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 choice of candidates, candidates too have 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 atleast minimum 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 shorlisted 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 lunch time.
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 make them wait as this may not give them the right feel.
e) Spend sufficient time to assess the candidate regarding his interest in joining your organisation. Is he trying to take the offer letter to negotiate with his current employer or with other prospective employer etc.,
These things may give you some insight as to why candidates are not turning up after getting the offer letter.
M.V.Kannan