How to Handle The Counteroffer Your Outstanding Candidate Just Received

Even with amazing benefits and salaries to offer, companies can struggle to find the talent they need. Then, even if you make it through the challenges of finding candidates, sorting through options, and extending an offer, your candidate might be won over by a counteroffer from their existing employer. So, how do you handle this situation if it occurs?

1.    Discuss the Situation Early

Once you’ve gone through identifying and interviewing the ideal candidate and extending your offer, it can be demoralising to hear they’ve received a counteroffer from their existing employer. However, if you address this possibility early, you can potentially avoid a battle.

Ask your candidate whether they think their existing employer will try to keep them around and what they’re likely to do if a counteroffer does appear. This is your opportunity to discover what might tempt the person you want on your team to stay with their existing employer.

For instance, if your candidate tells you that they would like to be offered more money, but they feel their existing employer can’t give them the company culture they want, you can highlight the benefits of your own culture and offer to introduce your candidate to some of the people they’ll be working with, so they can begin to develop bonds as they get an initial experience of how different a culture can be.

2.    Focus on Your Strengths

If you know you’re offering a similar salary and benefits package to your candidate’s current employer, then adding more money to the pot might not be the best way to respond. Instead, think about what convinced your candidate to start looking for new opportunities in the first place.

During your initial interview with your candidate, ask them what drew them to this job opportunity. For instance, can you offer the opportunity to get in on the ground floor of some exciting new life sciences technology that could potentially change the world? What kind of mentorship and training opportunities can you provide to give your employee more chances to expand their skills?

When a counteroffer arrives, knowing what sparked your candidate’s decision to look for a new role can help you to sell your position based on the factors that you know matter most to that person.

3.    Work with a Specialist Life Science Recruiter

There are plenty of reasons why working with a specialist recruiter can make your life easier when you’re looking for new talent. Recruiters help you find the more likely employees to be drawn to your specific role and company. This means that you have an increased chance of attracting employees with the same values as you.

When your recruiter finds candidates specifically suited to your position, your chances of selling the role as the “perfect” opportunity go up. Your recruiter can also help you with strategies to advertise your position more effectively. Because they have a deep knowledge of your industry and the people working in it, they can advise you on which benefits to highlight during interviews.

A recruiter may also be able to give you some background knowledge on how to respond when an existing employer jumps in with a counteroffer. They’ll help to advise you on when you should give up and look for another employee and when you should offer more to keep your employee. This extra assistance can prevent employers from making decisions based on emotion rather than logic.

4.    Stay in Touch With Your Candidate

Following up with your candidate after their initial interview should mean that you’re the first to know if they receive a counteroffer from their existing employer. When this happens, you can arrange additional meetings to discuss what you might be able to do to convince them to join your team. During follow-up conversations, you can showcase all the features that make your role so exciting by introducing candidates to staff, taking them on a tour, and more.

Invite your candidate to come and join you for lunch one day at the office, so they can see what it’s like to connect with the rest of their team. Set up a conversation with other employees who have had similar roles, so the candidate can ask questions about what their job might entail and quell any concerns they might have.

If you can’t meet face-to-face with your candidate as they consider your offer, make sure you keep in touch through email, phone calls and video conferences again. Let them know that you’re on hand to answer any questions that may make the transition easier.

5.    Know When to Step Back

Even in an environment where it’s becoming increasingly difficult to find medical technology talent, it’s important not to get stuck in a battle for a single employee. If your candidate decides they are not ready to leave their current employer, you may not be able to convince them otherwise.

Having a conversation about the possibility of a counteroffer in the first interview should help determine which of your candidates aren’t 100% sure about leaving. If you know that your top choice for a new employee is still attached to their existing employer, you can make a list of backup candidates to consider if this opportunity falls through.

Hiring? If you need to build your talent pipeline and want our help, contact me here to find out more about how our expert team of recruiters can enhance your business today.  

Thanks, 

Chris

About Kinetic:

Kinetic are the market-leading recruitment solutions provider for the MEA Pharmaceutical, Medical Device and Healthcare Industry. Established in 2012, we are a dedicated and niche provider of effective recruitment and HR solutions led by industry experts with over 50 years combined experience and are driven by innovative, established, and proven research.