Here we are, in the 4th Quarter of 2020 already. It’s hard to believe, and chances are, you thought your year would be a heck of a lot different. Hundreds of companies have experienced an overall workforce reduction this year; however, many companies have a hiring need somewhere within their organization. Maybe it’s a department that’s been understaffed for months, or a new need for talent has surfaced due to changing demands in our current economic climate. Whatever your hiring may be, closing candidates is never a sure thing and has become increasingly challenging this year.
Over the past decade, candidates’ offer-to-acceptance rate is usually right around the 70% mark, and even lower in some specific job categories. Throughout 2020, it’s safe to speculate that this number could potentially be even lower. Here at Johnson Search Group, we pride ourselves on our ability to close candidates, and over the past few years, have been nearly 20% higher than the industry average. Here are a few tips to help your hiring team ensure you are successfully closing candidates in the 4th Quarter.
Establish an efficient hiring process
It’s really pretty simple – whether you’re a recruiter, an HR professional, or a hiring manager, you have to be transparent in what you can offer, what you’re looking for, and most importantly, move quickly on the candidates you like. Studies show that the average time-to-hire is approximately three weeks, while top talent is only on the job market for ten days. More so, in recent history, we have seen companies lose top talent to competitors because they are not pumping out offer letters fast enough.
So, what do you do? First of all, you must be transparent on compensation, relocation, and the candidate’s availability. The compensation is often the biggest deal-breaker; this where a recruiter can be a great asset. My team and I submit candidates within our clients’ salary range, and at a rate, our candidates have agreed to accept if an offer is extended. We avoid any negation after the offer, can almost guarantee to and the client knows upfront the candidate’s interest level.
Location is crucial
Location is another critical factor. If it is a relocation, it is essential to get the candidate’s family’s perspective and other decision-makers involved. We make it a policy to close the candidate on the location every phone call. Local candidates are ideal for everyone involved but not always a possibility for some positions; plus, local candidates have a significantly higher acceptance rate. Closing candidates in the 4th quarter will be difficult if they are having cold feet about relocating.
Timing is everything
Availability and time are also essential factors. If you are interviewing top talent, chances are, other companies and recruiters are working with this job seeker. You have to move fast, but be careful not to rush the hiring decision. But if you have determined this is a candidate who is interested, qualified, in the compensation range, you have to pull the trigger before someone else does.
Hopefully, if your team follows these steps, you can successfully close candidates in the 4th Quarter of 2020 and help finish off the year strong. If you are looking for the best candidates on the market, please contact me directly and let me take some of the work off your plate. Let’s work together to finish strong!