Don't put all of your eggs in one basket

This is one of my infamous lines going back to my days as an enroller for Principal Financial Group.  When talking with plan participants about their 401k elections, we always advised diversification.  Any financial adviser is going to do the same when viewing your investment portfolio.  So why should this advice not hold true when approaching a job search or an open position?

First let's talk about the candidate side of the equation.  I can't tell you how many times over ten years of recruiting I have seen a candidate get burned by being laser focused on only one opportunity.  They have made the decision they are leaving their current employer and want no other option than ABC Company, who seems to be equally engaged with the idea of hiring you.  The problem is that many things can change over the course of an interview process, even if it is in the eleventh hour.  Then when the company surprises the candidate by pulling out of the conversation, the candidate is left holding the bag.  Additionally, they are mentally checked out of their current company and job performance has declined significantly.

Don't hear what I'm not saying - if you really can balance the idea of being more of a passive candidate, then only interviewing with one company could work out wonderfully for you.  But you have to be prepared to stay put if you don't get the job. Without that key ingredient, you could even be setting yourself up to being fired by your current company, without another opportunity in the pipeline.

Now, from the client side of the equation there are some similar plot lines.  You have an opening that is critical, you find a stellar candidate, and you put all of your energy into recruiting that person.  You tell other candidates that have been through an initial interview that you have a finalist and should know more soon.  Well, what happens if that candidate falls through?  They become disinterested?  They review your offer, yet decide to stay put because of a counter offer?  Now you must go back to the second and third options with your tail between your legs and tell them that you have changed course and now would consider their candidacy.

There are, however, some differences as well with the client perspective.  As much as you might believe you have found "THE" candidate, perhaps there are qualities in other candidates that eventually supersede your perceived top candidate, or even better could add a dimension to the team in another role.  I have had clients in the past that ended up hiring multiple candidates, despite having only one opening.  When handled correctly, you don't even need to hire both at the same time.  Good talent is good talent and you don't want to look a gift horse in the mouth when it comes around.

Have you ever been burned by putting all of your eggs in one basket with a job search or company opening?  If so, I would love to hear your stories!