Recruiting Strategy - Planning Ahead

We start every summer here at Capstone thinking things will slow down with summer vacations, kids being out of school, golf outings, backyard BBQs, and general rest and relaxation. Then every June we are reminded of how busy summertime can be in the job market. Then when we look back on the end of the first quarter and beginning of the second quarter, we realize that we have many conversations with clients about hires for the New Year. They just take some time to come to fruition. Most companies make plans sometime mid-first quarter and then begin executing those plans in the weeks after that time period.

This also happens for us again in October of most years. And for the same reasons; everyone is getting over 7/1 renewals, preparing for 10/1 and 1/1 renewals, and beginning to conduct year-end planning for hiring and budget purposes. We do have many clients that wait until it is too late. They call in October, and can’t understand why there isn’t an abundant pipeline of candidates for them to choose from. The time to start planning a pipeline is today, not three months from now.

CareerBuilder recently published a Q2 report for 2015, and it included a poll of employers and one question was, “Do you have job openings at your company that stay open for 12 weeks or longer?” 43% of employers polled said yes. Through Harris Poll they spoke with more than 2,000 hiring managers. That is a pretty good sample size and proves a point that not many want to admit – it takes time to fill a critical position, especially if you want to find the “right” candidate.

So what can you do to prevent yourself from being in a tight spot when needing to hire in the fourth quarter or beyond? Plan now. Begin building that pipeline of candidates. Be honest with them that there might be a position out there in 6-8 weeks, but you want to talk now. Partner with outside firms like Capstone to see where the candidate activity is and if you are in the right target salary range. Sit down with hiring managers and human resources to see what you can do pro-actively to prepare for a new hire.

If you plan ahead, you can prevent predictable headaches and obstacles in the hiring process. We would be happy to share additional strategies with you if you have questions in the coming weeks.

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!