When it comes to gathering candidate feedback, most organizations focus on the interview which is a great place to start. But given today’s highly competitive job market, getting candidate job offer letter feedback might just help you save some hires and become more effective at converting candidates to employees.
According to a recent study by Survale partner, Jobvite, a signed offer letter is no longer a done deal. In fact 75% of recruiters have reported candidates changing their minds after signing an offer letter. Unemployment is at an all time low and candidates often find themselves with multiple offers. And because those offers don’t come all at once, it’s easy to see why candidates commit and then renege on offers.
According to Jobvite, 53% of recruiters believe that candidates change their minds because they received a better offer, yet only 29% actually go back and try to convince the candidate to reconsider.
Offer Feedback Changes the Game
That’s where candidate offer letter feedback can be a game changer for organizations faced with filling hard to fill or high value jobs (and let’s face it, most jobs are high value these days when you consider opportunity loss of leaving positions unfilled for extended periods of time).
When I work with Survale clients I ask them about the top three benefits of gathering real-time candidate feedback throughout the candidate journey. The number on answer is that just asking candidates for feedback is a huge boost to employer brand and a key to getting candidates to stay in the process longer. We’ve all applied for jobs and experienced the “don’t speak unless spoken to” hiring process of most companies.
So automatically gathering offer feedback with each offer that goes out to candidates immediately shows the candidate what kind of company you are. You value input. You are transparent. You seem like a pretty damn good place to work.
Kimball Midwest shares how they were able to turn around several declined offers very shortly after initiating declined offer feedback in this Survale case study.
Use Job Offer Letter Feedback Data to Strengthen Offers
At the same time, regular job offer letter feedback let’s you know what candidates value and what they don’t. Have you ever tried to tell your comp department that salaries are hindering hiring? This can be challenging at Job offer feedback ensures that your first offer is the best offer. Getting your strongest offer out right away is crucial to converting more first choice candidates to employees, given that there is a likelihood of multiple offers.
Most Survale clients begin their candidate feedback efforts with “Always On” career site feedback to ensure the widest part of their applicant funnel is converting visitors to applicants efficiently. They then quickly move to hiring manager feedback from candidates to understand what’s happening within the interview process that is influencing candidate satisfaction and hiring effectiveness.
And in today’s competitive hiring environment, candidate offer letter feedback is just as important to ensure organizations are converting first choice candidates to hired employee as effectively as possible.