winning over candidates and building a strong team of highly skilled and qualified talent. 

 

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