The war for talent is over. Talent won.
I first wrote that line in this newsletter years ago, and I have never had a reason to take it back. After 40 years as an executive recruiter, I can tell you the number one reason companies lose great candidates is not money, title or location. It is speed. The company that decides faster usually wins.
What a slow process tells a great candidate
The best people are rarely on the market for long. They often have more than one offer in play, and every week of silence gives them time to say yes to someone else. Indecision, scheduling delays and surprise budget reviews also send a message you never meant to send: this company can’t make up its mind. A top executive reads that as a preview of what working there will be like.
The market also changes faster than most hiring plans. I once took a call from a CFO who had left a fast growing startup. A year earlier, nobody would look at a job without stock options. Now he said, “Joe, I’m calling because I heard you have a CFO job with a stable company. I’m interested.” What a difference a year makes. The companies that were ready to move scooped up people like him while everyone else was still scheduling the next round.
“Because we have never done it that way”
After I wrote about fast track hiring, a reader in HR emailed me to say my advice was still too slow. Her view: train hiring managers to decide on the day of the interview, and send the offer that day or within three days at most. I agreed with her then, and I agree with her now.
Another reader asked, “But we still need to check references before we make an offer, don’t we?” Not always. Many companies make the offer contingent on references checking out, so they don’t lose the candidate while they wait on callbacks.
I suggested exactly that to one client that kept complaining about turned down offers and candidates who took other jobs first. They told me they couldn’t do it that way. When I asked why not, they said, “Because we have never done it that way.” Ho boy. That answer costs companies more great hires than any competitor ever will.
5 ways to speed up your hiring decisions
- Commit before you start. Once you decide to fill a role, treat it like a project with a deadline. Agree on the budget, the decision makers and the timeline up front, so nothing stalls halfway through.
- Know exactly who you’re looking for. Write down the must have skills and the nice to have ones, plus the personality, communication style and culture fit you need. A clear target makes a fast yes possible.
- Put the decision makers in the room. When everyone who has a vote meets the candidate on the same day, you cut out the second and third rounds that drag a search out for weeks. If you’re wondering how many rounds is enough, see my LinkedIn poll on how many interviews is too many.
- Make your best offer the first time. Good people are an investment, not an expense. Price the role at today’s market rate, listen to what the candidate is worried about, and build an offer that answers those concerns. Haggling over small details is how you lose the person you already picked.
- Make your recruiter part of the hiring team. Instead of juggling a dozen firms, work closely with a few you trust. A good recruiter knows the going rate, keeps the candidate warm between steps and helps you put together an offer that gets accepted.
The bottom line
Hire with care, but hire with speed. The greater the talent, the shorter the time that person will be available, and the more real recruiting you’ll have to do to win a yes. No one remembers that you took six weeks to be sure. They remember who got the great hire.
Hiring an executive and need to move fast? Our network of 700 recruiters helps companies fill roles from $75,000 to $2,000,000 in base pay. Email me at info@josephmichaels.com or call 1-800-786-1099.
Warm regards,
Joe Pelayo