The War For Talent
Much to everyone’s surprise, the economy is improving and the job market is brightening. Last week’s report on jobs was very positive and shows unemployment is slowly declining. It would decline at much greater speed if the proper management, structure, and initiatives were put into place, but that is a different topic, for another article.
Once again, candidates have career options and job choices, and recruiters are under pressure to showcase multiple job opportunities quickly before the top notch candidates slip away. The greater challenge for recruiters is educating our clients, who still don’t believe that they need to move quickly with interviews and offers. Clients continue to request multiple interviews of candidates, often trying to schedule around busy executives who travel or are unavailable for long periods of time. Many offers are being lost and great candidates are going to the competition because of this. It is time to change gears!
In addition, we see that companies are opening up their wallets and offering signing bonuses and creative perks to entice and attract top candidates. We see that some firms are caught off guard by the rapid speed and assertiveness of their competitors going after this top talent. The hiring trends we saw in 2006/2007 are again returning. There are more competitive job offers, sign-on bonuses and perks that allow a candidate with multiple job offers the flexibility to have many options. This is a wake- up call for our clients to move much more quickly in streamlining their interview process and preparing offers.
This market change is affecting the consulting arena as well. Firms that are accustomed to interviewing their consultants are losing them. As we preach, consultants only make money when they are working and they are shrewd about selecting the opportunities where they can simply start and not waste time interviewing. We are using our “4-hour free work interview” to gain the trust of newer clients and to remove the insistence of wasteful interviews for our highly skilled consultants & temporary associates.
As recruiters, part of our process is to educate and offer awareness to our clients on the new realities of the hiring landscape. We want to make sure that everyone is ready to close deals when a hiring decision has been reached.
Here are some tips that we can offer to ensure you get the best and brightest talent:
1) Make sure all of your hiring managers and executives are ready to interview. Schedule multiple managers and executives per interview session so you can maintain the momentum of the candidate’s schedule and keep them interested. “Time kills deals.”
2) Don’t waste time after the offer has been made with paperwork. Have all paperwork prepared ahead of time and have HR informed and ready.
3) Make sure that you are putting your best offer first. Don’t wait to bring out your best offer until you are involved in a counter offer with a highly motivated firm competing against you.
4) Allow your recruiter to pre-close your first choice candidate by giving them the salary and benefits ahead of time. Doing this eliminates surprises and having the candidate pre-closed before an offer is made eliminates the need to spend time negotiating and then renegotiating an offer.
When our clients give us an initial job description, McIntyre will work hard to hammer out the compensation prior to initial interviews so we can pre-negotiate all of our offers, maintain candidate control, and hopefully prevent counter offers from coming in from your competition. We like to know at all times where our candidates stand and the candidates know up front that we are doing our best work to ensure a seamless staffing partnership is being achieved. We hope that your businesses are thriving once again and wish you successful hires.