Last time I looked for a job, I had three offers. Each of these offers were with very similar organizations, with very similar offer packages, and with exactly the same type of work. What actually made the difference? It was all about the value proposition. In retrospect, whether I made the right decision will never be known. However, my acceptance was based on the idea that the average quality of each associate was higher in the firm that I ultimately chose. Whatever determined that choice, it all boils down to two things: your employer value proposition, and your ability to convey that EVP.
Offer accept rate does boil down to your EVP. Somehow, if your EVP is not as strong as your competitors, your offer accept rate will suffer. Your EVP does not have to be about a more competitive compensation package, but is usually about the work you do and how that work gets one. Often, your EVP is based on your talent programs – what caliber employee do you have, and how do you advance them.