Insights into the forces shaping our industry.
Successful Hiring in a Tight Labor Market
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:
- Coordinate a phone interview within 24 – 48 hours of receiving the candidate’s resume.
- Limit phone and video interviews to 1, or max 2; and if 2, schedule them on the same day or within 24 hours.
- 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.
- 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.
- Make an offer within 24 – 48 hours of the final interview.
- 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.