As I mentioned in our last blog, we are now in a candidate-driven market. Since I discussed at length what a candidate-driven market is, now let’s only address the employer’s perspective and what they can do to ensure a new candidate does walk through the door. Today is not necessarily geared to the public finance industry as our statistics are much lower than other industries where a candidate accepts the position and does not show up. I’ve heard as much as almost 10% across the board where this applies. Imagine all that work you finally get the candidate to accept, you even have a signed offer, you’re excited about having them join your team, and then you’re ghosted on that first day.
After A Signed Offer, How Do You Know If They Will Show Up?
What is an employer to do in this situation? Let me lay this out. You’ve been through all the interviews with the candidate, you’ve checked their background, you’ve agreed on a compensation package, and you’ve delivered your offer. From here anything and everything could happen. The first clue that something may be amiss is to judge how fast you received back the signed offer. Experience has taught me that the sooner a candidate signs their offer, the more likely they will show up on that first day. If it takes them a couple of days or more to sign and return the offer, that is suspect to me. As the employer’s hiring manager, you need to be aware of that. If perchance you do get the offer back quickly, then the following steps are recommended.
What To Do Immediately After You Receive Their Signed Offer
Even though a candidate has sent back the signed offer quickly, which is a great sign, they still must walk into their current boss and resign. This is a concept that most hiring managers do not necessarily really understand the emotional implication of. As I mentioned in our last blog, employers are doing everything possible to not lose anyone. As a hiring manager, you must do everything to increase the likelihood that an employee after accepting your offer will begin. So, the first thing I recommend is that upon acceptance of an offer, the employer must reach out to their new employee and schedule an in-person meeting with a nice dinner for the new employee and their spouse or partner, if any. I have one company that at once sends flowers to their prospective employee. The key here is that you must immediately engage after an offer is signed. If a candidate feels as though they have now become part of your company, the resignation process will be much easier on them, which is the immediate goal.
Make Them Feel A Part Of The Team
How do you go ahead and make the candidate feel as though he or she is part of your company? One immediate answer is that all supervisory individuals that they will be dealing with instantly reach out, share their congratulations, and make themselves available for any further discussions, comments, etc. I have heard of one firm, not necessarily in public finance, that will have business cards printed up right away; thus, making the new candidate feel attachment by having that card in front of them with their name and title. This can certainly make them much more dedicated to the new firm as they give their resignation. If by chance there are any public meetings occurring or training where you can see yourself inviting your new employee, it is highly recommended to do so. Of course, be aware that even though there’s a signed offer, they may not have resigned yet. It may be a conflict for them to appear at one of your meetings. If the firm is a smaller firm, I highly recommend that the CEO or the highest officer in the company reach out and personally welcome them. Although these ideas may sound trite, anything that will make the new prospective employee feel part of the new team, the stronger the likelihood is they will not accept a counteroffer. That, my friends, is the goal for all of the above.
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About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.