In today’s tough talent market, it’s becoming common for employers to counter offer workers who have resigned, usually offering a salary increase to encourage them to stay. As the UK faces a talent shortage (the most severe shortage of job candidates since 1997), bidding wars over top candidates are also occurring more frequently.
As a hiring manager, having to put forward counter offers to secure a candidate is a position you don’t want to be in! Here are our top tips to avoid this situation.
Present an attractive salary package
To keep candidates from even considering staying at their current role because they’ve been offered bump in pay, you should offer an attractive salary package from the get go.
While the salary should be attractive, it should also be appropriate for the candidate’s skill level and experience. When determining salaries, consider that wage growth is continuing to accelerate; total pay increased 3.7% on average (4.3% if you include bonuses) among employees between October and December of 2021.
If you’re unsure what to offer, check out our 2022 salary guide for guidance on the market rates across all levels of seniority, including regional insights.
If you’re looking to secure your preferred candidate before other offers roll in, you need to act fast. If you like someone, don’t hang about—act on it! You don’t want to leave the door open to other offers from your competitors who have moved quicker.
Put your best offer forward first
Bidding wars can get messy, especially in today’s candidate driven market, and they are happening more often. To avoid ending up in this position, start with what you believe the candidate is worth to your organisation.
If you’ve found a candidate that is the right fit, don’t leave it up to chance that another employer (including their existing one) could offer them more money or better perks.
Find out their motivation
Understanding the reason behind why a candidate leaving their existing role is absolutely essential; for some, money will not be the reason they are leaving. Understanding their motivation for change, whether it is salary, a desire for increased flexibility, benefits, or growth opportunities, may give you an opportunity to offer them what they are looking for.
It’s also helpful to consider motivating factors when trying to attract in-demand candidates to your organisation. You can then ensure you highlight how you could meet this need during the recruitment process.
At Plus One we find out all of our candidates key motivation ,so that we can match employees with employers perfectly.
Securing candidates with Plus One
Whatever the scenario you’re facing with securing the best candidates in the current recruitment market context, Plus One can help.
Our talented team of recruitment professionals take pride in understanding both our clients’ and candidates’ motivations. We help match employers and employees based on mutual suitability; helping you avoid counter offers and bidding wars!
To learn more about how we work and how we can help you with your recruitment needs, get in touch here.