Unemployment for finance and accounting professionals in the Bay Area is currently under 2%, making the search for qualified candidates extremely competitive. Showing hesitation or having an inefficient hiring process that lingers on, can often lead to losing out on your first or even second choice candidate.
At BVOH Search & Consulting, we do come across some hiring situations where a sense of urgency is not at the forefront of the mind. Firms that approach temporary hires without the sense of urgency often required to secure top talent are at risk of losing out.
This can occur during the slower summer hours when individuals in the hiring capacity are out of office or if there are too many individuals involved in the hiring process. However, hiring managers who proceed with urgency are much more likely to land their top candidates and that sometimes requires juggling many schedules to get those candidates in the door in a timely fashion.
If the goal is to secure the top choice for an interim need, there are two things you should avoid to prevent losing the best talent available for the job.
Not Scheduling Interviews in a Timely Manner
Interviewing candidates for a job can be a big imposition on an already busy workday, and scheduling interviews with the necessary staff can feel like a game of Tetris. However, clients who can schedule interviews and move forward with a streamlined hiring process have a tremendous advantage over those who can’t.
“Clients who can schedule interviews and move forward with a streamlined hiring process have a tremendous advantage over those who can’t.”
Some clients may call candidates back for multiple rounds of interviews across a span of several days. Working with your team ahead of time to determine what day works best for all of the individuals involved in the hiring process to meet with a candidate can reduce the risk of having to schedule interviews across multiple days. Getting all the decision makers present and involved on the same day can lead to a quicker resolution around who to hire.
Before you start the interview process, it’s important to think through:
– How many phone calls and in-person interviews will you need to schedule?
– How many people truly need to meet with the candidate?
– Will those people be available during the time you plan to interview?
Keep your interviews to one day. If you are hiring for a permanent position in your firm, the process is more extensive. However, if you’re looking for a consultant, more than two interviews can be off-putting. It’s also possible that your competitor kept their interview process to one round and was able to more efficiently reach a decision around your top choice candidate.
Another incentive to get your hire in place is the amount of time they will have available to cross-train with the outgoing employee. If you have a staff member who is going to be on leave, or you have a huge project coming down the pike, time is of the essence.
It’s also important to remember that temporary workers are usually being paid by the hour. Too much time spent interviewing equates to money out of their paycheck. The Bay Area’s job market is tight, and prolonged hesitation around when to pull the trigger will allow other companies to jump in and whisk your top candidates away.
Not Providing Feedback to Your Recruiters
As skilled recruiters in the field of finance and accounting, BVOH is far more than a résumé service. We thoroughly vet our candidates and work hard to align their skill sets with the needs of our clients. A hiring manager’s time is valuable and often limited, and we strive to make an effective match through our initial vetting practice.
A hiring manager’s time is better spent interviewing a candidate that is qualified, but in order to accomplish this, we need to know exactly what it is they are looking for. The details are important.
If you, the client, are moving through the hiring process and rethink what you need in a candidate — qualifications, necessary skills, or the position you’re hiring for — communicate that to your recruiter! We can make adjustments to the list of candidates we send your way.
“The more we know about what you’re screening for, the more we can narrow your search from the beginning and the more you can make your time spent on a job search really count.”
Sifting through résumés and interviewing candidates can be time consuming. If we only have a very broad idea of what will make someone successful in the position, it is hard to narrow down the best profiles to share.
If you are specific about your goals for hiring, we are able to narrow your list to three or four of the best candidates to spend your time meeting with. The more we know about what you’re screening for, the more we can narrow your search from the beginning and the more you can make your time spent on a job search really count.
Consider your process ahead of time for getting necessary feedback from each individual on your team that was part of the candidate interview process. Do you get together immediately after your interviews to discuss? Or do you let several days pass before you share your thoughts?
Ideally, your recruiter should get feedback about candidates the day of their interviews. In situations where feedback is not available for a few days, it is ultimately lost time in moving your search forward and securing the best candidate.
Streamline for Success
Temporary consultants play an important role in the world of finance. Not only will they allow you the breathing room to take the time you need to find the perfect permanent hire, but they can also leverage their wealth of knowledge from working across various organizations to bring an outside perspective in house. They can assist with implementing scalable processes and efficiencies during extreme periods of growth or help your team to finally reach the end of that ongoing project.
If you’re in need of interim support, let BVOH help you find the perfect interim solution to sustain your business.