Now that you're ready for the next step, it's crucial to craft a standout job offer. Find out what it should include, what you should discuss with the candidate and how to measure the process.
How to create a competitive offer
To attract top talent in today’s competitive job market, it’s important to make a job offer that’s engaging.
Prior to advertising, there are several crucial steps you can take to ensure you attract the right candidates for the role.
- Carry out market research: source relevant data around what benefits and salary your competitors are offering for similar roles.
- Conduct internal benchmarking: ensure the salary and compensation packages you’re advertising are in line with current employees in similar locations and positions.
- Standardise your contracts: ensure your contracts comply with UK labour laws.
- Create a clear and concise job description: clearly outline the role, required skills and experience, compensation and benefits. Consider also including the company culture, professional development opportunities and making the job offer time-sensitive.
ABC – always be closing
- Be open to salary discussions: conversations regarding a candidate’s salary expectations are likely to occur as soon as they apply. Always remember to align salary decisions based on the candidate's qualifications and experience, and to ensure any adjustments are within your budget.
- Offer a full compensation package: a salary alone won’t attract top talent. Consider including a bonus, equity, pension scheme and benefits, such as flexible working, to your offer.
- Consider motivations for application: not every career decision is strictly financial. Understanding the candidate’s motivations for changing jobs can identify opportunities to upsell your offer based on how it improves on their current role.
- Expect counteroffers: counteroffers are commonplace, as it’s often less expensive for the candidate’s current company to offer a salary increase than find a replacement.
Communicate timelines and prioritise pace
If you think you’ve found the right person, act fast to show interest, create a great impression and avoid losing that candidate to competitors. By following these timelines, you can prevent dropouts:
- Wait no more than two and a half weeks between your first interview with the candidate and making them an offer.
- Make an offer within 48 hours after a final interview.
- Set a start date within two to three days and complete the paperwork after an offer is accepted,
Steps to formalise an offer
- Pre-close: be aware of other processes and the potential for a counteroffer. Clarify that your timeline meets their expected deadline for changing roles.
- Budget and sign-off: communicate the need and business impact of making this hire internally, especially on revenue, cost savings or efficiencies. Anticipate objections and consider alternative solutions if needed.
- Ask for references: offers can be conditional upon receiving satisfactory references, which you can ask for as soon as the offer has been accepted.
- Address questions: be responsive, providing clear and honest answers to the candidate’s questions and concerns.
- Send the paperwork: make sure the HR and/or legal team has reviewed the contract before sending over to the candidate, along with any other necessary documentation, within 24 hours.
Measure the effectiveness of your hiring process
To help identify and improve hiring processes, it’s important to track various recruitment metrics:
- How long the hiring process took, from the first interview to making an offer.
- The source of hire (e.g. job board or LinkedIn).
- The number of accepted and rejected offers.
- The experience of the candidates.
- New hire retention rate.
- Cost per hire, from advertisement to training.