Extending A Job Offer In Six Steps, Part Two

As a continuation of my last blog, here’s a break down and tips for steps 1-4 of the job offer process.

  1. Before the Job Offer – You and your team should have all the information required to extend a job offer. At a minimum, you should have the following:
    1. Candidate’s current/most recent compensation (this includes salary, bonus, commission and benefits).
    2. Candidate’s desired/required compensation.
    3. Reference checks from at least 2-3 of the candidate’s previous managers.
    4. Candidate’s desired start date (if the candidate is currently employed, plan for at least a 2-3 week window for the person to put in their notice and help with a transition plan).
    5. Your company’s preferred start date, salary range, benefits package and any other perks that may be helpful such as a company car, cafeteria or gym, bonus structures and etc.
    6. An idea of what motivates the candidate/what they care about. Perhaps it’s continuing education opportunities, company culture, location or money.
  2. Pre-Close – The time to pre-close a candidate is after the second or third interview. Discuss a potential offer but make it clear you are not making a formal offer, you’re merely discussing what an offer may look like. In this stage, you should provide the following and make sure to get feedback from the candidate:
    1. Salary range
    2. Benefits and perks
    3. Potential start date
  3. Verbal Offer – Don’t surprise the candidate with a random phone call. Schedule a call so you have plenty of time to discuss details. Don’t offer a range with the salary as you want to have a set salary. Discuss all of the details of the offer to see if the candidate has questions or concerns (including benefits, perks, and start date). Congratulate the candidate and explain why you chose them over all of the other candidates. If all seems to go well, explain that you will put it in writing and will send a written offer to the candidate right away. Give the candidate time to consider the offer. Typically 3-5 days should be enough time. If the candidate wants more time, you may need to start considering a back-up plan as the candidate may be trying to negotiate a better deal with their current employer or a different company (if they interviewed with you, it’s very possible they interviewed elsewhere). As I stated in my previous blog, time kills deals.
  4. Written Offer – Put everything in writing. For example, you should include the following:
    1. Candidate’s name and address
    2. Your company’s information
    3. Candidate’s job title and job description
    4. Agreed-upon start date
    5. Compensation and benefits package
    6. Name of their supervisor/manager

In my next blog, I’ll break down and offer tips on the negotiations and acceptance/rejection stages.

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