- By Steve Margalit
Opportunity Cost, or Opportunity Lost?
We are currently experiencing a fiercely competitive job market in the race for top talent. The unemployment rate is at generational lows, and dropping. This means that the post and pray method of identifying highly qualified candidates is not nearly as effective as it’s been in the past. Companies are only as good as the people they employ, the team they assemble, the creative thinkers and innovators they hire. If you aren’t keeping pace with your competitors in the industry, you’re falling behind. It’s time to change how you view hiring in your organization. Is the opportunity cost of not hiring someone greater than the cost of identifying the right person? Here are a few items to consider…
Always be open to the idea that anyone and everyone you meet could be a possible candidate for employment in your organization. You never know where you may find talent that can help you build for the future. Even if you believe you are fully staffed, it’s important to add relevant folks to your network. In the event you unexpectedly lose a team member, it’s nice to be prepared with a deep bench. Take an active approach, join networking groups, and attend seminars and industry conferences. Sure, this may cost you a few dollars, but building relationships with high performers in your industry will pay for itself in multiples over time. Your company is worth that investment.
Partner with an Executive Recruiter
In conjunction with your own efforts, partnering with an industry specialist can be an invaluable part of your hiring process. Oftentimes, the most qualified candidates for a particular role aren’t actively in the job market. Corporate recruiters, generally speaking, only review inbound resumes from active candidates. Rarely, if ever, do they make cold recruiting calls to passive candidates. Executive Recruiters, who spend most of their day engaging passive candidates, can tap into their large network of talent and actively pursue those folks adding tremendous value to your process. By acting as the sales and marketing arm of your organization, they can help ‘sell’ your opportunity and company to candidates who would not otherwise be aware it exists. If your need is urgent, or the cost of the unfilled seat or opening is high, it’s critical that you shift your thinking regarding the recruiting fee. You always want to make the right hire, not just a ‘seat filler’ who adds no value – that will only cost you more in the long run. Offset the fee against the lack of productivity and consider it an investment in the growth of the company.
Create a Desirable Culture
Now, more than ever before, culture, environment, benefits and work/life balance have become differentiators for top talent throughout the interview process. The best candidates are dealing with multiple offers for their services. Creating a culture that fosters personal and professional growth and the ability to make impactful contributions to the team is what it takes to tip the scales in your favor. Make sure your top performers have the flexibility they need and are being rewarded financially for their successes. Your ultimate goal is to retain your key team members, and make your company attractive to the best of the best in the industry. If you are struggling in this area, now is the time to take a long look in the mirror and make the necessary changes, the future of your company depends on it.
The world we live in today is more connected than ever before. The ability to connect with and attract the top talent you desire is at your fingertips. Do you have the right connections? Are you using all of the tools available? Have you created the ideal environment? If you are looking for guidance or to fine tune your process, let us know how we can help.