The demand for top compliance professionals continues to grow, which means conflict between recruiters trying to entice these individuals and employers trying to retain them is at an all-time high. In a fraught attempt to keep top talent, employers sometimes present a counter offer.
While this may seem to be a favorable outcome for candidates, counter offers can be dangerous to accept and recruiters know it. In fact, the National Employment Association estimates as many as 89 percent of employees who accept a counter offer either quit or are let go within six months, which means everybody loses.
To keep candidates from accepting a counter offer, recruiters must become more involved in coaching the candidate’s response. Here are seven compliance recruitment tactics that can prevent you from losing a lead candidate to a counter offer.
1. Find Out Why the Candidate is Leaving
The initial answer will likely be canned, so dig deeper. Money may be on the list, but there are likely other reasons. Does the candidate feel stuck in the current position, with a lack of upward mobility? Is he or she looking to gain competency in a new area? Is there a lack of work-life balance? Those reasons are vital when competing with a counter offer. That brings us to our next tip…
2. Avoid Compensation Wars
They’re a losing battle. Give your best offer up front and make it known the number is static. If you must compete with a counter offer, consider the other reasons why a candidate is leaving the current position and remind him/her your company is the solution. You may also use share options in a last-ditch effort.
3. Ask the Candidate How They Plan to Deal With a Counter Offer
Let the candidate know you view him or her as top talent and as such, you’d expect the current employer feels the same. Remind him or her that a counter offer is a real possibility and ask how the candidate plans to respond if one arises. Validating the candidate’s worth helps nudge him or her toward a commitment with your company.
Don’t hesitate to ask this question more than once throughout the hiring process. Doing so holds candidates accountable for their commitment and creates opportunities for you to coach them in their responses.
4. Don’t Lose Contact With the Candidate After an Offer Is Made
This is one of the biggest mistakes compliance recruiters make. During the interview process, excitement builds and bonding takes place. Keep that momentum going until the offer is accepted by meeting with the candidate in-person after the offer has been made. This could include giving the candidate a preliminary assignment or inviting them to attend a business meeting.
5. Treat the Candidate As Part of the Team
Put them on the company mailing list or invite them to a company event. Have HR reach out to discuss seating preferences, payroll details, etc. This will further tie down their commitment to your company.
6. Move Fast After an Offer Is Made
Follow a verbal offer immediately with paper documentation, preferably within the same day. Any delays during this crucial part of the process could be time you grant them to change their mind.
7. Ask the Candidate to Call You After the Resignation
Not only is a friendly, supportive voice nice to hear after a difficult conversation, but also this is the time candidates are most vulnerable to a counter. Show them your company is present and waiting for them.
Working with a legal recruiting firm that specializes in compliance hiring can help you close the deal with the candidate you want. For more tips on hiring a compliance officer, including a Chief Compliance Officer, download our guide, 8 Steps to Recruiting and Retaining Your Next CCO.