Ensuring Successful Executive Hires: Optimising the Offer Stage

In recent weeks, I've discussed the value and benefits of executive search, the employee/employer value proposition, and the candidate journey. But what happens at the end of that journey? Reaching the offer stage is testament to a successful and well-executed search, encompassing candidate attraction, engagement, and management, a structured interview process, and an understanding of a client’s strategy and needs. Having invested all that time and effort, there is nothing worse for the client, candidate, and search company than losing a hire at the offer stage, especially if it is due to salary or compensation issues.

Over our years of experience in executive search, we have learned strategies to help avoid this. Trusting your Executive Search Partner to manage the offer and negotiation stage at the end of a recruitment process can add real value, as well as save the costly and timely mistake of having to start a hiring process again from scratch. Senior-level hiring can take weeks into months, and it’s often the search company consultant who has built a long-term relationship and trust with the candidate. Understanding what motivates them, their personality, interests, family impact, negotiation style, expectations, limitations, long-term aspirations, and wider motivations and purpose is crucial.

Key Strategies to Manage the Offer Stage Effectively

• Work in Partnership with Your Supplier - An open and honest discussion with your executive search partner to share salary and compensation benefits ahead of approaching the candidate allows the search agency to advise on the candidate's likely response, pre-empt potential questions or objections, and offers the opportunity to “test the waters.”
• Define Negotiation Parameters - A pre-agreed, well-thought-out, structured strategy is essential in helping to speedily manage the negotiation process if an offer is initially turned down. Consider if an onboarding bonus or other incentives can be included.
• Manage Expectations Early On - As an executive search business, we take the time to understand what will motivate our candidates to accept an offer. It’s not always salary! Overall package, comprehensive benefits, bonus structures, opportunities to learn and develop, and flexible working policies can all be shared early in the hiring process.
• Personalise the Approach - More often than not, in-house talent and HR teams are navigating multiple candidates and a volume of requirements. We can add high impact and value here, for example, by working with the candidate to rank and prioritise their key decision-making factors before our client formally makes an offer.
• Effective Communication - Allowing the search firm to verbally present an offer, ideally in person, before the client presents a written offer allows time for ongoing discussion and for questions/concerns to be raised and addressed. It’s typically a deal-breaker if a candidate feels they have wasted their time in the interview process and are being undervalued at the offer stage.
• Speed and Efficiency - Mismanaged or delayed offers can lead to frustration on the candidate’s part and ultimately turning down an opportunity. The greatest talent remains in demand. If your competitors have a slicker offer process, with structures in place for decision-makers' absences or public holidays, they will be the companies whose offers are accepted.
• Counter-Offer Mitigation - We can also provide support and advice to our candidates on managing their resignation, helping to mitigate counter-offers.

Conclusion

Remember, we all want the best outcome for our clients and candidates, and these tips can help set the offer stage up for success. By following these strategies, the offer stage can be managed effectively, ensuring a higher likelihood of offer acceptance and securing the best talent for your clients. The key is in trusting the expertise of your Executive Search Partner, maintaining clear communication, and being prepared with a structured and flexible approach to negotiation. This not only saves time and resources but also reinforces a positive experience for both the client and candidate, ultimately leading to successful executive placements.