The process of recruitment does not end when you hand an offer letter to the candidate. The gap between acceptance of offer letter and joining date is the most crucial period because the candidate can change its decision anytime during this period. Most of the candidates after receiving the offer letter from one company looks for better opportunity and can shift to another company if they get a good deal. Sometimes, companies are prepared with this kind of declining but most of the times companies closes their recruitment process for that particular post and not joining affects their workflow and might incur losses. Recruitment is a lengthy process and requires heavy workload of HR while hiring right candidates for the company and offering them deal which also suits them. Backing out incurs extra workload of recruiters as they have to again put in efforts to find another candidate which fits their criteria and all these also requires heavy hiring cost of employers.
To minimise these losses of losing candidate and incurring heavy cost, first you have to understand the reasons behind candidate’s backing out. It is obvious that candidates keep themselves open to other opportunities as well unless they have a fixed company to target. If they get a better offer somewhere else they would definitely opt for that company. Better offer includes higher pay, better work culture, higher employer branding, better role etc. We could add a few of more points to what qualifies as a far better offer. However, you’ll tell by now that there isn’t much scope to tackle these points within the short run. In a situation like this the simplest you’ll do is to seek out before later. Hence, staying in-tuned constantly with the candidate may be a must. Another approach to stay people from joining another company is to form the candidate feel wanted. Candidates are more likely to hitch a corporation where they feel important and this also creates a positive environment.
The millennials today not only focuses on the CTA offered by the company but also how the company is and how strong is its employer brand. Employer branding is a strategic process of making the workplace a unique and healthy place to work in where employees feel good about the place. This helps to attract skilled and knowledgeable employees to work in because every employee dreams of healthy and friendly working environment. Most of the time it happens that when the candidate resigns they get a counter offer from their current company, convincing them to stay back. After receiving the offer they will again go back to your website to reassess how good your company is compared to their current one. This where employer branding comes in. If your company has a good work culture and have an attractive employer brand it is highly likely that they will turn that offer and will opt for your company.
Everyone fears of change and when they take a decision it requires deep thinking whether that change will good for them or not. The gap between offer letter and joining date makes the candidate rethink about the job offer and whether it fits their forte and will help in their growth or not. It is possible that the candidate does not get attracted by the role they are offered. Such scenarios are often contained through an efficient interview process. It’s important to measure the willingness and excitement the candidate has towards the role. If a candidate isn’t convinced about his role, drop-out rates are always getting to be higher. What might be worse is that the candidate might prefer to leave within a few of days of joining. Asking the proper questions at the interview stage can assist you avoid drop-offs and assist you avoid hiring poorly motivated employees.
The bottom line is you have to accept the fact that the candidates get varied offers similar to your company so here the deciding factor comes on the candidate. So, as an employer improve the candidate’s experience by keeping them engaged and happy from the offer stage only. Assign them some tasks before joining that they have to be prepared for their first day which will keep them engaged and connected with your company. The whole process counts. It must be easy for the candidate to travel through the method and to feel that the corporate is well organised and efficient. Any other approach will sow seeds of doubt and therefore the candidates are going to be easily swayed into looking elsewhere. Therefore, in this fiercely competitive world don’t let anyone take away your new talent by showing more interest and being proactive. Also do not let away the talented candidates for the reason of hiring cost as that might incur you lose far more opportunity cost.