Employment Offers Biotech Candidates Can't Refuse
November 17, 2014, 2014
How to make your company irresistible.
By BioSpace.com
Once upon a time, hiring managers conducted most of their interviews confident in the belief that an offer of employment, if extended, would likely be accepted. Today, however, this once-bedrock assumption is no longer universally true. According to a recent study conducted by a leading recruitment firm, as many as 35 to 50 percent of all job offers are now routinely rejected.
What happened? Well, the race for talented employees has heated up. The demand for qualified workers often outpaces the supply of willing applicants. Perhaps most importantly, today's employees place much more focus on finding meaningful and fulfilling work. So before you make that offer to your selected candidate, be mindful of these five factors.
1. Make the right offer at the right time.
It's still possible to attract and recruit the right candidates—it just takes a bit more forethought and planning than it might have in the past. According to career coach and recruitment consultant John O'Connor, the challenge lies in figuring out what's most important to your new hire—and then devising a comprehensive offer that meets those needs.
The old "one-size-fits-all" approach to job offers just doesn't work in today's hyper-competitive labor market. To win the talent wars, you've got to take a long, hard look at your organization from the outside in and figure out exactly what you've got to offer to today's up-and-comers. Here are some guidelines to help you get started.
2. Don't make an offer too soon.
Overly eager hiring managers who offer a position too early in the process can scare off candidates who want to take their time and fully consider all of their options. Even if you've got a strong gut feeling that you're looking at "the one," take your time and really showcase all of your organization's features and benefits before you extend a formal offer.
3. Money's not everything.
There's long been a mindset among many hiring managers that upping compensation is the best way to ensure that a job offer will be accepted. Salary is a significant part of the equation, to be sure, but increasingly—especially among younger workers—it's only one part of a bigger picture. Try to avoid focusing so much on salary issues that you overlook other factors.
4. Position the job as part of their path to career success.
During the interview process, you had the opportunity to learn a lot about what the candidate is looking for in a long-term career. Now's your chance to emphasize the way that this role will fit in perfectly with their plans. Don't forget to mention the potential for future growth and career development opportunities, as well.
5. Play up organizational "extras" that hold appeal for the candidate.
There are some benefits that can't be quantified in terms of salary or status, but still hold enormous appeal for some candidates. Is your organizational culture tightly-knit and informal? Does the company's charity work or corporate citizenship initiatives dovetail with their interests? Look for points of overlap and confluence that will resonate with your candidate and emphasize them when you're extending a formal offer.
It may not be as easy to find qualified, willing applicants as it used to be—but with just a little thought and preparation, it's simple to devise a smart, targeted job offer that even the most selective candidate will find it hard to turn down.
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