In the highly competitive world of life sciences, counter offers are a common challenge that can impact companies trying to recruit new employees. To minimise the chances of your candidates accepting counter offers from other organisations, businesses should consider three key factors when hiring:
1. Transparent communication
Maintain open and transparent communication with candidates from the start, and discuss compensation expectations early to ensure alignment and avoid surprises during the offer stage. Delays and frustrations can make counter offers more appealing. Before making an offer, ask about potential counter offer scenarios to address candidates’ concerns, doubts, and objections.
2. Focus on the bigger picture
Throughout the hiring process, it’s crucial to focus on more than just the immediate job offer; selling your entire company is essential. By highlighting your company culture and long-term career prospects, you can make your offer more attractive and significantly reduce the impact of counter offers. Many professionals prioritise job satisfaction, growth potential, and alignment with a company’s values just as much as immediate compensation.
3. Make offers final and best
It’s essential to offer competitive compensation packages from the outset. When making an offer, ensure it is both best and final. Research salary benchmarks and expected benefits for the position beforehand, but also take into account the candidate’s experience, skills, and qualifications when determining the final offer. Be ready to pay above the market rate if the candidate possesses unique skills that are in high demand.
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Here at EPM Scientific, we understand that attracting and selecting the right talent for your business can be a difficult task. That's where EPM Scientific can help, simply request a call back and we will cater for your life sciences hiring needs.