Introduction
The Indian Software product industry is caught in a peculiar situation. On one hand, it is struggling to find the talent it needs to grow and compete in the global marketplace. On the other hand, it is struggling with a high attrition rate, which is leading to a talent shortage.
This situation has been dubbed the “Post-offer dropout” problem. It is a problem that is unique to the IT industry in India, and it is one that is causing a lot of headaches for employers. Despite its persistence, this problem is having a negative impact on the Indian IT Product Industry’s ability to compete in the global market.
The post-offer dropout problem is caused by a number of factors, including the high cost of living in India, the lure of higher salaries from competing industries, and the lack of career growth opportunities in the IT Product industry.
If you are facing a post-offer dropout situation, then it is important to weigh up all of your options before making a decision. This article will provide you with some guidance and some of the ways in which you can address this problem.
7 Steps to Counter Dropouts Post-Offer
Know the candidate better
The first step to prevent a post-offer dropout situation is to get to know the candidate better. This means going beyond the resume and interviewing the candidate to get a sense of their goals, motivations, and values. Once you have a better understanding of who the candidate is, you can make sure that the offer you extend is aligned with what they’re looking for.
Furthermore, make sure you conduct a post-offer assessment too by asking for feedback, experience and reference checks. The post-offer assessment is important because it can help you to identify any red flags that may have been missed during the initial hiring process. It can also help you to get to know your candidate better and to build a more positive relationship with them.
Keep the candidate engaged – focus on the candidate experience
The candidate experience is a hot topic these days. And for good reason – the way a candidate is treated during the hiring process can make or break their decision to accept a job offer. If a candidate has a bad experience, they’re likely to go elsewhere.
So what can you do to make sure your candidates have a positive experience? There are a few things you can do to keep them engaged and focused on the process:
● Keep them informed: Make sure your candidates know what’s going on at all times. Keep them updated on the status of their application and let them know when they can expect to hear back from you.
● Make it personal: Candidates are more likely to engage with the process if they feel like they’re being treated as individuals. Address them by name and take the time to get to know about their interests and make sure they are “valued”.
By keeping the candidate engaged, you can ensure that they are still excited about the opportunity and less likely to back out at the last minute. This will also allow you to build a strong relationship with the candidate that can last long after they have been hired.
Communication is the key
In order to avoid a post-offer dropout situation, it is essential that you communicate your goals clearly to the individual you are hiring. This ensures that they are aware of what is expected of them and that they are comfortable with the level of responsibility they will be taking on.
It is also important to ensure that the individual is a good fit for the company culture and that they will be able to work well with the team. By taking the time to communicate your goals and expectations clearly, you can avoid a post-offer dropout situation and ensure that you are hiring the right person for the job.
Start the onboarding process and paperwork as soon as possible
When you hire a new employee, it is crucial to get them acclimated to the company and their new position as soon as possible. By getting all of the paperwork and necessary processes out of the way quickly, you can help your new hires feel more comfortable and prepared for their first day and it will also give you more time to build a relationship with them. If you wait too long to do this, your new employee may become overwhelmed and frustrated, leading to a higher likelihood of them leaving the company soon after they start.
Introduce them to your team
When you’ve finally found the perfect candidate for your team, you can’t just sit back and relax. The hard work isn’t over yet – you still need to introduce them to the rest of your team before their first day on the job and make sure they feel welcome.
This way, they’ll already have a few faces to put to names and they’ll feel like they have a support system in place from day one. Additionally, be sure to give them a detailed overview of what their first few months will look like. And when the new hire feels good about the team they’re joining, they’re much less likely to back out of the offer.
Rethink your compensation strategy
There are various studies which suggest that over 60% of new hires who accept an offer and then later drop out, do so because they were disappointed with their compensation. Rethinking your compensation strategy might be the answer to your employee retention problem.
Be sure to offer salaries that are in line with what other companies in your industry are offering. You can also offer joining bonuses, an ESOP, wellness programs, paid time off and health insurance in addition to salaries.
Instead of offering a one-time raise, you could offer a series of smaller raises over time. This will help to keep your employees engaged and motivated. Additionally, you should make sure that you are offering other perks and benefits, such as flexible working hours, that will make your employees want to stay with your company.
Hire a good Recruitment Partner to help you
It is no secret that the hiring process is a long and difficult one. This is especially true if you are looking for top talent. A good recruitment partner can help you to find the best candidates for your open positions. They can also help you to screen and interview candidates.
However, not all recruitment agencies are the same. Before choosing an agency, do your research. In this regard, ABEX is one of the most efficient product hiring companies. With six years of experience, they are the best AI enabled product hiring company.
There are many reasons to consider ABEX as they have a proven track record of helping people find the right talent for them. Additionally, ABEX offers a unique set of services that can help you avoid the post-offer dropout situation.
Consider ABEX for your next product hire.
Conclusion
Offer dropout is a big problem in the tech industry. Candidates are often given job offers and then proceed to drop out after the hiring process. This can be frustrating for employers, who have already invested time and resources into the candidate.
There are many contributing factors, including culture fit, job fit, and salary but the most significant one is the use of bad hiring companies. To solve this problem, businesses need to use good hiring companies like ABEX. ABEX uses a rigorous screening process to ensure that only the best candidates are hired. ABEX with their “Comprehensive post-offer dropout prevention program” can help to ensure that the people who are hired are more likely to stick with the company.
