Talent Metric: Offer Acceptance Rate and How to Improve It

Recruitment Made Easy

Offer Acceptance Rate

You’ve discovered your optimal candidate and can hardly wait for them to accept your job offer. It’d be extraordinary if everybody that you offered consented to join your organization, yet that doesn’t generally occur. 

Monitoring the number of your offers accepted is basic and can assist organizations with surveying their capacity to allure the best competitors. It shows how viable an organization’s ability procurement strategy is. 

Offer Acceptance Rate (OAR) is the level of broadened offers that are acknowledged. 

This measurement ought to be vigorously depended on as a sign of a group’s adequacy. A solid OAR for the most part demonstrates that the group has effectively filled a pipeline with up-and-comers, made a productive and intensive meeting process, emptied thought into the up-and-comer experience, and, at long last, helped the recruiting group stretch out the correct offer to the correct contender for their group. 

The OAR features the group’s capacity to draw out the candidate’s priorities, needs, and major issues before an offer is expanded, and to arrive on the offer that finds the sweet spot for both the applicant and the business’ needs. 

Something to note: It is significant that associations utilize this measurement in a valid manner. It very well may be enticing not to “make” or record an offer until you’ve experienced a ton of pre-shutting work with an up-and-comer and feel close to sure that the desk work, when sent, will be agreed upon. In these cases, the offer is basically a convention with little hazard, and in this way gives little data about your procedure or the quality of your boss incentive. We’ve understood that this methodology makes predisposition that expands OARs to approach 100%, and denies the metric the gravitas it merits. As enticing as this might be, it squashes intriguing experiences! 

An offer acceptance rate shows the percentage of candidates who have accepted a formal job offer letter from your organization.

Calculate offer acceptance rate with this formula: 

Offer Acceptance Rate= Number of Accepted Job Offers/ Total Number of Offers Given

Tips to Improve Your Offer Acceptance Rate:

Easy Application Process

At any given point when individuals talk about the candidate experience, it’s typically the application procedure that they have at the top of the priority list. 

When all is said in done, there’s an entirely extreme disconnect over the application experience – the normal candidate goes through 3-4 hours submitting a single application, while 70% organizations think it takes them less than 60 minutes. 

Barely surprising at that point, that 60 percent of job searchers quit trying to fill out online job applications as a result of their length or complicated nature. 

High drop-off rates lead to loss of top quality candidates, brand damage from candidates baffled with the procedure, and the greater expenses related to abandonment in cost-per-click hiring models have become a new-age dilemma for recruiters. 

Around half of businesses accept that the length of application processes is positive. As far as anyone knows it “gets rid of” candidates that aren’t adequately dedicated. Great talent ought to be sufficiently committed enough to fill out any sort of complex structure that is tossed in their direction. 

In actuality, the opposite of this is valid – the best candidates have a lot of changes in the present employment market. They aren’t as ready to go through the limitless hoops, and will happily go where the grass looks greener. 

Taking your own application is the most straightforward approach to walk a mile in your candidates’ shoes and see what needs to change. Apply with a fake name and qualifications, and take an honest approach to your recruitment procedure.

Candidate Experience

Top tier candidate experience is all about creating experiences for candidates that feel genuine, humane, and authentic. It’s tied in with building personal associations with the applicants, not simply handling resumes, in a way that is valuable without feeling meddlesome or awkward. 

For organizations that are currently hiring, giving an extraordinary candidate experience may appear to be somewhat unique and different than it used to. In the period of social distancing, face to face interviews over coffee, on-site meetings, and lunches with the team is not, at this point a choice. Therefore, numerous organizations are finding better approaches to make their candidates feel esteemed — or inventive methods of recreating these familiar interactions from a remote place. 

Candidate experience covers each touchpoint and engagements that candidates will experience all through the phases of your organization’s recruitment campaign(s) — commonly known as the candidate journey from application to onboarding. 

As such, in other words, the candidate experience is an assortment of all touchpoints between the candidate and your organization, from the second they first observe your job vacancy until the second they are recruited and onboarded in your team.

Onboarding and Orientation

In a research conducted by the Wynhurst Group in the year 2007, it was found that the new employees who had a pleasant experience and a systematic onboarding process (58%) were more inclined to stay with the company for at least more than three years in comparison to those who didn’t have a good onboarding experience.

Employee onboarding is so much more than just meeting the new hire at the reception and then just skipping to “here’s your laptop, and here’s your workstation,” but actually it is a crucial transition period where you imbibe the organizational values, culture, and systems to the new recruit. It is the initial and most important step to keep the talented individuals excited, happy, and engaged for long. 

Every new person who joins your organization should be set up for nothing shorter than success from the very beginning. Your employee onboarding process should not just teach the new joiners about their job role and duties, it should also draw a clear picture about the company culture and how they can contribute to the organizational growth and thrive within the company. Don’t take any shortcut in this initial process: the kind of tone you set in the onboarding, orientation and the training procedure on the day one can set the tone of the employee’s expectations in his/ her entire tenure at the organization.

Mentorship Programs

A well structured and proper mentorship program is the next step in where the employee is walked through the soft skills, the company culture of how things actually work there and it is a good chance for them to get acquainted with the company’s long term vision statement. With these things being explained clearly in the onboarding process they can follow their mentors to assimilate themselves seamlessly into the existing work culture.

When a fresh hire is paired with a mentor or a guide who can help them slowly get accustomed to the organizational culture it will become a great feature or component to add to your onboarding orientation. The guide or the mentor can provide them the necessary guidance to the newcomers, welcoming them to the organization. And it is a win-win situation for everyone. An experienced employee can show a fresh hire the ropes of the company and the new recruit can bring in a fresh perspective to the mentors in return.

Competitive compensations and perks and benefits

It’s significant in this competitive labor market for organizations to offer appealing compensation packages. That incorporates compensations, obviously, yet additionally rewards, bonuses, paid time off, medical benefits, and retirement plans. Each employee ought to have a full comprehension of the advantages that they receive from your organization from the starting point. 

As indicated by a collection of recent surveys on employee retention, only 24% of “Generation X” employees say that financial stability motivates them to stay in their current job. Yet 56% of employees state that health care and insurance concerns keep them in their current job. Benefits and perks that are really beneficial matters. Money matters. What you offer your employees in this area must be equivalent to different organizations in your industry in your area. 

Regardless of whether it’s paid time for volunteering, occasional catered food snacks or free bites, and coffee every now and then, these perks and advantages can make your working environment stick out and help in improving employee spirit. A few organizations arrange group discounts on first-class buys, from vehicles and homes to cell phones and home security frameworks.

Training, Learning, and Development

New employees join an organization with the attitude to improve their aptitudes and take amazing steps in their careers. With an all-inclusive scope of abilities, they can contribute widely to the advancement of your organization. All things considered, it’s mutually beneficial. An employee development program centers altogether around the employee’s requirements for learning, development, and improvement. 

Focus on it and make it a priority to put resources into your laborers’ professional development and look for opportunities for them to develop. A few organizations pay charges and travel for employees to go to conferences or industry seminars every year, give educational reimbursement, or pay for continuing education training.

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