You can apply this to almost anything in life, but it holds very true in the hiring process as well, timing is everything. Whether it’s a slow process that seems to drag on forever, or it involves round after round of interviewing, it is causing you to lose your best candidates. With unemployment numbers down, we are in a ‘quality candidate’ driven market. Because the best candidates are courted by multiple employers, they come with an expiration date. In order to act quickly; set the timeline for hire, block the calendars of the interviewing team and start the screening interviews (phone, Skype or FaceTime) right away. Gather feedback and communicate with your recruiter who is aware of the candidates’ activity and will be able to ensure whether your timeline fits the candidates’ timeline. Consolidate the on-site in person interviews to one day. If everything aligns, take action. Make the offer. If you don’t, your competition will.
When a candidate says it’s not about the money, guess what? It’s always about the money! Sure, there are many reasons why a candidate decides whether or not to accept an offer, but total compensation package is very high on that list. Of course you have to keep internal salary equity in mind, but it is important to put together a market competitive offer to attract the best candidates. Communicate with your recruiter who has already had these conversations with the candidate and can offer guidance on what will get the candidate to accept your offer. Make sure you discuss the possibility of a counteroffer if the candidate is currently employed.
I’ll say it again, we are in a ‘quality candidate’ driven market! Oftentimes hiring authorities act as if they are doing someone a favor by granting them the privilege of an interview. They act as though they have the only job on the planet and people are begging to work at their company. Just because you believe your company is wonderful, it doesn’t mean that everyone wants to work there. It doesn’t mean that they will accept any offer, and there aren’t four or five other companies who are vying for that same candidate. Don’t take anything for granted. Keep your ego in check, be sure to sell and close the best candidates on the opportunity at your company.
Jeff Herzog, President of FPC National said, “The most successful companies are the ones that look at hiring and recruiting as a top priority. They spare no expense, and treat the process the same way they would the launch of a brand new product. It’s critical that they understand what the market is like and don’t hesitate when they find what they are looking for.”
The good news is that it is not too late to clean up your process. Set the timeline, make competitive offers, and close the strongest candidates on your company. Good luck, and let us know how we can help!
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