4 Tips on Navigating Counteroffer Conversations
When you see a job advert for a company, it is not as simple as it seems. There is a great deal of work and investment put behind that. Finding the ideal applicant is very difficult, and to make matters worse, once they do, the counteroffer from the candidate destroys the deal.
Employers are constantly under pressure to develop strong teams and deal with counteroffers to retain the best employees.
During the notice period, 50% of employees receive a counteroffer. Employers detest counteroffers in 38% of cases. 57% of employees accept the counteroffer and stay. When talent is scarce, retaining employees becomes a daunting situation for employers. So, how should an employer facing a counteroffer respond?
Confront the candidate during the shortlisting stage:
Always be prepared rather than be caught off guard. The best course of action is to approach and talk about the subject with the candidate in advance. You can get a better understanding of his prospects of attaining it by having a conversation with them regarding the potential for their current employer to make them a counteroffer during their resignation. This can lessen the likelihood that you will lose a strong candidate during the interview process.
Prepare to counter the counteroffer:
The only effective response to a counteroffer is a counter. You will be able to provide the candidate with a decent deal to persuade them to accept your offer if you analyse the candidate and his motivation for seeking a career move. It will work if you are willing to stretch your payout a little, of course.
Give them the bigger picture of your brand:
A strong brand value always has a larger impact. To inspire the candidate’s trust in you, highlight your brand’s offerings, growth trajectory, prestigious clients, accolades received, etc. Tell them how much associating with you would help them both personally and professionally. This also provides them with comfort in their choice to quit their current employer and work with you.
Attractive compensation
Employees should always know and feel valued by the company. The best way to make them feel that is through offering compensation and benefits. Providing financial aid for health and wellness, offering mentorship programmes to upskill them, helping finance their educational programs, paid leaves, etc. This helps raise general productivity and job satisfaction.
It can cost the current employer as much as 213% of the annual salary to replace a senior executive.
As much as a challenge to employers, candidates also face pressure to respond to counteroffers. As for candidates, it is important you take time, weigh your options, and make the final call. Because one wrong move could push both you and your employer to the brink of insolvency.
With highly specialized IT job recruiters and our IT staffing advisory services, AMBC is here to assist you in scaling your needs to accomplish your organizational goals. As an IT Job recruitment company, we support and empower your organization with the right talent. Before putting together a winning plan, we also play the role of an IT job hiring agency to assist aspiring talents to reflect on their career objectives before placing them in the right job.
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