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Competing Offers in the Compliance Market 2021

Posted on July 2021

Competing Offers in the Compliance Market 2021

​One of the fundamental reasons businesses lose candidates to competing offers is a result of a complex and lengthy interview process. Against a virtual interview backdrop, it’s understandable that organizations want a prospective employee to meet every team member, albeit in-person or remotely, so they can glimpse the cultural fit on both sides of the coin. However, depending on the seniority of the position, anything longer than 3-4 interview rounds can unnecessarily extend the length of the procedure. In this light, two valuable factors can dramatically reduce the length of any interview practice. To keep an interview short and sweet, companies should look to identify some of the key decision-makers and eradicate individuals who don’t have a say in the hire, which simultaneously cuts out the fluff of 2-3 interview stages. By partnering with a specialist recruiter, organizations can streamline the process and eliminate the initial HR phone screen. An additional factor that compresses the entire recruitment practice is to arrange panel interviews, which in effect, allows the entire team to meet the potential candidate at once or separated into a few successive rounds.

Seal the Deal, Quickly

After a successful interview process and the final round wraps up, hiring personnel and enterprise leaders should proactively make an offer within 1-5 days. If a manager fails to jump the gun quickly, this, in many ways, may plant seeds of doubt in a candidate's mind and subsequentially they are at risk of being snatched up by competitors. Concurrently, since the market is candidate-driven, businesses must assume that professionals are navigating other processes or receiving multiple offers. Working hard to understand prospective employees’ expectations, their idiosyncratic preferences, or desires is imperative. It may also be beneficial to ask candidates what other offers are readily available to them; this way if the budget allows, corporations can match or exceed the competing offer. What’s more, clearly displaying the company benefits, bonus potential, and a sign-on bonus can further entice mission-critical professionals.

All of these factors play into what a candidate deems the ‘perfect offer’, which can include the location, responsibility level, or a competitive benefits package, to name a few. It is likely that if a potential employee is searching in a buoyant job market, they might be interested in entertaining other offers. From the very beginning, firms should therefore be fully transparent in order to secure market visionaries before their competitors. Some examples of this range from, displaying honesty regarding the team’s budget and compensation, what realistic work hours look like, and clearly specifying the day-to-day responsibilities. Providing this astute and honest insight is valuable – prospective candidates can gain a comprehensive understanding of their working day before any offer stage is reached.

Go Above and Beyond

An abundance of firms are hesitant to increase their budget for the right candidate. However, being stringent on a budget will eventually cost institutions more in the long run, as they will have to spend weeks, perhaps months, trying to identify the next best thing. Alternatively, if companies accelerate their budget, it’s important to let the prospective employee know that they can be flexible on the numbers. There are additional benefits that talent acquisition managers or enterprise leaders can offer that can act as a vehicle, speaking louder than words. Some of the invaluable benefits include, but are not limited to, adding additional sick or vacation days, increasing flexibility, hosting company events, or supplying a gym membership. Battling against counteroffers, which have uniquely emerged in the market and increased in volume, is the best chance to win the war for talent.