Has your company ever lost the competition for a great candidate to a competitive offer? If so, there’s an excellent chance that your firm may not have performed well in the interviewing, and recruitment of that candidate.
Proven executives are always difficult to find and attract; no recession exists for top performers. Competitive offers and offer “turn-downs” are more common now than ever.
Why should a firm’s leadership worry about such things? Let’s examine what’s at stake: First, the shortage of capable leadership inhibits optimal performance. Second, hiring the wrong person for important positions can prove catastrophic. And third, significant “opportunity costs” (unrealized revenue or savings) accompany understaffed positions. Undoubtedly, top performers make better decisions, and generate better results for your company.
In college athletics, national championships are won by recruiting the best talent, and managing that talent to success. Recruiting in business is no different. Athletes (and executives) are attracted to the best challenge, culture fit, skill match, growth opportunities, and vision. Other subconscious decision-altering stimuli can include powerful emotions such as gut feel, trust, sense of importance, etc. Frequently these are the underlying factors that tilt a candidate in your favor, or elsewhere.
Frequently, new client executives are surprised by our question, “Why should a ‘top performer’ quit a good job to come to work for your company?” Compelling answers to this question are paramount to success in any recruiting endeavor.
Lengthy processes and/or failure to effectively “sell” candidates can put a company at a competitive disadvantage. This is truly a free agent market, and a very competitive one for the best talent. Prospective employers must bring their A-game to consistently win these contests. Executives today have multiple options to choose from — competitive job offers, internal promotions, counteroffers, etc. — and frequently will not wait on an indecisive suitor.
So, how might one turn the momentum toward the most positive recruiting outcomes, or improve on an already good process?
Conclusion: No interviewing or recruiting process is 100% foolproof, but it does help to have the odds in our favor. If these practices help our team land just one additional “star” — possibly the star that helps win the championship — our effort will have been well-invested. The ROI can be substantial.