The HR Dilemma: Why Offer Drops Are a Growing Concern for Human Resource Professionals?
As human resource professionals, one of our key responsibilities is to attract and retain top talent for our organizations. But lately, we’ve been facing a growing concern that is making this task increasingly difficult: offer drops.
An offer drop, for those who may not be familiar with the term, is when a candidate who has been extended a job offer by a company decides to turn it down, typically at the last minute. This can be a huge inconvenience and a major setback for HR professionals, who have put in a lot of time and effort into recruiting and interviewing the candidate.
But the problem goes beyond just inconvenience. Offer drops can also be incredibly costly for organizations. According to a recent survey, the average cost of a dropped offer is around $17,000, which includes the cost of lost productivity, recruitment fees, and training expenses. And for larger organizations, the costs can be even higher.
Furthermore, offer drops can damage a company’s reputation and make it more difficult to attract top talent in the future. Candidates who have had a negative experience with an organization, whether it’s due to a dropped offer or something else, are more likely to spread negative word-of-mouth about the company. This can hurt the company’s reputation and make it less appealing to other potential candidates.
So what can human resource professionals do to prevent offer drops and mitigate the negative impact they can have on an organization? Here are a few strategies that can help:
- Communicate openly and honestly with candidates. Make sure they understand the job requirements, the company culture, and the potential opportunities for growth and advancement. Be transparent about any potential challenges or drawbacks of the position.
- Be flexible and accommodating. Offer a competitive salary and benefits package, and be open to negotiating on things like start dates, work schedules, and other factors that may be important to the candidate.
- Follow up regularly with the candidate. After extending the offer, keep in touch with the candidate and check in with them regularly to see how they’re doing and address any concerns they may have. This can help to build trust and keep the candidate engaged.
- Consider offering a sign-on bonus or other incentives. In some cases, offering a sign-on bonus or other incentives can help to sweeten the deal and make the candidate more likely to accept the offer.
By implementing these strategies, human resource professionals can help to reduce the number of offer drops and protect their organizations from the costly and damaging effects of this growing problem.
A last-minute no-show is the biggest issue addressed by organizations. Recently we launched a community for HRs and in just 8 weeks more than 250+ HRs joined the community. We are building the largest platform for employee credibility which is helping us to build an employee credit report. Our employee credibility score will help organizations take hiring decisions and reduce offer drops.
To know more about Joboffers you can drop us a “hello” at support@joboffers.live and we will be happy to take responsibility for your increased offer-to-hire ratio.
