When a candidate you fall in love with passes on your offer, it is a hard pill to swallow. Recruiting takes time and effort and getting everyone on board with one person is no small feat. But this is the current hiring market. Great candidates have many great opportunities. And if your company thinks it is the only fish in a top performer’s sea, think again.
This is tricky for clients because, as we all know, the value of a good hire to a company is beyond measure. As JP Morgan CEO, Jamie Dimon, once said, “One of the biggest expenses a company makes is hiring people, particularly hiring the wrong people.”
So, when it comes to increasing the likelihood of getting the hire you really want, what can you do?
1) Once you identify a candidate that you believe has everything you need, move quickly in the process.
2) Put your best foot forward. We are in a competitive marketplace. Make sure your offer is strong from the outset.
3) Bells and whistles. It used to be that “okay” benefits were the only extras you needed. No more. The companies acquiring the best people offer generous insurance benefits, flexible work schedules and reasonable amounts of sick and vacation time.
4) What is your end game? Be clear in the interview process about how this person is going to be a part of achieving your company’s goals.
5) Change your hiring mindset. If you believe that you can pass off bargain basement benefits as a viable reason for offering a subpar salary, you will not get the hire you want.
Many folks that took roles five to seven years ago “settled” when it came to compensation and packages due to the economy. Now those same candidates have the upper hand, and several options in today’s market. And the candidates that hunkered down when they saw many contemporaries losing their jobs are now venturing out to enjoy better options as well.
So, as an employer, don’t assume that recession hiring market rules apply. The companies that see what’s happening in the market are snapping up the best and brightest with swift hiring practices, and generous investments in the quality candidates they meet.