In today’s job market, candidates have the upper hand when looking for a new position more often than not. You think you have identified a great candidate. You have interviewed them, vetted them, and made an offer, then they say “no”. This can be frustrating. You have done your diligence yet you don’t understand why candidates reject good offers.
Openview recently conducted a hiring survey in the B2B SaaS industry to find out more about hiring and recruitment trends. Their study uncovered three reasons top candidates decide against accepting an offer. Below are the top barriers and ways to proactively address them.
Your team was misaligned on the role and company vision
Executives have experience and know what types of red flags to look for when meeting with a new company. While they may be looking for a change of scenery and opportunities for growth, when they see “misalignment across the role and vision across interviewing teams”, they become concerned about the long-term vision for the organization. This was mentioned by nearly two-thirds of the respondents.
To ensure everyone is aligned prior to the search process, meet with all of the stakeholders prior to posting the role. Make sure everyone is on the same page when describing the role, the expectations, the company mission, etc…. Not only does it show the candidates that you’re culture is strong, it also streamlines the process, saving everyone time once the interviewing starts.
They didn’t have access to company data and financials
Candidates that are looking, actively or passively, are not suffering from a lack of options. They know they can be patient and find the right role for their needs. Again, these people are experienced and know what metrics to look for. Nearly three-quarters of respondents said they look at the company and financial metrics when evaluating a company. They are also going to consider product-market fit for early-stage companies as an example.
And if you don’t share financial information, they are going to assume that you’re not doing well. “This is why 63% of survey respondents listed “limited or no access to company data (i.e. revenue, growth rates, retention, etc.)” as a top red flag in the hiring process.” Instead of letting them think of the worst-case scenario, be open, honest, and as transparent as possible about your current situation. Use NDAs to protect privileged information. You want to know sooner rather than later if your candidate’s goals align with your needs.
They wanted a real and strong culture
Don’t treat your culture with lip service. It doesn’t take long for a new hire to realize whether your culture is strong or weak, and the cost of turnover for executives can reach seven figures quickly. Culture is critical to attracting the best candidates. Nearly half of respondents “rated ”strong company culture” as a top-quality they look for in the interview process, and they’re willing to do their research. 42% of respondents listed “researching company culture” as a major way they evaluate a role and company.”
And candidates aren’t going to take your word for it. They will use their own networks. 63% said that one of the most effective methods to determine if a role is worth leaving their current position is, “backchannel references about the company and leadership team”.
Be sure you’re talking about culture throughout the process with your candidates. Again, be open, honest, and authentic. And let them know if there are challenges you’re working through, they may be able to help with a fresh perspective. And the best way to use culture to your advantage is to proactively build and maintain a solid culture.
If you have questions or need help with your executive hiring, send us a note.