10 Tips to Increase Your Job Offer Acceptance Rate

Top performers within the Financial Services industry are coveted, and rightly so, considering the revenue that an impact player can make on bottom line profitability. Key producers in certain geographic regions are heavily courted in today’s candidate driven market.

It's important to keep in mind that there's a monumental difference between interviewing someone that's currently unemployed (or actively trying to leave their organization), versus someone that is doing well in their current role but has shared with a recruiter that they may be open to making a career move for the right opportunity.

Regardless of the situation, it is always wise to manage the interview process in a way that you can honor the candidate's time, and professionally and respectfully build the relationship, with the goal of having them eventually join your organization.

As professional Financial Services Executive Recruiters, we invest tremendous time and effort in forging relationships with star players within the Financial Services arena. The 10 tips below are suggestions that we share with clients to advise and guide them through the interview process;

1.      Treat others as you wish to be treated:

•  Remember the candidate is interviewing you, just the same as you’re interviewing them.
•  A company’s interview process is a good reflection of other processes within the organization. Is it well thought out and methodical? If not, tighten it up, making sure you have ready access to any forms you may need, etc.
•  Every company should have a streamlined interview process that can easily be shared with a candidate at their first introduction to your company, so they know what to expect.
•  Review the Candidates Resume prior to the Interview, as well as their LinkedIn profile. It's also wise to look up their social media presence. If you are working with a professional recruiter, they will typically provide links to these profiles as part of their presentation.
• Be on Time for Interviews! This is such an easy request and sign of respect, that is chronically disregarded by a startling number of hiring managers. 
•  Even if you decide not to proceed with the candidate, treat them with respect and kindness. Take the time to let them know that you are not moving forward with them, but that you appreciate the time they invested in the interview process. It is shameful when professionals invest valuable time and energy pursuing an opportunity with a company, and then just never hear back. Give them the same courtesy that you would want yourself. Not everyone is going to get an offer, but everyone should be able to walk away from an interview with your firm, feeling good about the time invested and be able to speak positively about the experience. The Financial Services arena ultimately consists of a relatively small group of people within any geographic area, and word gets around quickly. It does not take much of an effort to make sure that your firm has a reputation that you can be proud of. 

2.      Timing – Ensure the process moves as quickly as you’re able to:

• Time kills deals – it’s critical to create momentum by providing prompt feedback and scheduling interviews as close together as possible.
• One month from initial receipt of a candidate's resume to the formal offer is the gold standard to aim for. Anything longer tends to lose good candidates.
• Even when you need to get a group of people together and there's a lag between interviews, having something scheduled keeps the candidate engaged.
• Ideally, one interview per week is the longest that you want to have between interviews.  Anything longer between steps kills the momentum.
• Create a sense of urgency. There should be a sense of excitement building on both sides.
• Set the proper expectations with candidates. Never promise an offer by a certain date unless you know you’re able to deliver it.
• Remember that your competitor is whizzing them through the interview process. If this is a courtship and the guy next door is asking your dream girl out on a nightly basis, and you're waiting a month between dates, who do you think is going to be perceived as being the most interested?
• People want to work for people that like them. If you like a Candidate, show them!
• No interview process should take more than 1 month, Max. 
• If your interview process takes longer than 1 month, you need to tighten it up. Chances are you either have too many people involved in the interview process, people are afraid to pull the trigger, or you have people interviewing that are not authorized to make hiring decisions, which is a blatant disregard of everyone’s time, not to mention highly unethical.  

3.      Once you’ve identified you’re interested in a candidate, make sure you know their ‘hot buttons’ & reasons why they’re interested in making a move:

• It’s important to understand why a candidate is interested in making a move, and if they’re not actively looking, what they would make a move for.
• Working with an experienced Financial Services Recruiter should be an immense help in this area, providing you with a list of top priorities that they have identified with the candidate that you can focus on, which will directly impact their decision. For example, these may be a better career path, more visibility within the organization, challenging projects, higher compensation potential, etc.
• If you have an opportunity that aligns with these areas of concern, it is critical to focus on these points during the interview.

4.      Address any concerns either party has on the front end before an offer is presented:

• In partnering with a Financial Services Search Consultant, they’ll be able to touch base with the candidate and gauge their level of interest and test for any concerns or hesitations prior to generating an offer.
• Before an official offer is generated and extended, all concerns should be addressed.

5.      Include your recruiter in on compensation and your thoughts of what you will and can offer:

• It’s important to start compensation discussions before you begin to write an offer letter.
• By doing so, neither the hiring manager nor the candidate should ever be surprised at the offer stage.
• Set the proper expectations. When you tell your recruiter or candidate that you can get ‘close’ to a figure, understand that people typically assume ‘close’ to be within a range of $5k.
• Speak with your Recruiter to understand what the candidate needs in order to accept, ensuring the Recruiter manages the candidate's expectations properly.

***When crafting your offer, make sure to focus in on your candidate’s primary hot buttons and then highlight their specific areas. Often times hiring managers mistakenly feel that they cannot afford a candidate, assuming that they need to come up X amount of money in order to entice a candidate to make a move, when the fact is, the candidate is wanting to make a move due to a Quality of Life change, or a Career Path change, as opposed to Compensation Change. Understand specifically what is driving your candidate to make a change, and what they ultimately need to make the leap, and then proceed accordingly. Often times it will not cost you bottom line dollars so much as outlining a clearly defined career path, or lifestyle change. ***

Remember that Smart Candidates Make Career Changes Based on 3 Things:

1. Compensation: Broken down by base salary ,total compensation, bonus potential , commissions, and benefits.
2. Career Path: Where a position will put them in one to five years.
3. Quality of Life: Who they will be working with, commute time, etc.

6.      Extend a verbal offer first:

• Encourage your recruiter to discuss what the candidate will accept and get a verbal agreement of the amount they need to move forward. This ensures the negotiations happen on the front end, before you’ve given the formal offer.
• Properly positioned, the candidate will then feel as if they have received the strongest offer possible and will not feel the need to review and crunch numbers after the offer is presented and will be comfortable accepting immediately.

7.      Extend the offer personally, via phone or ideally while they’re in your office:

• Never email the offer before calling the candidate to congratulate them and walk through the details of the offer.
• Studies show that presenting the offer in person substantially increases acceptance rates up to 38%. Baring the ability to present the offer in person, presenting the offer via Skype is a second-best option, and then over the phone comes in as an alternative.
• Remember, strong candidates will typically be receiving more than one offer and will be comparing apples to apples. Chances are the other company will have presented their offer live, highlighting all the benefits, total compensation potential and long-term career path, and you want to be able to do the same.
•  An offer is never just about the dollar figure and start date. Be sure to highlight the total package, including long range career opportunities, corporate culture, painting a picture where you invest in your candidate’s future within the firm.  

8.      Including a Deadline on the Offer Letter:

•  There should always be an expiration date on offer letters. Set the expectation of when you need an answer clearly on the offer letter.

9.      Most candidates in today’s market DO receive a counter offer:

• Be cognizant that it’s extremely common for good candidates to receive counter offers when turning in their resignation.
• A virtuous Recruiter will advise the candidate to tell their manager when giving notice that, out of respect for them, they will not be entertaining a counter offer. In fact, many experienced recruiters offer to write the resignation letter for their candidates, which includes a paragraph specifically discouraging counter-offers.
•  Studies show that a solid 88% of candidates that accept counter offers are then let go or leave the company within a 6-month period. A smart recruiter will always have a frank discussion with their candidate on the dangers of counter offers multiple times during the interview process.
•  If you are not working with a recruiter, be sure to have that discussion yourself at the offer stage, as well as a few times during the interview process.

10.  Work with an Experienced Recruiter

 The Benefits of working with an Experienced Recruiter are numerous, including; 

•  Providing access to passive candidates - Including targeting direct competitors and attracting specific key players.
• Deciphering the key pain points on what would prompt a candidate to make a change.
• Negotiating hiring packages.
•  Guiding hiring managers throughout the interview process are immeasurable.
•  Coaching candidates on the dangers of Counter-Offers.

INTERNATIONAL SEARCH CONSULTANTS has been in business since 1999, providing Financial Services and Bank Clients top performing professionals on a nationwide basis.

Please feel free to contact us today to have a pool of highly accomplished Financial Services professionals delivered to your interview table. 

Anna Souers is Director of Finance Recruiters and can be reached directly at [email protected] OR via direct dial at 800-450-3808.