Recent reports from Bright Network indicate record numbers of graduates are currently turning down job offers.
In this blog, we’ll explore why candidates renege on offers and provide actionable insights to help you mitigate this issue.
Understanding the reasons behind offer reneges
To effectively address offer reneges, it is crucial to understand why they happen. Here are some common reasons candidates may choose to back out:
- Better offers from other employers.
- Salary and benefits that fall short of their expectations.
- Concerns about relocation or working arrangements.
- Negative impressions formed during the interview process.
- Hearing negative feedback about the company.
A survey by Bright Network surveyed 14,000 undergraduates and found that 57% would reject an accepted offer for a better opportunity with a different employer. Of those, 33% cited a more exciting role, 24% sought a higher salary, and 13% had a better experience during the application process elsewhere.
Conducting informal exit interviews with candidates who renege can provide valuable insight. These discussions can uncover hidden issues and help your organisation adapt. Here are a few questions to consider:
- How would you describe your experience during the recruitment process?
- What factors contributed to your decision to renege on the offer?
- Is there anything you wish you had known earlier in the recruitment process?
Implementing preventative measures
Given the various reasons for offer reneges, implementing targeted, preventative measures is essential. Here are some strategies to consider:
- Revise your recruitment process: Streamline your recruitment to minimise resource waste. Focus on efficiency and candidate experience.
- Craft competitive offers: When sending an offer, ensure it is celebratory and detailed. Include crucial information about salary, benefits, location and training processes. Avoid vague oruninformative communications.
- Maintain engagement: After extending an offer, make sure to keep candidates informed about company updates. Consider organising an onsite visit for recruits to meet the team and foster relationships.
Responding gracefully to reneges
If a candidate does renege, it’s important to maintain professionalism. Your response is part of the candidate experience and can affect your brand image.
While it can be frustrating, treat this as a learning opportunity. If the candidate is willing, ask for feedback on their decision. Gather data on the reasons behind their reneges to refine your recruitment process. The more insights you gain, the better equipped you will be to prevent future occurrences.
Developing a backup plan
It’s better to hope for the best and prepare for the worst, so having a backup plan for reneges is worthwhile.
Throughout your recruitment, you’ve likely screened numerous applications and interviewed several strong candidates. If one candidate backs out, tap into your pool of remaining applicants.
You might also consider reopening applications, incorporating feedback received from reneged offers. This approach can yield valuable late applications, especially as many candidates wait until completing their studies before seeking employment.
Turning reneges into riches
Reneges can be one of the worst parts of recruiting – it can be disheartening to be forced back into the recruitment cycle. But by implementing these best practices, your organisation can mitigate, prepare for, and learn from these situations. They can provide you with an opportunity to refine your approach and, ultimately, improve your recruitment outcomes.
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Explore how to further nurture relationships throughout the recruitment process with our other blogs in this series: