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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What to Do When Your PPP Money Runs Out

May 7, 2020 No Comments

What do businesses do when their PPP or Payroll Protection Program funds run out? While small companies can apply and receive relief, that money is only finite. It will go just so far before it’s gone. And, once it’s gone, it’s gone for good. Even organizations with business interruption insurance benefits have limited resources. Eventually, the cash will run out. So, what do small businesses do then? PPP Loan Forgiveness Only Solves One Problem It’s important to remember that PPP loan forgiveness — while most certainly helpful — merely solves one problem. Meaning, there are still other debts and obligations to pay and to meet. That alone reveals the fact there’s a lot more to doing business than just compensating employees. Vendors, contractors, and others also need to be paid. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. —U.S. Small Business Administration This gets to the heart of the larger issue — the inescapable reality of the business world. Put another way, if someone paid off one of your personal debts and you had five, six, or ten more, while that’s a blessing and it’s appreciated, it does not get you totally out of debt. Businesses don’t operate that way because there’s always additional obligations. What to Do When Your PPP Money Runs Out Since businesses stay in a cycle of dynamics, with revolving credit and monthly bills, and they apply and receive PPP money, what can they do once those funds are gone? Here are a few suggestions that might prove helpful to your business: Offer invoice financing. Instead of requesting (or demanding) the entire invoice amount to be paid, give them the option to finance their outstanding balances. You can charge a small fee and/or interest rate — so long that it’s legal and ethical. Ask suppliers for extensions. For businesses that owe other businesses money, it’s worth a shot to ask for some more time or at least try to establish payment arrangements. This will help to take off a little pressure and to free up some cash. Review personnel staffing choices. Most businesses already have or will soon, be forced into this scenario — assessing which team members aren’t essential. It’s a tough spot but because employees most always represent the largest expense, this can’t be ignored. Consider liquidation or selling equipment. Another thing you can do is to sell off non-essential equipment, if available. Or, liquidate some inventory or materials. These are all difficult decisions but they could mean the difference between staying in business and going out of business permanently. Offer new services that are in demand now. Look at what services are in demand now that may be in line with your service offerings or a close extension thereof to provide immediate cash flow. Quickly shift to provide those services by promoting them to your current customer base and use social media to get the word out. Several industries and businesses have done this in recent weeks. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Deal with an Employee with Limited Work Capacity

January 6, 2021 No Comments

Having a good employee who is restricted in their capabilities can be a very challenging situation. This is especially true if he or she is a valued team member, but can’t put in the hours due to certain limitations. Whether it’s a preexisting condition, and injury suffered on or off the job, you obviously have moral, ethical, and legal responsibilities to him or her. However, this doesn’t mean that they are completely protected from being terminated or having their role and/or responsibilities changed. Although this article isn’t specifically about legal ramifications, it will give you some effective tools on how to deal with this particular set of circumstances. Read on to learn more about how to deal with an employee who has limited capacity. Every Situation is Different Limited capacity can mean the number of things, including an inability to perform certain physical tasks, and other situations. But, most often it is due to a physical limitation which prevents him or her from fulfilling one or more of their responsibilities. These can range widely, from an inability to lift certain amounts, to not being able to sit for a protracted period of time. An ever persistent problem facing employers is what to do with the employee who is chronically sick or has a serious health problem. Besides the obvious issues it presents to the employer- additional strain on other employees to pick up the slack; inability to properly staff and manage work loads; basic coverage concerns- there are also potential state and federal legal ramifications if the absences are not handled and documented correctly. —HNI Risk Services Whatever the case may be, It is up to you to be as accommodating as possible, without fully compromising your company’s position. In other words, it’s best to strike a balance and find a happy medium where you can accommodate their needs while also allowing them to fulfill most or all of their work responsibilities. 3 Key Ways to Deal with an Employee with a Limited Work Capacity There’s no hard-and-fast set of rules for coping with an employee who can only work in a limited capacity. After all, no two sets of circumstances are exactly the same. But, there are some general parameters you should observe. Here are three good ways to deal with a team member who is limited in their work capacity: Gain a real understanding of the circumstances. Whether it’s a back problem, issues with a disease, or anything else, you need to have a very clear idea of what’s going on with your employee. Understand precisely what his or her limitations are and aren’t. This way, you’ll have enough information to make good decisions when it comes to his or her role and responsibilities. Make strategic concessions where necessary. Even your best employee can suffer from very unfortunate sets of circumstances and still be able to contribute to your company in a number of ways. Though it’s difficult to comprehend or even accept, it could be a detriment to your business (that is, if you insist on keeping everything the same). So, think outside the box and make strategic changes so he or she can continue to be a productive asset for your company. Realistically reassess the situation periodically. Sometimes, this can be a long-lasting situation that can go on for years. Or, it could only last for several months. Regardless, you need to take the time to reassess the situation every now and again. What other suggestions do you have? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective; it’s greatly appreciated! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Help! My Business Partner doesn’t Help Run Our Business!

May 6, 2021 No Comments

It’s said that the only ship that won’t sail is a partnership. Outside law and medical practices, few partnerships thrive, let alone survive. There’s a slew of reasons partnerships don’t work out. But, most entrepreneurs go into them because they’re optimists by nature. After all, it’s easy to imagine a worthwhile scenario, particularly when it’s someone who is trusted. However, many of these ventures fail and when it starts to go bad, it’s time to take action. The Most Common Challenges Partnerships Face The most common problems partnerships face are incompatibility, money issues, distrust, and then there’s a list of life events. These include death, drug abuse, disability, divorce, and other personal experiences. If that’s not enough, there’s always a divide between visions — one person wants to take the joint venture one way and the other, in another direction. In an ideal business partnership, everyone contributes their time and labor toward making the company a success. When a partner isn’t pulling her weight, it’s essential to address the problem before resentments develop and the business suffers. In many cases, simply having a frank discussion can resolve your issues. —Houston Chronicle Small Business What’s more, egos can also become a huge problem — especially when one person is the single source of inspiration. Or, disagreements about staff, expansion, and just about everything related to the operation and future of the business. How to Deal with a Lazy Business Partner Fortunately, there are ways to deal with a partner who becomes a bit lazy. If he or she is slacking off or just not producing whatsoever, there’s most definitely an underlying reason. Depending on the circumstances, you can try one or more of the following to deal with a lazy business partner: Have an honest discussion. Like it or not, you’re going to have to confront him or her, but not necessarily in a confrontational manner. Don’t go into the talk with a bad attitude, or even one of superiority. Any hint of a negative vibe will only serve to turn them off and not cooperate. Talk about your visions for the company and all the good things that will come out of working together. Then, listen carefully to what he or she has to say. Offer some temporary help. It could very well be that he or she is just going through some personal difficulties. Or, feeling a bit helpless and hopeless amidst the economic disruption. These are very common feelings and the good news is that they will usually pass. Offer him or her a little extra help and support, but put a time limit on it. Provide a little flexibility. If it is just a temporary situation and he or she will bounce back quickly, don’t let him or her get overwhelmed too soon. Instead, provide them a little bit of flexibility and that can really work wonders. Consider a total buyout. Obviously, not all circumstances will warrant staying in business together, there are most definitely situations that simply won’t work out, no matter how much effort you put in. So, explore your options to sever the business relationship, and a possible buyout scenario. What other suggestions do you have for dealing with a lazy business partner? Please take a few moments to share your thoughts and experiences so someone else can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.