I can't get over how the quickly market is shifting in favor of the candidate! In all of 2009 and going into 2010, there have been so many highly qualified people looking for work, that companies could take their sweet time deciding who they wanted to hire. Due to offshoring, lay offs and downsizing, companies knew (just by the sheer volume of applicants that they were seeing) that there were more candidates than there were jobs. They knew they could pick and choose and take as long as they wanted without running the risk of losing the talent pool in front of them.
It was when we stepped into 2nd quarter that I started to really see the pendulum swing in the other direction. I'll give you an excellent example:
A few months back I was working with two clients that had a job order for almost the identical requirements. The cross over skill set was a 9.5 out of 10. Pay scales identical, skill set the same, and both clients in the same industry. They are both known for hiring the best talent, being a very good place to work, and they both wanted a very senior person.
I had several solid candidates against both positions, but one really stood out above the rest.
Both companies showed genuine interest right away. So far, this is a really good thing.
However, the company that the candidate favored most (we'll call them Company X) had a pretty drawn out interviewing process, and simply wasn't nimble enough to be able to execute thier process quickly. One Friday, Company X called and informed us that they wanted to bring in the candidate for the final step in the process (still a good thing). However, they were having to juggle some schedules internally, and told us they would let us know some time early the next week what day would work for them. I gave my candidate a call, and gave him the good news. He was so excited. It was a solid company, excellent pay, and the location sealed his interest.
Fast forward to Monday afternoon. Company X called and informed us that it will have to be the next week before they can coordinate everyone to be in place for this interview. I then call my candidate, and let him know the time line. Just about an hour later, another interview is offered to the candidate with a 3rd company (Company Z). I firmly believe that a person with no options will make a decision based on desperation. Give that same person options, and they'll make a desicion that will have longevity to it. So I advised him to keep his options open and he goes on the intertview the following day (Tuesday).
Let's recap: 1 candidate and 3 companies want him, but he still is most interested in company X. (Keep in mind , All 3 of the companies knew the candidate had been part of a very recent layoff, and was actively looking. Also, They each knew he was in the interviewing process elsewhere and would be at the offer stage very shortly.)
So, Now we are at Wednesday and company Z calls and extends an offer to the candidate. Wednesday! Their interviewing process was 72 hours from asking him to interview, to extending him an offer. He was thrilled , but didn't want to burn a bridge with company X. So, we called company X and advised him that the candidate had a pending offer. Company X still wanted him, but had no ability to modify thier interviewing process, because it was designed to function in a candidate heavy market, not the market where people have options and you have to move quickly. In the meantime, Company Z needs an answer by Monday of the following week. When the candidate realized company X didn't have any flex in thier process, and then added into the equation that company Z knew they were at risk of losing him so the executed quickly, He decided to not wait, and he accepted the position with company Z.
Weekly, I have seen candidates become unavailable quickly due to having other employment options. I am now finding myself having to withdraw candidates from clients due to other clients simply moving swiftly in their process. Frankly, I think its a very cool thing. In an ideal market it would be great to simply have an equal balance of power. You know, one where employers execute their hiring process in an effective time line, and candidates aren't having to wait by the phone for weeks on end! But since the employment market always seems to be in favor of one side at a time, I think the wisest way to navigate through this is to do exactly what this candidate did... be honest that you have other options, be willing to look at those options professionally, and then when its time to make a decision, you can make an educated, well thought out one that isn't riddled with questions that were never asked!
Only one word of caution: Candidates, be wise in this change of momentum. Choose to be honest about your options. If you are geuinely interested in a company, let them know your time line and if you have other things on the plate. Don't over play your hand. Keep your options open, but also keep your mind open!
Good luck to all of going into quarter 3 of 2010!
