Don't be afraid of your reputation
Top 3 reasons offers are rejected in the clinical research industry
The clinical research industry is an employee’s market. Life science unemployment is a staggering .6%, so competition for leading talent is substantial. Just getting the attention of top talent in the industry is tough, let alone landing that talent. It’s easy for them to say, “no thanks,” to your offer, knowing how in-demand their skill set is.
1. You’ve made a poor or average impression.
The likelihood of your offer getting accepted, or rejected, starts with the first contact your company has with a candidate. In 2009, NYU examined the neuroscience of first impressions, linking the importance of the amygdala and posterior cingulate cortex in forming a first impression. They found, “whenever you need to assign value to something, you use the same mechanism, whether is an inanimate object or a person. It’s like there is one common currency in the brain.” So, when a candidate has first contact with your company, whether directly with a leader of the company, or an internal or external recruiter, they utilize the same region of the brain that assigns prices to objects. Once they assign value to a person, they use that information to determine behavior and feeling towards that person or group.
This valuation continues throughout the entire interview and offer process. Your interview team and their disposition towards your company and the candidate sways behavior and feeling. The consistency, tone, and promptness in communication with the candidate all factor into their determination of your value. You can blow it at any time, so every step in the process should demonstrate cohesion. Maybe you made a strong first impression with the initial reach out and phone interview and enhanced that impression during an in-person interview, but then you fall silent for several weeks before finally extending the offer. While the candidate initially felt good about the opportunity, it’s hard to shake the insecurity of being ghosted. Was I there 2nd or 3rd choice and their top candidate(s) turned them down? Is this company inefficient in their processes and indecisive in their decision making? The candidate ends up decreasing the value they’ve attributed to you and your organization.
Financial considerations of an offer are important but in most cases, it is a secondary reason for accepting an offer. Candidates want to work for a company that they feel is functioning at a high level and values who they are and the experience they bring to the table. Are you imprinting that kind of impression on the candidates you want to hire?
2. Your offer was subpar.
While financial considerations are often secondary motivators, in a cutthroat market, you must understand market value and what aspect of the offer is most important to the candidate.
Market value on various clinical research skillsets has changed dramatically over the past few years, especially in growing markets like Boston. If you are still extending offers at the same compensation value you did in 2015, then you’re going to look cheap or outdated. Make sure you are armed with up to date salary data and information. There are several resources available to ensure you understand current market value.
Have an open conversation about what aspect of an offer means the most to each candidate, before you extend your offer. Executive-level candidates may prefer more equity while associate and manager level candidates may focus on base salary or title. For out-of-towners, a little extra in relocation may seal the deal. Understand what motives the candidates you are interviewing so your initial offer starts on the right foot.
3. Your company has a poor reputation and you didn’t address it directly with the candidate.
Your company’s online and word of mouth reputation is vital to landing candidates. If you know that your company has poor online reviews but as an organization you’ve taken measured steps to address cultural concerns, be direct in addressing past problems and talk in detail about what you’ve done to eradicate these issues. If you don’t, the candidate will be left to believe what is written online or what they’ve heard from the industry. It’s also important that the internal or 3rd party recruiters you work with, know how to address and alleviate these concerns early and often. They must tell your story in a way that acknowledges past problems and illustrates why that is no longer the case in a transparent and compelling way. If you are upfront and honest and can show how things have changed, you’ll be right in the game to land top talent.
If you need ideas on why your offers are falling short and how to improve, we’d love to chat.