In today’s market, it’s prudent to put a Hiring Plan in place well before you are ready to schedule interviews. This begins by deciding which type of hire you will be considering.
VELOCITY HIRE vs RECRUITED HIRE
The past several years have reflected a hiring environment where the overriding priority for hiring organizations has been Velocity – filling n number of positions within a certain [usually short] time period. That requirement was typically met by leveraging multiple overlapping resources:
HIRING RESOURCES STRATEGY – Velocity Hire
- Internal Talent Acquisition team
- External [contingency] recruiters (1-3 avg)
- Job Postings (Company website, LinkedIn, etc.)
- Job Boards (CareerBuilder, etc.)
Due to the emphasis on speed, augmented by competitive pressures, this model most often focuses almost entirely on high velocity candidates – those who are actively looking for jobs and can start as soon as possible.
This model has proven to be an effective, and frequently less expensive strategy for filling certain roles; however, it appears that this “quantity over quality” approach has a direct correlation with higher turnover rates and shorter tenures related to those hired. (see below). The evidence for this is heard in the common response of “expectations not meeting reality”, reported by hiring managers AND new hires, reflecting a less than comprehensive assessment during the vetting and interview processes.
Click diagram to expand
Arguably, the practice of velocity hiring has also contributed to the paradigm shift seen in the candidate market today. Most often referred to as The Big Stay, we are in an environment where the most desirable candidates are not actively looking – they are Passive. They aren’t sending out resumes or scanning job boards. They are heads-down and focused in their current role – fully aware of the recent volatility in the job market and the increased risk of making a bad decision in their career.
Most Passive candidates aren’t considering a move, but some will (see below diagram), provided they see a clear and comprehensive alignment of values with any potential opportunity. Values that go beyond Comp Plan and Territory, delving into areas like Company Culture, Management Styles, Collaboration, Growth, Challenges, Autonomy, Recognition, Mentorship, Training, Teamwork, Inclusiveness, Diversity, Financial Stability, and Job Longevity.
THE RECRUITED HIRE
A Recruited Hire strategy involves a true consultative (vs. transactional) approach. It requires a deep understanding of the client’s needs, drivers, culture, and specific requirements, as well as an acute awareness of the present-day influences impacting the candidate pool. (See below graphic) The search process itself typically involves a degree of advance preparation and research, a high level of sourcing related efforts, and a significant focus on the vetting of potential candidates and subsequent Value Mapping exercises.
PRE-LAUNCH HIRING STRATEGY – Recruit Hire model
- Formulation of Company Profile and Persona
- Hiring Organization Discovery
- Create Job Specifications
- Develop Ideal Candidate Profile / Persona
- Solidify Research and Source Criteria
- Establish project Parameters, Methodology, Expectations, and Status Update schedule
A Recruited Hire strategy is a thorough, resource intensive approach that is best implemented well ahead of scheduling interviews. When possible, the Advanced Preparation listed above, as well as the establishment of a phase one Candidate Pipeline, should precede any job launch.