When you’re trying to lock down a deal with an exceptionally gifted candidate, it is important to understand the offer from their perspective. Are they getting everything that they want out of this deal?
How easy would it be for a competitor to lure them away with a counter offer now, or even a year down the line? When looking to secure talent in a definite and lasting way, one of the most effective strategies that you can employ is personalizing the deal.
When you’re getting to know the candidate during the interview, try to get a good understanding of who they are and where they want to take their career. In the article “How to Out-Compete Rivals for the Best Talent”, Rob Reeves says that the trick is to learn what makes candidates tick and then craft a benefits package or incentive program around the fulfillment of those desires. If the candidate that you want is passionate about completing their doctorate or masters on the side, giving them the leeway to do so will give you more loyalty and gratitude from them than a 15 percent starting bonus ever could.
It might seem like a lot of effort (and it is in some cases), but this level of personalization is necessary if you want your offer to be competitive.