February 7,2024 – “I’ll make him an offer he can’t refuse!”
Timeless words by Al Pacino (playing the role of Michael Corleone) that every employer should be thinking when considering a qualified candidate for any vacant position.
The reality is that great talent is not easy to find and when you do find a worthy candidate, it is necessary to make them an irresistible offer that they cannot refuse. Another harsh reality is that such a candidate would normally have multiple offers on the table because your competitors are also in the race to scoop them up.
So, how do you go about making an offer that your potential candidate cannot refuse?
What Is An Irresistible Offer?
In the simplest words, an irresistible offer is one that sets your offer above the others available to the potential candidate. Several things can set your offer apart and make it more appealing and give you an edge over your competitors who are going after the same talent as you.
A substantial signing bonus, equity in the company, stock options, additional performance-based bonus, health & other benefits are examples of offerings you can include in your job offer to make it that much more appealing to a prospective candidate.
However, the key to a compelling offer lies in identifying what the candidate needs and what will get them to accept your offer.
How To Make An Irresistible Offer
An irresistible offer is all about due diligence on the part of the hiring manager and human resources. This research includes uncovering what the top candidate wants and what will make them accept your offer. ‘Selling’ to potential candidates and combating counteroffers are skills that will come in handy.
Thorough compensation analysis and evaluation of the bonuses and rewards must be done to ensure alignment with the current competitive market.
What Does An Irresistible Offer Include
All the homework you’ve done to understand the needs of the candidate will come in handy here. Your offer will only be irresistible if you have something that the candidate truly wants and while it may begin with competitive compensation, it usually goes beyond that. Some other things you can think of including in your offer can be:
- Flexible work hours
- Paid leave
- Growth opportunities (training and coaching for a better role)
- Pet-friendly office
Whatever you include in your offer, it also adds to the employer value proposition which needs to be very clear for the candidate.
Establish Employer Value Proposition
It is important to have an established Employer Value Proposition (EVP) when creating an irresistible offer. An EVP gives you the upper hand when making an offer because you have clarity on what you’re offering to the candidate and what your expectation from the candidate is.
While creating an EVP, ask yourself, what promises are you willing to make to the prospective candidate. Mention details of how you intend to keep the promises and how you expect the candidate to contribute to the company’s growth. Outline the entire work experience – the organisation’s culture, values, mission, vision and any other benefits you will offer.
It is also important for the candidate to know how they fit into the company and how they will impact the organisation’s growth. So, be sure to mention that along with two other extremely important aspects of a compelling offer:
- Clarity About The Incentives And Perks
Talking about compensation, perks and bonuses can be a little awkward and uncomfortable. But it is important to get it out in the open as soon as possible. There are five areas to be considered when speaking about incentives – monetary compensation, short-term incentives, long-term incentives, benefits & perks and growth opportunities. Offering clarity in these areas will give any candidate a lot to consider while giving you an upper hand in comparison to the other offers on the table.
- Growth Opportunities
There is a reason a candidate is looking for a job change. Most often, it is because they’re on the lookout for a better opportunity. Giving them clarity on growth opportunities and prospects within the organisation will help the candidate decide. If they choose to come on board, you can be sure they will stick around for a while because they see growth for themselves.
Ask What The Candidate Wants (Special Requests, If Any)
No offer can be written in stone because there needs to be some amount of flexibility when you’re making an offer to a sought-after candidate. While the recruitment process is about the candidates impressing you, the offer is about you winning over the candidate. You have to think about what you can offer to the candidate so they choose your offer over the others available to them.
The simplest way to go about this is to ask the candidate what they are looking for. Asking the candidate why they’re looking for a job change will go a long way in understanding what you can offer.
For example, if the candidate is a young mother and your office has a day-care facility available, you can mention that in your offer and just like that, your offer becomes more appealing than those that do not have the same facility.
An irresistible offer is more than just money. Candidates look for a change and it goes beyond a raise in salary. Bottom line, if you want to get an ideal candidate to accept your offer, figure out what they want and see how you can give it to them. Create a win-win for the candidate and the company because that is the only way to sustainable growth.