Recruitment is one of the longest and most expensive HR processes. The time that human resources need to find the right candidate in the given role may vary from day to month. A lot of time and effort get invested in the hiring process. Yet we all know that there are no guarantees that a candidate will show up on an agreed-upon date.
This accounts for a massive loss of productivity and sometimes even can put a company’s reputation at stake. Talent management is not an easy task, most companies struggle to find the best candidate based on the job description and organisational values. Once you identify the talent it’s essential to ensure to give them an offer that they can’t reject. The right offers are also important when it comes to promotion. Getting things right is essential
Giving lucrative offers to the best talent may sound simple but you really need to ensure that it’s the best among all the offers they will receive till the date of joining. This is where offer management comes into the picture.
What is Candidate Offer Management?
The process of offer management is about giving the right offer to the candidate. It actually starts with the candidate’s interview process and ends when the selected candidate is given the job offer. All companies have different processes for offer management based on job requirements and more aspects like company policies or urgency to fill up the position.
Here are a few tips for designing a good offer management strategy.
Start with clarity
It’s crucial to avoid any type of confusion when it comes to the process of offer management. Get clarity on the basic information related to the vacancy. Make sure that you have the following details before you extend a final job offer.
The pay range
we all understand, money is our primary motive behind the any job. It is a basic expectation from exchange of the services that candidate offers to the organisation. That make defining pay range very important from perspective of company as well as candidates. Many won’t even apply for the job posting who avoid mentioning a pay range.
Discuss with management or concerned person who can decide this range according to the resources company has. Lower range of your offer also have to be lucrative enough to attract top talent.
Perks and other benefits
Luckily in the modern word money is not the only deciding factor. If you are not the one with the highest package to offer you can still attract talent and get them onboard. If your company fall short of the monetary resources to compete, the solution is the right combination of perks and benefits.
You need to make perks and benefits an essential part of your offer management. Many people prefer to work from home after the pandemic for better work life balance. Some seek better medical benefits while most seek to work remotely in some capacity. Use non-monetary perks like this to make your offers more secretive. Sometimes solutions like paying for emplloyee’s internet services will make a huge difference.
There is no perfect answer to how much should be given to the candidates to respond to your offer. It is undrstandable if you want them to respond immediately but that is unlikely to happen. Top talent alays prefgert to weigh their offers before they make a final decision. Instead of forcing them to give you imediate answer give them the deadline to respond. While it won’t be easy to come up with the ansewer to how many days are too much a giving them a couple of days is a good start.
Having the above information will help you to speed up the process and negotiate better with the candidate.
It does not take long to lose your top talent. Once your find the right candidate you want to hire it’s important to extend them an offer as soon as you can. The more time you take to give them an offer the bigger is the window for some companies for giving the talent and getting them on board.
Wehn you take too much time from the interview for the offer it leads to the candidate think that your are not interested in giving them an offer. When it comes to offer management you must value time. In a modern world where every company at the toes for getting top talent no one is waiting for your offer forever.
Decide on a time frame that you want to take before giving a final offer for top talent. Remember top talent often have multiple offers with them and can wait only up to certain time to make a decision. Many new HR personnel learn it hard way, how a quick offer can help with getting the top talent and better offer management.
Deliver Right Experirnce
The hiring process is candidate’s first impression for your business. Its not just the offer but the entire process based on which they are likely to take their decision. So you can ensure that the hiring process creates a positive image for your business from the very beginning. That is likely to make them want to learn more about your business and management.
Many candidates are concerned about the type of work culture companies they will join or the efforts they put into employee engagement. The simple thing to do for this is to stay connected with a candidate you find has a potential for the job. The hiring and recruitment is a long process but an essential part of the offer management, so keep candidates updated in real time about their progress in the selections.
Your interaction is likely tobe considered as a company culture. So ensure that you create a real time impression that showcase company values. You can use the hiring processs as a platform to communicate what your business can offer. This enhances the chances that candidate accept position with your company out of the other job offers.
Get Personalised Data
Knowing the candidate beyond there resume can be beneficial for your company. The modern era we live in offer all types of opportunities to the top talent and those who are keen enough can make the one for themselves. What we want is to present one that they can’t let go. That requires you to learn more about your cndidates.
As business we know how to learn more about your customers can help you design better product and services to customers. Similarly when you learn more regarding the interests and priorities of candidates it leads to better personalised offer management.
As mentioned earlier use the interaction with a candidate during hiring process as a platform. you can create a set of data on what they value, likes, dislikes and more. It is also beneficial to know the probles they were facing at the previous organisation and try to offer a new soulution.
This personalised data will help give them a better personalized offer and come in handy when your offer is under negotiation. You can emphasise and remind candidates to focus on things your company offers and they value. The personalised data will also improve your offer management as you can now create a new benefits and perks package with the knowledge you acquired.
Also Read: What is RnR? Full Form and Benefits
It’s essential to get all the details right. First, understand the job description so that you are looking to fill it. That enables you to answer the candidate during the conversation. That set up an impression of a professional organisation. Top talent likes to want with the organisations that know what they are talking about.
Details are also important when candidates receive a final offer. All of your offer management will be of no use if you do not showcase a complete picture of what your company offers to them at the right time.
You cannot always provide every detail while talking on a call or during an interview. However, it is helpful to have a detailed copy of the package company offers in a negotiation meeting and all perks and benefits. Emphasising a set of perks and benefits that they prefer will increase the probability of acceptance.
Recruitment is often time-consuming and expensive for the company. It usually takes a long period to find the right candidate. A vacant position means loss of productivity and sometimes can harm a brand image. That makes it essential to have a good offer management strategy as that will help ensure that when you find a candidate, they will join on the promised date. Be detailed and make the candidate’s experience positive from the hiring process. Put your best offer out for them according to the company resources. Also, pay attention to perks and benefits to make your offer more competitive in the talent market and lucrative for candidates.