I’m sitting at a coffee shop right now reflecting upon an incredibly active week of sourcing and screening that has just passed. One of the items that stands out in my mind is how to handle candidates in this present market.
It is a candidate’s market right now. Many companies are hiring so there are many opportunities for candidates to consider. This being true, hiring companies have to make some adjustments to their hiring process to be successful.
Speed Up
Yes, candidates use the veiled threat of other opportunities in an attempt to influence a quicker decision. This approach works in a tight labor market like we have today. Nonetheless, companies need to be cognizant of the steps in their process along with the frequency of candidate contacts. If you have an extended or delayed hiring process, you risk losing your top candidates for one of two reasons:
-Lose them to another opportunity
-Lose them due to a poor perception
The first point is fairly obvious. The market is tight, opportunities are plentiful and good candidates are in great demand. We like to tell our clients, “If you have identified a strong sales candidate, odds are another hiring company has too.” Companies often move at their own speed based on the false pretense that they are the candidates’ best or only option. This thinking can derail any strong hiring process.
The second point is more subtle but just as likely. Delays, uncertainties, confusion – all of these items create an impression on the strong candidates. These perceptions may be accurate or they may be completely false, but they do leave an impression. Another aspect of the hiring process that trips up hiring companies is the fact that the candidates are interviewing the company too. They are drawing conclusions about your company’s culture, management approach, priorities, etc. based on their limited experiences in the hiring process.
Structure Sells
You can see the importance of monitoring your contact with the top candidates. We suggest companies treat it as a sales cycle – qualify the candidate, find their decision points and work towards a timely close. A refined, structured hiring process is appealing to strong candidates. Companies that know what they are looking for and employ methods to find the right person have an advantage in the talent market.
The best approach is to stay on target for your hire date and don’t let candidates experience an extended period of time without a touch (phone call, email, task, interview, etc.). The current market mandates a weekly touch with candidates to keep moving towards a decision. Anything less than this frequency puts the goal of hiring the top candidates in jeopardy.