Securing the best talent: Avoid buy-back

Recruiting for key roles in engineering and manufacturing is challenging in today’s market. Businesses desire maximum impact from new hires, leading to increasingly specific skill sets being required. Organisations are looking for candidates with both technical, and soft skills. Not only are the best candidates fiercely in demand, but their existing employers don’t want them to leave their organisation. 

With this in mind, we are seeing a significant increase in buy-back – a counter-offer from the existing employer to prevent resignation. This can be in the form of a pay rise, increase in responsibilities, more resource in the team, flexible or remote work, or a clear progression path. Here are our top tips for avoiding a buy-back situation.

Understand the candidate’s motivations

It is important to consider why a candidate is leaving their current role. As a hiring manager, ask yourself the following questions:
  1. Why is this candidate looking for a new opportunity?
  2. What do they want to get out of their next role?
  3. What motivates them to work hard?
  4. What frustrates and demoralises them?
Considering the answers to these questions when looking at the role you are hiring for, will help you to understand whether the candidate is likely to accept a buy-back offer, or not. If hiring managers sell the opportunity in line with the candidate’s key reasons for moving, there is less chance that the current employer will be able to convince them to stay.
It is also worth noting that, of candidates who accept a buy-back offer, a large number of these professionals are on the job market again within 6 months to a year. It is common that businesses will offer everything to ensure an employee stays with the business, but won’t follow through when it matters the most. 

Offer a competitive salary package

Although there are a number of reasons that candidates may seek to leave a business, remuneration is still important in ensuring that the candidate feels valued and appreciated. Be sure to include details of your overall benefits package, as this can often be the determining factor for a candidate. If your benefits better suit the needs of the candidate than what their current employer has provided, this will be another incentive for them to move.

Understand the importance of good work-life balance

It has never been more important for candidates to be able to manage a good work-life balance. If they feel as though they need to stay late every day, or work in the evenings or through the weekends, it is likely they will feel demotivated. It might be that at their current role they are able to work remotely for a period of time during the week that means they are reluctant to change businesses. So consider offering the same level of flexibility they have at their current role. This will mean a lot to the candidate and will increase productivity and wellbeing in the long run. 

Engage with the candidate

Never underestimate how important the team culture and working environments are. Consider implementing a ‘meet the team’ exercise where the candidate is introduced to the current team and can get a feel for the office environment. Allowing the candidate the opportunity to walk around the office or site they will be working in, will enable them to envisage themselves working there.
Going the extra mile in the interview stages can boost a candidate’s attraction to the business and team ensuring they buy into the process. Increasing a professional’s desire to work for your organisation is one of the most powerful weapons against buy-back. 

Run a streamlined recruitment process

Candidates can often be put off by a bad recruitment process. The smaller processes and streamlined nature of a hiring process can make all the difference when securing the top talent. A delayed or overly complex process can reflect badly on an organisation and might suggest a lack of interest in a candidate. A well organised, thorough and effective recruitment process, can impress a candidate. 

Make a compelling offer

An offer should always be made based on what the hiring business thinks the candidate is worth, not simply from what is advertised. An offer made below what the candidate is willing to accept is an offer that may not be worth making. Back and forth discussions with the candidate on salary are seen as negative, and it is rare that a candidate will want to fight for the correct salary package, before joining the business.
Consider asking what they will be willing to accept, and what other businesses are offering them for their services. For every role, it is worth considering what a compelling offer would be – both as a statement of intent to secure the candidate, but also to ensure your remuneration is in line with the rest of the market. If you are unsure what salary you should be offering to new potential candidates, our salary benchmarking tool can help.
If you are looking to hire in the engineering and manufacturing sector, please get in touch with one of our specialist recruitment consultants, who can discuss all of your hiring needs. Alternatively, submit a job spec today.