What companies can do about the rise of job offer declines

While every candidate has unique reasons for declining an offer, the most common complaint we are hearing at this time is long hiring processes and extended periods of silence. In our previous blog, we encouraged companies to be mindful of the intensity and the length of their hiring process. As hiring has slowed over the past few years, so many companies have let time to hire get out of control. With AI disruptions and other economic uncertainty, companies are understandably feeling risk averse when it comes to hiring decisions. However, an extended hiring process will cost your company good talent. 

The extended decision making process is most often an issue of clarity. Companies don’t always have a clear vision for what exactly they are looking for before they start speaking with candidates. Instead of beginning the search and then reworking the job description and strategy as you meet candidates, companies should add extra approval levels when opening opportunities and a longer strategy period beforehand. The more clarity stakeholders have on the role, the better the hiring process will be for everyone involved. Mid-senior level job seekers understand that hiring at their level takes time and they expect the process to take anywhere from two to three months. Beyond that, we begin to see a massive drop off in candidates. 

When candidates perceive that companies are going through other rounds of candidates before closing the loop with them, they get the impression that the organization doesn’t know what they want. If they sense uncertainty, they won't feel confident taking the opportunity. It is vital that your teams maintain regular communication with candidates, even if they have no specific updates. Silence allows candidates time to overthink or assume the worst. In Meytier surveys, most candidates report that communication from companies throughout the process could have been improved.

Another common mistake we are seeing is assuming that employed candidates won’t mind a long process. Don’t confuse passive talent with patient talent. Just because someone is currently employed and comfortable, doesn’t mean they will wait around indefinitely while you make a decision. Once you engage a candidate- assume that you have a finite amount of time to keep them interested. In fact, we find that passive talent is especially discerning right now. If they perceive an organization to be indecisive or not serious about them, they'll stay put where they are.

Aside from the overall length of the process, another pain point is the amount of interviews. As companies get anxious about committing to a new hire, many have added extra rounds of interviews with different stakeholders. This is not done with bad intentions- many hiring leaders believe that more interviews will lead to more clarity and better decisions. However, more information doesn’t necessarily help you make better decisions. In fact, it can often cause more confusion both internally and for the candidate. Before you begin interviewing candidates, decide who will interview them and with what intention. Don’t add more interviews as you meet the candidate, you can always record interviews and share them afterwards. Excessive rounds with unclear objectives turn candidates off of your opportunity.

Our last piece of advice for companies is not to nurture one finalist. For senior level roles- many organizations will take one candidate through the process at a time. We encourage you to always have at least two finalists in the running. This will allow you to keep the momentum moving forward after an offer decline rather than restarting the search. Having multiple finalists will not only give you a buffer if someone declines an offer, but it will also help your organization build more high value relationships with important candidates. If you don’t hire them now for this opportunity, you could likely hire them in the future for something else. 

You can’t avoid offer declines entirely, especially in uncertain times. However, there are plenty of things that companies can control that will reduce the likelihood and impact of them. Reasonable hiring process time, a set round of interviews, multiple finalists, and a clear search strategy and vision can help buffer your organization against the impacts of offer declines.