Dear Shreyasedave,
The remedy could be that you have to investigate why people do not join your company after getting the offer letter.
a) Do they consider that your company is too small?
b) Do they feel that the geographical location of your company is not convenient?
c) Do they consider that the CTC offered to them is not up to their expectations?
d) Do they consider the work content/job profile described by you not matching their expectations?
e) Do they consider that they may not gain knowledge if they work in your company?
Like these, there could be so many factors. You may feel that only after they have weighed these options they have received the offer letter. True, like employers have the choice of candidates, candidates too have the choice of companies. Probably, candidates choose a better option than yours. Hence, it is important to find out whether the offer made by you is in line with the benchmark of the industry (matching your industry).
The other remedy is that you have to select at least a minimum of 3 candidates for each position so that you can keep the other two candidates on hold, and in the event the first choice does not turn up, you can always fall back on the other shortlisted candidates.
The interview process is also important, if you are not practicing the following, you may consider these:
a) Two-way conveyance expenses for attending the interview.
b) Lunch arrangements when the candidate stays beyond lunchtime.
c) Keep him/her posted if there is a likely delay in conducting the interview at the scheduled time.
d) Avoid calling several candidates at the same time and making them wait, as this may not give them the right feel.
e) Spend sufficient time assessing the candidate regarding his interest in joining your organization. Is he trying to take the offer letter to negotiate with his current employer or with another prospective employer, etc.?
These things may give you some insight into why candidates are not turning up after getting the offer letter.
M.V. Kannan