Closing Candidates in the 4th Quarter

Closing Candidates in the 4th Quarter

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!

4th Quarter

4th Quarter Job Market Outlook

A recent LinkedIn survey revealed that October has the highest number of job openings on the LinkedIn platform. Moreover, the majority of hiring managers (89 percent) filled these roles in less than a month. So, as a hiring manager or human resources professional, how do these statistics affect you and your business? It means you have some competition! So, if you are one of the many companies having a difficult time filling your vacant roles, here’s how to navigate today’s job market as we enter the 4th Quarter.

Eliminate hiccups in your hiring process

In today’s labor market, it’s essential to have a streamlined hiring process. You simply cannot afford to take your time when making hiring decisions. In today’s world, candidates actively on the job market are juggling multiple interviews and potentially, several job offers. To ensure you aren’t missing out on strong candidates, schedule interviews quickly, have close communication with candidates, and send out official job offers immediately. Now is not the time to drag your feet and take your sweet time. If a great candidate interviews for an open position, extend an offer to them. Because if you don’t, another employer will, maybe even one of your competitors.

Utilize contract workers

Has your team ever used or considered hiring contract workers to fill your critical positions? Utilizing contractors is an excellent way to fill your critical positions quickly. When hiring contract workers, there are fewer obstacles to go through during the hiring process, and it gives you’re the opportunity to “try before you buy.” They help you keep production going while you continue to find a permanent person for the position. However, if the contractor works out well and is an excellent fit for your team, you have the opportunity to bring them aboard fulltime.

Plus, by using contractors, you avoid the costly cost of vacancies that can really hurt your company’s bottom line over time. This is especially true for all the employers out there with several job openings. So, by hiring contract workers, your team can keep your day-to-day operations running smoothly and avoid throwing thousands of dollars out the window due to the cost of vacancies.

Be active, not reactive

In today’s job market, you cannot be passively recruiting on your open roles. Unfortunately, with a 50-year low unemployment rate, you cannot post a job opening and sit back and relax. You must be actively recruiting on your roles if you need talent showing up at your door. It’s a candidate-driven market, and candidates can pick and choose which opportunities they pursue.

If your team simply doesn’t have the bandwidth to fill your open positions, partner with a recruiter that specializes in your industry. We have an experienced team of recruiters here at Johnson Search Group that are ready to find the candidates you need to keep production running strong in the Fourth Quarter. Ready to have a conversation about how we can help you compete throughout the month of October and beyond? Contact us today.

4th Quarter Job Market Outlook

4th Quarter Job Market Outlook