CMF’s executive recruiting team recently noticed an increase in the number of candidates with multiple job offers, a trend that has been climbing since 2011. For private equity funds looking to make executive upgrades at their portfolios, this implies that the potential for losing a top candidate to another offer stock-full of promises and bonuses is no longer an issue of the past.
To avoid losing a candidate to another offer, CMF’s executive recruiting team offers the following tips:
- Recruit an A-player candidate with an A-game job description – In order to find the right candidate, you have to know what you are looking for, specifically. Job descriptions should be written to include not only the basic requirements for the position, but also vivid details of responsibilities and challenges that help establish the right questions to ask during the interview process.
- Source Quality, Qualified Candidates – Create differentiating levels of resume reviews and interviews in a structured process, with each step designed to weed out under-qualified entrants; spend significant time up front and in a structured manner to avoid wasting time on the wrong talent and potentially having a broken process.
- “You Snooze, You Lose” – Though thoroughness on the front end can pay efficiency dividends, don’t drag out the interview process and frustrate remaining, quality candidates with an overly complicated process that includes extensive interviews. Clients are also more successful at locking down their top candidate when they act decisively to make an offer – the longer you take to make a decision, the longer the candidate has to keep job searching!
- Know the Market Rates – Candidates are once again receiving offers that include relocation funding and signing bonuses. While the up-front costs of these perks might seem over-the-top, they may be what the market is paying. A-players are worth it in the long-term!
- Have a Plan B – If you still find your top candidate accepting another offer, make sure you have sourced several “A” player alternatives. Clients who rely on one “silver bullet” may find an empty chamber should their first choice not accept. By getting comfortable with two or more solid candidates, you won’t have to re-start the process after a rejection.
CMF’s executive recruiting team works with clients to identify multiple A-player candidates for their open positions by developing stellar job descriptions, pre-screening and qualifying candidates via a thorough interview process, and coaching clients on top candidates and how to present them an offer.