In a situation where your favorite candidate, whom you can't replicate, may or may not accept the offer? we've all been there. But how do you ensure you don't get to the end of the process with a maybe? Let's explore... starting from the beginning.
It sounds so simple but is often overlooked: is this candidate within your comfortable budget range? We hear time and time again that clients are back to square one because of a declined offer that was likely never going to be accepted, costing them valuable time, resources, and money. However you decide to conduct the search, make sure that any candidate who gets to a hiring manager screen has been qualified on their compensation expectations. For example, the candidate has shared what they're looking for, or you've shared the range and confirmed understanding.
Rinse and repeat
It's best practice to double-check what your top candidate wants to accept the role once they're halfway through the interview process. As candidates go through the process and learn more about the organization, the scope of work, and what's needed, their expectations can change. Take some time for a separate debrief to chat about how they're feeling about the opportunity, what they like, and any concerns they might have. Reconfirm the compensation and benefits you discussed earlier.
Going to offer
The search has been open for months, and you've finally gotten agreement from the team that they want to move forward. Sounds great, doesn't it? The common failure in this scenario is to rush into delivering the offer so you can get the (hopefully!) positive response and gratification. In our experience, it's better to slow things down and ensure that all of the important motivators for the candidate in their next role have been discussed and that there are no open questions prior to talking numbers
“ It's best practice to reconfirm what your top candidate would be looking for to accept the role once they've reached the middle of the interview process”
Delivering the offer
Discussing money with anyone you don't know can create awkwardness. There is also a natural feeling of uncertainty as to how it will be received, am I offering too much or too little? How much money people make can be attached to self worth and no one wants to dent that. Address compensation head on and clearly ask for feedback for each component (base, bonus, equity). It can also be valuable to have your finance leader present to discuss more in depth equity questions as needed.
Follow up steps
Throughout the interview process you should have picked up what the candidate likes to do outside of work and built some rapport. A nice personal touch is to send them a gift that is meaningful to them and shows that you've actively listened to them.
Have the rest of the team reach out with personalized notes that highlight what they really liked about what the candidate said during their interview specifically.
I know you're busy, but meet them in person and take them to dinner (even if it requires a flight). In the virtual world the hiring process can feel stale and transactional. Landing this candidate can change how your business operates exponentially so it's worth the investment.
Have them meet with an investor or board member. Discussing the long term strategy, why they invested in the company and how their role plays a part is a key selling strategy.
