With companies reporting candidate offer acceptance rates of between 75% and 50%, with signs that those numbers could even dip lower, it is clear that a kind of gold rush is happening, especially within something like data science.
While 75% is just about acceptable, companies must get real about the reality out there in job land. The truth is that rivals are swooping in on prime candidates or counter offers from the candidate’s current company are causing them to change their minds about moving on. No sooner has a great potential hire come onto the market, they retreat and disappear from the market again.
There are 4 factors that are affecting who secures the candidate right now:
- Who interviews the fastest
We have said on countless occasions that a company must keep its hiring strategy honed and up-to-date. So many companies just do what everyone else is doing, or simply fall into what they are doing, without much thought. Do you really need all the stages or are they there because you are afraid you won’t look professional enough if you don’t have them? We have encountered businesses who have one stage of interview and we have encountered ones with 12 stages. Which do you think everyone involved was pleased about?
The old saying that the early bird catches the worm is especially true when it comes to hiring, and during these crazy times, the bird must get up even earlier.
- Who makes the hiring decision fastest
Another saying you may be familiar with is ‘Too many cooks spoil the broth’. Within your strategy are there a core of decision-makers who have interacted purposefully with the candidates, or is it a committee made of a variety of people with opinions, from the receptionist to the CEO? Of course, we are exaggerating for effect there, but streamlining the process means that you can make that decision happen much quicker. Things have changed and candidates are being snapped up left, right and centre. You cannot afford to wait around.
As a lot of the best candidates are being poached from existing jobs, when you delay, you give their current firm time to produce a counter-offer, turning the candidates head and removing them from your job role. The more you delay, the more you lose out.
- Who offers most money
It goes without saying that money talks, but out there on the job market, skilled and rarefied talent is having money thrown at it by desperate companies who don’t know what else to do. We won’t lie and tell you that people don’t care about money anymore, because they do, especially in times when futures feel somewhat uncertain. The fact that most companies have not corrected points 1 and 2 before rolling into point 3 tells you that there isn’t a whole lot of strategy going on.
Yes, you should be offering what the market deems appropriate for the candidate you want, and if that goes up because of competition, then so be it, but there are more cost effective things that can help you lock down a hire and make sure they choose you. This can include partnering with a specialist recruiter who can find more hidden gem candidates so desperation is no longer a deciding factor. They can help you restrategise your hiring practices too.
- Who can convince the candidate that their company is superior/a better fit
Specialist recruitment partners can play a great part in convincing a prospect that your company is a good fit for them. They have the experience and can seem objective to candidates, while always working for what is best for the company. In addition to that, organisations should also be assessing how they come across during candidate interactions like email correspondence, their website and video interviews, as anything off-putting that candidates see there, will make convincing them all the more difficult.
Curious about how Zenshin Talent can help your organisation? Contact us today for a no-strings conversation about your needs and our experience.