You’ve Just Been Gazumped! A War for Talent!
Updated: Sep 10, 2022
Ouch, a candidate has just messaged to say they are not joining anymore. They got offered more money elsewhere.
Gazumped. Or Gazumping. A term more common in the property market. Gazumping is when a seller accepts one offer on a property but then goes back on this agreement and accepts a higher offer from another buyer, pushing the original buyer out of the sale and back into the market.
Sound familiar. Well, talent gazumping exists. It’s hard to avoid. You can, however, use a few techniques to avoid it. First, let's understand the facts. A recent 2022 RW talent poll conducted this year found that 54% of participants were expecting a salary increase. 75% were confident about job opportunities externally, and almost 37% stated that inspiring colleagues and company culture were important factors in joining an organisation, and this ranked higher than flexible hours (29%) and remote working (22%).
Keeping this in mind, here are some obvious but timely tips to keep candidates committed.
Keep In Touch. We often fall into the trap of mailing our new hires an offer letter or contract and then not having any other contact until their start date. By keeping in touch with new recruits as much as possible, we can pick up on signs of disinterest early enough to follow it up. This doesnt mean spam them. Just a genuine. “Hey, how's it going? Do you need anything or any help before you join?”
Test Their Commitment. We can also take it one step further than keeping in touch by inviting new joiners to training days, mentoring sessions and social events. If they don’t respond or dont attend, then there could be cause for concern.
Be Confident enough to sell ice to an Eskimo. Sell the opportunity. You’ll need to prove you can offer more than just a salary. Promote us as an employer of choice by presenting the role as an exciting and unmissable opportunity for the right candidate. I promise you all our competitors are doing this tenfold. This is a chance for you to create non-financial value, highlighting the particular perks that may come with the role, such as flexible working hours, promotion schemes or training courses paid for by us. Ensure to the applicant how their role will contribute to the business and the impact their commitment will have. For many candidates, company culture will determine whether or not a role is right for them, so do not hesitate to highlight our values during, after interviews and at the offer stage.
Have some good tips on how to avoid gazumping? Share them in the comments section below!