Insights into the forces shaping our industry.

Successful Hiring in a Tight Labor Market

Hiring Advice

We are back in a candidate driven market. Candidates have several companies interested in them (including their current employer!). Companies need to react with faster hiring processes and better offers. This month, Egret had 3 clients lose candidates they were excited about having on board. One client lost a candidate due to the hiring authority being on vacation. The other due to the offer being equal to the candidate’s current salary, and he received another offer for 10% more in pay.

Companies must be proactive. To hire quality talent, shorten the hiring process and meet candidates’ expectations.

Tips for shortening the interview process:

  1. Coordinate a phone interview within 24 – 48 hours of receiving the candidate’s resume.
  2. Limit phone and video interviews to 1, or max 2; and if 2, schedule them on the same day or within 24 hours.
  3. Coordinate the face to face or video interview within 24 – 48 hours of the phone interview. Video interviews are much more common now and in some cases eliminate the need for in person interviews.
  4. Only bring the candidate in once for a face to face and schedule everyone they need to meet that day. Understand that they may not meet everyone due to scheduling conflicts, so have the absent interviewers prepare a list of questions or concerns for the other interviewers to address.
  5. Make an offer within 24 – 48 hours of the final interview.
  6. Present an offer better than their current salary, or that matches their salary expectations; if you can’t, then you shouldn’t interview the candidate.