Counter offers are back with a vengeance in financial services as talent shortages continue to drive the job market in favour of candidates. In a sector as competitive and well compensated as finance, counter offers can potentially scupper long and costly hiring deals, leaving employers with critical skills gaps and agency recruiters with lost fee income.
Counter offers are no longer exceptional occurrences in 2022, as they would be in a less active market. A new online poll by eFinancialCareers found that 76% of employers face counters for at least half of the roles they hire for in financial services or technology. But while you can’t stop your candidates from receiving counters, you can take steps to reduce the chances that they will accept them.
In this report – which is based on eFinancialCareers insights and interviews with our clients – we offer 12 best-practice tips for employers and staffing agencies looking to engage candidates to help ensure they don’t succumb to buybacks.
This advice is split into two parts: preparing for counters during the hiring process, and reacting to them when they happen.