The High Price of the Perfect Candidate
We’re all familiar with the adage, a bird in the hand is worth two in the bush, but as is the nature of clichés, they are so overused we sometimes lose sight of the inherent wisdom that made them clichés in the first place. As companies set out in search of their next employee, they set their sights high and hold out hope that this next hire will be the master-of-all-trades at an entry-level cost. While they may not always be quite so farfetched with their hopes, too often we see clients lose out on excellent candidates because they believe that the next great employee is just around the corner. It may seem as though passing on a candidate in hopes a more perfect option presents itself is of little consequence, but passing over good candidates can be costly. Let’s discuss the three areas in which extending the search process can cost you:
The most immediate and obvious effect of failing to secure candidate is the expense. Depending on the position, failing to have a candidate in place can mean you are failing to meet a level of productivity needed for growth and success. The longer you hold out for a candidate that may not even exist, the longer you extend the loss of productivity and the subsequent revenue that would accompany the productivity.
A question many fail to consider is this: Is holding out for the perfect candidate worth the potential losses associated with a decline in team morale? If you have a particular positional need, it is likely your current staff is compensating for this need. The longer these employees feel as though they are taking the brunt of a labor shortage, the more demoralizing this can become. This ties in with the previous point of the financial effect, as a combination of a team stretched thin and waning endurance can amplify the cost of waiting for the perfect candidate.
The Bird in the Hand
Today’s market is more favorable to the job seeker. A disappointing reality is when a client realizes the candidate we originally presented is the superior choice, and they contact us to reestablish a connection, only to find that candidate is no longer on the market. Once a candidate is made aware of new prospects, they are less inhibited. This makes it very easy for your competition to swoop in and secure the talent you let walk, all in the hope that the perfect candidate would appear.
There are a couple things client companies can do to better analyze their staffing needs and weigh the risks of waiting for employees that may never come:
Talent on the Rise
Partner with a recruiter that understands your specific industry and has an eye for talent potential. Securing tomorrow’s best candidates today can be the best investment your company makes. Perhaps a candidate does not have the exact experience that you desire, but they have a combination of experiences that strongly suggests they could excel. Stepping out to meet these candidates may seem risky, but it is far less risky than leaving a gap in your staffing.
Find the Best Fit
A great resource when it comes to assessing a presented candidate is your existing staff. Look at your best employees and measure them against your ideal candidate. What you will find is that even your best employees no doubt came to you with room for improvement. Taking the time to consider the unique talents of your team will give you valuable perspective. It also gives you the opportunity to determine what might be missing in your staff, thus focusing how you measure prospective candidates. You may never find the perfect candidate, but with a strong recruiting partner and an assessment of your team, you can very well find the perfect fit.