A significant number of candidates are turning down offers from finance recruitment agencies. Candidates are voicing out that the compensation does not match expectation. It is common to find that the potential candidates accept offers from other organizations or counter-offers from their current employers. Another reason that contributes to offers being turned down is the demands of the new position. As an agency striving to circumnavigate this problem, you need to employ the strategies below.
1. Offer Competitive Salaries.
For you to figure out the kind of salary that would attract potential candidates, you may need to do a comprehensive salary survey. This includes consulting fellow recruiters, going through job forums, visiting sites that advertise jobs in the finance sector, and joining Facebook groups. Make sure their membership consists of those who picked up careers in finance, allowing you to compare market rates for various positions. You will then want to offer a salary that matches their expectations.
2. Know Your Candidate.
It is vital that you can establish what drives candidates to pick a particular job. You can achieve this by asking this kind of question as you interview candidates. Aside from the salary, try to find out other significant factors (i.e., work flexibility and career development), which influence their decision.
3. Offer a Deferred Salary Hike.
Shortly, it might difficult for you to match the salary expectations of certain candidates. To get their attention, you will want to promise them a wage hike after a certain fixed period. You should also let them know that the increase will be subject to them proving their value to your firm.
The above strategies will help you beat the competition and get the best candidates out there. However, you should be careful of offering salaries that surpass the budget because you might lack the ability to pay up in the future.