Top candidates are in high demand, so what should you do when one of yours tells you they have another offer on the table? Step one: Don’t panic.
The best candidates always have choices, so make sure you take a step back and look at the situation objectively. It could be a big mistake to immediately extend an offer, so stay focused on the role and the complete candidate pool.
- Don’t speed up. Slow down. Rushing the hiring process can lead to a bad hire or create a disconnect with the team. If you think the candidate is a once-in-a-lifetime hire who is going to blow up your business — in the best way — it might make sense to wrap up interviews and make an offer. If not, put your time and energy into candidates who truly want to join your team.
- Gather information. Is this candidate in the first round of interviews with you or final? Consider where they’re at in the process before making a big decision. Don’t be afraid to ask the candidate questions about the other offer, things like compensation range, deadline for responding to the offer and where the company ranks in their decision criteria. This information can help you decide if you should expedite the process or simply let the candidate know they should accept the other offer.
- Always ask questions and listen.