There are 5.788 million job openings across the United States – all of which hope to be filled with the top talent on the job market today. That’s a lot of competition, and you’re probably feeling the burden of it when you lose those highly-sought after candidates to other companies. You might stop and wonder, what are we doing wrong? How can we get better? Well, I’m here to help with that. I’m sharing some of the major reasons that companies lose top candidates, and how they can improve in the future.
Slow Hiring Process
The first problem I aim to tackle with my clients is a slow hiring process. Most companies have a slow process for hiring, and they don’t even realize how much it’s hurting them. You can easily streamline the process by allowing direct and frequent communication between the recruiter and hiring manager, and cutting out unnecessary steps like second phone interviews, Skype interviews, etc. And the hiring process doesn’t end with interviews! Be sure to make an offer as quickly as possible after the interview.
Not Offering Market Value Compensation Packages
Speaking of offers, it is absolutely essential that you do research on this position and what the average salary for it is in your area. (Here are some great resources to help you do that!) Depending on the criticality of the position, the experience of the candidate, and how many other companies they are interviewing with, you may want to offer significantly stronger than the average. If you come in with your best offer right off the bat, you have a much higher chance of landing the top talent you need.
Not Pursuing Talent In Local Markets
I’m sure you’ve heard the phrase “right under your nose,” and let me tell you, that’s often where the best candidates are. Most HR departments are set up to receive active candidates, meaning people who seek out the job listing and apply for it. When you partner with a third-party recruiter (like me), I pursue what we call “passive” candidates, those who aren’t actively looking but might be open to the right opportunity. This requires a lot of legwork and research on competitors, skill sets, and trends, but the payoff can be huge in getting those high-caliber candidates. Not to mention, it can speed up the process because it requires less travel for interviews AND candidates are more likely to be an immediate cultural fit if they’re from the area.
So, there you have it. The three biggest issues companies run into when hiring in a candidate-driven market. Have you experienced these issues at your organization? Let me know!