Struggling with Low Joining Rates: How Can We Improve and What Bonuses Work Best?

Hi,

I am facing a problem of low joining hit ratio. 😢 We recruit good people, and they willingly accept the offers also as our salaries are matching industry standards. During their interviews, they get to know about their role, and they explicitly say that they are eager to work with this company. But 😕

I am planning to implement a few schemes to improve, like:
1) Joining Bonus
2) Reimbursement of the shortfall in the notice period (previous company)

Can anyone recommend a few suggestions to overcome this issue? Also, what amount should be given as a joining bonus (according to industry standards)?

Kindly suggest soon as I have a meeting with my seniors regarding this.

Karishma

Karishma,

You can set a percentage on their salary to decide upon the joining bonus, like it could vary between 10% to 13 or 14%, based on your hiring budget. However, the trick here is not to give the entire amount in hand when he joins. Divide the amount into 2 installments. Give half the amount in his first month's salary and the second half after he finishes 6 months. Also, do mention a clause that if the person leaves the company within 1 year's time, he needs to pay back the entire joining bonus amount. This is what we have implemented in our company. You can revise these ideas and then plan your actions.

Regards,
Roopa

Hi Karishma,

The concept of holding hands also works in increasing the joining hit ratio.

Regards,
Bhavna