“I received another job offer.” If you are involved with conducting creative executive searches, sooner or later you are going to encounter a solid candidate that utters those words to you. After all, these candidates are in high demand, especially if they are actively seeking new opportunities. Of course, once you are aware that there is competition in the mix, you know you’ve got some difficult decision-making to do.
Here are the best actions you can take when a candidate tells you they have a competing offer.
Don’t Rush the Recruitment Process
If you are the hiring manager, you might be tempted to do whatever is necessary to keep an extremely viable candidate from passing you by. However, it’s not a good idea to make hasty decisions, such as expediting the selection process or extending a competing offer. Instead, slow down, take a step back, breathe deeply and concentrate on the role and the pool of candidates.
Moreover, rushing the hiring process can result in a bad hire or create sour feelings within your firm’s current staff. On the other hand, if you genuinely believe the person under consideration will immediately take your firm to the next level and represents a once-in-a-lifetime hire, then it may be smart to quickly wrap up any remaining interviews and extend an offer.
Leveraging Hiring Consultants for Help
The paragraphs above describe a simplistic way of assessing and acting on the situation of a candidate with an offer in hand. Hiring managers know there is much more to it, though. Unfortunately, making the wrong decision is a misstep that can cast a very long shadow. A better option might be to retain a creative executive search firm to assist you in your talent search.
Consultants at creative executive search firms, like we at Janou LLC, thoroughly pre-screen executive candidates and acquire these highly skilled candidates for clients to hire. Organizations benefit from the expertise and extensive legwork of an executive search firm; this, in turn, betters the chances of making the right hiring decisions. In addition to finding great talents, they know how to assess candidates who have competing job offers.
Take Five: Sponsored by Janou
Janou, LLC, a Global Creative & Marketing Executive Search firm specializing in luxury and lifestyle brands, employs a 5-Step Process for hiring candidates for clients. In these cases, we search and evaluate candidates, including those who let us know they have competing job offers later in the process.
1. Asking How the Job Search is Proceeding
The hiring process is a two-way street, and most companies understand that an active candidate can receive one or even multiple job offers. Finding out too late in the thick of the hiring process can be awkward, as it may make the hiring entity feel as if they aren’t the first choice. And, no one wants that.
What we do first as search consultants is to find out from the candidate in the very beginning how their search process is proceeding. Have they been actively interviewing, and if so, what stage are they in the process, ie. final interviews, close to an offer etc? Once we have received all the information, we will then proceed with careful representation.
2. Making Recommendations in Terms of Moving Forward
In-demand candidates typically have more negotiation power than one that is more urgently seeking a new role. We advise our client at the beginning of the process of each candidate's strength and search status and make our recommendations in terms of how to move forward based on our information and experience.
To the candidate, we advise them to look beyond the monetary and consider the long-term opportunity, quality of life, corporate environment, company's moral human compass, and the candidate's career, personal goals and purpose in life.
3. What to do if you get a Job Offer but are Waiting for Another
This step is geared more to the candidate’s perspective. If they are very interested in the opportunity we've presented despite another offer, we would suggest holding off the decision as long as possible; that way they can have additional meetings to weigh the opportunities. We would also encourage them to have further in-depth conversations with both companies to really tease out any questions they might have.
4. Be Transparent About the Opportunities and Process
By being as transparent about the opportunities and process, it will help rule out a bidding war that usually has negative consequences. While we might represent one opportunity, it is important that the candidate is happy with the decision they make, as we want them to succeed regardless of which opportunity they decide on. Ultimately, this benefits both parties best.
5. Making a Job Offer to a Candidate
Ah, the talent search is finally over, and you’ve made a decision and you’re ready to begin making a job offer to a candidate. Remember, finding top-tier talent is often challenging, even in a sluggish economy. Time will always be against you when recruiting talented executives. Considering that, you will want to move fast and make the job offer to the candidate.
Contact the selected candidate – preferably on the same day of their final interview to give them the good news. If it’s not possible, reach out to them within the next day…two days max. Not only does this ease the candidate's jitters post-interview, but it also lets them know how delighted you are to be welcoming them to your team!
To find out more about the executive search consultants at Janou and our premier services, you can use our online form or contact us at info@janou.com.