What the difference a year makes! Employers are no longer simply driving the recruiting bus, picking up experienced and skilled employees. Candidates need to want to work for you (employer) as badly as you want them on board!
In a survey with ExecuNet (a leading Executive Recruiting resource), completed last week the results were surprising, if not downright shocking!
“We are hearing from more and more executive recruiters that the executive hiring market is very strong. Some compare it to 1999-2000 just before the “dot com” bust. That may be overblown, just glad things are moving forward.
The challenges of a strong marketplace is that it isn’t all good news for recruiters who work so hard to fill a position. It is clearly becoming a candidate empowered market.
A Robert Half survey from February, 2021 highlighted that 28% of candidates backed out after receiving a job offer:
▪ 44% received a better offer from another company
▪ 27% received a counteroffer from their current employer
▪ 19% heard bad things about the potential new company through due diligence”
One of the principles of interviewing is: “Know Your Candidate!” They have options.
Know if your candidate is interviewing elsewhere – a top candidate attracts other recruiters, so keep the pulse on all candidates you are seriously pursuing; you can be seen as a helpful part of their process.
Understand what competitors are offering – top candidates can be expected to attract top interest and you can build relationships to help them compare offers, so they can better make a decision.
Prepare for the Counteroffer – clear with the candidates early what their view is of a counteroffer and lack of longevity for anyone who accepts one.
Improve the way to extend offers – take advantage of the relationship between hiring manager (or recruiter) and candidate and be open, honest and sincere.
Help your candidates resign – enable them to leave graciously and professionally, it protects them and commits them to final closure.
Do you, the Employer, have the time and resources necessary to really develop the relationships and understand the nuance of a candidate’s career goals? Those are the (simple) elements that help the retention of high value candidates. It’s also why there are Executive Recruiters!
Give Bob a call to see how Bishop Partners can help you hire the most valuable candidates, in a timely way.