Evaluating Candidates in a Tight Job Market

As procurement forges its way through a talent crunch, companies get serious about retention and candidates’ expectations increase, evaluating candidates that are actually available to you requires a new approach. 

Today’s candidates know their worth and are using the tight market to secure those steps up the ladder with higher expectations in both the positions they are willing to consider as well as the dollars they are asking for. Concurrently, employers are fighting to retain their most valued employees by offering more training, work flexibility, pay raises, and promotions, making them ever harder to lure away.

Yes, some problems can be fixed by throwing money at them. Yet, top spend doesn’t always guarantee you top performers. There may be a better solution. 

Let’s review your options.

Expand Your Traditional Candidate Pool

Balancing your wants with your budget may be a difficult task. Still, it’s imperative you attack it upfront, before wasting everyone’s time only to find the imbalance at the end as you struggle to reconcile that which doesn’t add up. Think hard about what it is you need, and why. Identify the fundamental skills required and externally benchmark data to see what it will cost you. Once you find the right balance, set a recruiting strategy that brings in the right people.

Although increasing your salary budget will certainly widen your candidate pool, considering candidates outside of your usual recruitment channels will have the same effect. Need an HR Category Manager? Why not hire an HR professional and teach them sourcing. Or someone with impeccable sourcing experience who has supported a different category. If they have the right attitude, and most of the technical skills you need, and you have the resources to teach the rest, doing so may be well worth the effort. Investing in the right employee’s development, in the end, could be much for effective than overpaying for a hefty resume. 

If your requirements are outside of your budget, then have those conversations early on. Educate stakeholders on current market conditions, and bring your benchmarked data to push for an increase in budget. Also, take a look at the full package, and what else you can “bring to the table” to attract the right candidates, such as flexible work hours, or working from home.

The Evaluation

Recognize that, just as your company or your job vacancy isn’t perfect, neither should you expect the candidates to be. Don’t dismiss a candidate too quickly just because they may not check off every box. Look a little deeper to their adaptability, their soft skills, and their ability to learn, and hire based on potential.

When making the final decision, keep an eye on company objectives and long term plans, and make sure that you aren’t just looking to plug the gap at the lowest price possible.

The Close

Entirely consensus based processes can lead to paralysis. Decide upfront who the ultimate decision-maker is and trust that person when the time comes. Also, make sure to lead with your best offer, so you don’t miss out on top candidates as you try and pinch your pennies. 

If increasing your budget isn’t an option, make sure you have a clear understanding of where you stand in the marketplace and adjust your expectations accordingly. Staying on the market for too long carries a negative connotation and substantial opportunity costs for not having filled the position.

Be braver in your appointments and don’t disqualify “under or over” qualified candidates. Top percentile performers can be hugely impactful to a business, but they may also be hard to hold on to if you aren’t able to offer a rapid career curve into more senior roles, and can be a costly proposition if you are forced to replace them after a year. 

Actionable intelligence is where specialized recruiters can come in handy, helping to distinguish candidates with the potential to step up and stretch their current responsibilities from those that aren’t quite ready. Challenge your internal stakeholders for improved, effective processes designed for today’s tough job market, but if you need external help, get it.