Business Education

My Best Job Candidate just Turned Down My Employment Offer – How can I Prevent that from Happening Again?

So, you offered a superstar an employment opportunity and that person ultimately turned the offer down – much to your surprise. Now, you’re wondering why this happened. And, more importantly, how you can prevent the same from happening all over again. After all, repeating the whole process over and over will probably just produce the same disappointing results. With this in mind, it’s best to know the most plausible reasons top job candidates turn down employment offers.

Top Reasons Job Candidates Turn Down Work Offers

Let’s start with the most obvious: the compensation isn’t competitive. When was the last time you actually took the time to look at the latest compensation rates for your open positions? If you haven’t done this in quite some time, it’s definitely time to do so now. Another top reason is the benefits aren’t enticing enough – they simply aren’t adequate.

Have you ever felt really good about a candidate? You thought it was a perfect match and couldn’t wait to have them on your team. You made your absolute best offer … only to have them turn it down. This may have led you to settle for your second, third, or even fourth choice candidate. You might find yourself wondering, what makes someone go through the trouble of applying, interviewing, etc., only to say no once the job is offered? What is it those job seekers want? —CareerPlug

Again, if the benefits you’re offering aren’t in line with others in your industry, that’s a red flag. You need to give your benefits package a reexamination right away. Of course, another top reason is the interview process didn’t go well. You need to deconstruct how you vet candidates and make the necessary changes. Also, be sure to reassess who does the interviewing – maybe there’s a change needed there, too.

Other Common Factors that Cause Job Candidates to Decline Offers

Obviously, if the culprits aren’t compensation, benefits, or the interview process, the explanation must lie elsewhere. So, here are some more possibilities as to why you were turned down:

The position really isn’t a good fit. It could be the candidate thought he or she was going for one position and it turned out to be something different. Or, that your company culture isn’t a good fit with his or her personality. Be sure you’re accurately describing the position and it isn’t in any way misleading.
Too many negative online reviews. You might care deeply about online reviews. Or, might be a bit ambivalent about online reviews. Regardless of your disposition, it could very well have a detrimental impact on a potential hire. It’s obviously not enough to check your company’s reviews but to respond professionally.
There’s a poor work-life balance. If you’re the type of employer who demands people give their all and are always available, you’re asking way too much. What’s more, anyone who has a home life won’t find it appealing to work for your company. Sure, there will be some candidates who like and thrive in these types of environments, but probably a lot fewer than those who place great importance on a sound work-life balance.

What other reasons would you say would contribute to a job candidate turning an employment offer down? Please take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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My Business Partner is Hiding Clients from Me — How Do I Deal with this Situation?

September 7, 2021 No Comments

You’ve just found out that your business partner has been hiding clients from you. Of course, this has a number of important implications including, but not limited to: revenue, reputation, day-to-day operation, and a variety of other issues. All of these, not to mention the breach of trust and value of the interpersonal relationship. It’s a very difficult set of circumstances to deal with, but obviously, you can’t just ignore it. You must take action, not only for your own sake but for the sake of your career and the business at large. Dealing with a Bad Business Partner Emotions Anger. Disbelief. Disappointment. Resentment. Shock. Sorrow. You could easily cite any one of these negative emotions because you’ll experience at least one or more of them. Before you do anything at all, it is essential that you understand your gut reaction and the long-term feelings you’ll probably encounter as time goes on. While you will get past this situation, you’ll probably never completely get over it. And, that’s okay. Not all partnerships or deals work out well. Some just can’t formalize because of extraneous factors affecting the agreement, while others can be impacted by poor communication skills or a lack of flexibility on goals or approaches. This means that it is essential for leaders to stay aware of the state of a pending deal or partnership, especially if there are quiet signs that things aren’t going as well as they’d like. —Small Business Trends You’ve no doubt experienced difficult circumstances in the past, and this is really no different. While it may be new, it most certainly won’t be the last time. The point being, do not allow pure, raw emotion to dictate your actions. If you give in to your negative feelings, you will make rash, poor decisions that will only make things worse. You need to approach this from a calm and rational perspective. So, give yourself a little time to vent and get those negative emotions out of the way. How to Deal with a Dishonest Business Partner Who is Hiding Secret Clients Once you feel calm and collected, you’ll need to methodically approach how you will deal with the situation. Here is a brief but effective guide for the steps you can take to deal with a business partner who has been hiding clients from you: Learn as much as possible about these clients. This probably won’t be easy or pleasant. If you are able, learn as much about these secret clients as possible. You might even go so far as to contact them yourself under the guise of following up with regular business. The whole idea is to try to get the best picture you can about these secret clients. Thoroughly examine all the business’ finances. The very next thing to do is look through your business’s financial documents. While these might not reveal anything at all — if your business partner was clever and deceitful enough — it could reveal an unseen pattern that you never detected before. At the very least, you might find some discrepancies, or this revelation will reveal past discrepancies you could not explain before. Formulate a couple or few separation scenarios. After you’ve done your detective work, it’s time to concentrate on how to best move forward. Since this is such a big betrayal of trust, it’s probably unrealistic to think that you can just patch things up and go on as if nothing has happened. So, you need to formulate at least a couple of ways that you can break up the relationship and do as little damage while causing as little disruption as possible. Talk to your business partner about ending your arrangement. This will most likely be the hardest part of resolving the situation. If you are able, don’t simply cut off communication and walk away. Instead, talk to your business partner in order to gain an understanding of his or her motivations. Although this certainly doesn’t excuse his or her behavior, it might help you in the future to detect when something’s awry when you otherwise wouldn’t. What other suggestions do you have for dealing with a dishonest business partner who is hiding something important? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Guest Post: The Best Advice for Retirees Aiming to Start a New Business

November 7, 2018 No Comments

Written By: Jim McKinley There are many different reasons for starting a new venture after entering retirement. Maybe you want to pursue a business idea you never had a chance to realize before, or maybe you miss putting your knowledge and skills to work. No matter what’s driving you, your first priority needs to be keeping your financial future secure and intact. Check Your Perspective Your first step toward developing a successful business during retirement is developing a realistic fiscal outlook. As Inc. explains, thinking in terms of the financial future is a must. Even if you retired at a young age, are currently economically sound, and are in great health, you need a strategy oriented toward long-term success on all fronts. According to some statistics, nearly a third of all retirees must dedicate 40 percent of their retirement income toward existing debts, and if you have a situation where you’re starting out your business barely making ends meet, you are more apt live with stress and financial struggle instead of making good headway. Examine Debts Acknowledge any debts you have, including your mortgage. If you already owe money to creditors, make it a point to become debt-free as soon as possible. It might be a good time to downsize your home, and you should examine what you have in your retirement savings. Also, take a hard look at your credit report and examine it for any accounts that don’t belong to you, clerical errors such as incorrect dates, or old debts which should be removed. According to ConsumersAdvocate.org, investing in a credit repair service can mean entering into your new business venture with solid financial footing and better peace of mind for your golden years. Solidify Your Plan Once you have a good feel for your financial position, take an earnest look at what you expect to be doing. US News notes the largest part of success for small business owners is making a solid business plan, which includes recognizing an existing need and then finding a way to meet it. Are you offering the right product or service at the right time? Do you already have the abilities to fill that niche, or do you need to invest in special equipment or training? Some retirees turn a hobby into a small business, such as making handyman repairs, landscaping, or selling handcrafted items online. You might decide to be a real estate agent, in which case you should check the requirements where you live. Resources for Funds According to the Muse, if your business idea requires a substantial investment, you might decide to take out a loan or find investors willing to help finance your endeavor. You could reach out to friends and family members through crowdfunding, or connect with specific people you think might be as passionate about your idea as you are. Think about the need you intend to meet as well as who will be impacted and how. Be creative in your outreach, be ready to pitch your idea, and you might be pleasantly surprised at the outcome. Pathways and Exits How long do you plan to work at your new venture? Depending on your objective, you might only intend to work for a set number of years. For instance, some people work until they reach a particular financial goal or a specific age, while others develop their businesses with the intention of passing it along to someone else later. Have a plan in place for how you will later exit your business. Your business’s legal structure can help determine your exit strategy as much as your goals, and certain formats can also help protect your personal finances. You may wish to explore the AARP’s entrepreneurial resources when deciding how to proceed. Taking on a new venture during retirement is a big step. So, weigh your situation carefully to ensure your financial well-being. With some careful planning, you can start a new business without risking your future.

Ways Business Owners can Deal with Personal Crisis

May 18, 2017 No Comments

Entrepreneurs, by their very nature, are self-reliant. They set goals and achieve them with confidence. When a personal crisis strikes a business owner, it can be very damaging to their corporate environment and even its micro-culture. Suddenly, the dynamics change and can lead to irreparable harm. We’ve all heard the advice not to bring personal problems into professional space, but, some are so large they have a nearly uncontrollable effect. It’s best to bring the situation into perspective, but, doing so might be difficult to accomplish. Ways Business Owners can Deal with Personal Crisis In some instances, it’s possible to prepare a business for a crisis. When it’s impending and inevitable, business owners should prepare by speaking with their team members about delegating and assigning responsibilities, seek legal advice (if applicable), and focus on what’s most important. There will be difficulty in maintaining balance but by being proactive, you’ll have less to worry about. Eventually it happens to the best of us. Something occurs in our personal lives that is so devastating, we have difficulty concentrating at work. It may be the death of a loved one, a divorce, a financial crisis, or serious damage to our homes. When our personal lives are in chaos, it can be hard to focus and get what we need to do done. —Inc.com Unfortunately, it’s often the case that a personal crisis strikes without warning. When it does occur, it can be very burdensome to get through. Even the toughest entrepreneurs will have difficulty trying to deal with upset in their personal lives while continuing to run their businesses. Here are some ways business owners can deal with a personal crisis: Outsource and be willing to ask for assistance. It’s okay to let go and farm-out work during turbulent times, especially if you’re having trouble staying focused and concentrating. Also, there’s no shame asking for assistance from your team — it’s actually a smarter choice. Be upfront with customers. As soon as possible, let your clients know about the situation. You don’t have to go into details, but you ought to alert them to what’s going on, particularly if you’re not able to work as usual. You’ll find most to be understanding and that helps to give you some peace-of-mind. Surround yourself with positive people. This is something that successful entrepreneurs naturally do but it’s very important when you’re going through tough times. Personally, I lean on others as well as my faith and prayer to shoulder the burdens of crisis. It’s uplifting and it can be a way to see the silver lining knowing others are walking with you. Give team members more flexibility. Your employees are huge assets to your business and during a personal crisis, can be the best go-to source for carrying-out day-to-day operations. Give them the flexibility that’s needed to keep your company running smoothly. Do not put undue pressure on yourself. If there’s one thing entrepreneurs struggle with, it’s the fear of not getting the job done. When you are dealing with personal issues, give yourself permission to lighten your workload. Take time to reflect on what’s most important. This is an ideal time to put everything in perspective. Give yourself time off and reflect on what’s truly important in your life. In addition to these, you should be honest with yourself about your life’s direction. Some business owners who experience a personal crisis use it as a learning tool advantageously, but others allow the event to cloud their judgment and make rash decisions. When you’re not thinking clearly, be willing and ready to ask for advice from someone you trust. In my life, I have found great opportunity comes from crisis because of my willingness to reflect and make changes. How have you overcome crisis and remained focused and successful with your business? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]