When my wife woke me up yesterday morning, I rolled over and reached for my phone to check my email. Exasperated, she exclaimed, "What exactly do you think happened in the 45 minutes you were sleeping?"
My daughter says I'm obsessed with coffee. My wife says it's an addiction. Either way, you probably don't want to chat with me in the morning before I've had a chance to have a few cups of God's gift to hard workers.
And now several studies show that it's good for you. Especially with skim milk and no sugar, as I take my coffee. (If you're listening this is a great chance to suck up...)
So you can imagine my horror when my espresso machine broke. The fourth consecutive one not to make it through the one year warranty. It seems that I put too much strain on home machines, but haven't made the jump to an industrial one.
I know you're wondering what all this has to do with recruiting, but hold on a bit longer, and I'll get there.
My gut reaction was to go get a new machine. My wife pointed out, it would just be another temporary patch, and I'd eventually need to pay for a machine that can do the work, so I should bite the bullet now and buy an industrial machine.
But in the mean time days would go by without coffee.
We brought the broken machine in for warranty service. 1 hour each way in the car.
We borrowed an unused machine from a neighbor. It was missing the metal filter for the espresso grinds. 20 minutes to the supermarket to buy regular coffee filters. Didn't work.
20 minutes to the hardware store. They don't have a replacement part.
1 hour on hold with the manufacturer. I'll have my "broken" machine fixed before they can ship me the filter.
Someone suggested I try a French Press. Borrowed one from a friend. They didn't mention that you can't use espresso grinds. 20 minutes wasted, 1 horrible cup of coffee.
20 minutes to the supermarket for French Press coffee. I got a passable cup-O-joe, but switching from espresso to French press is like drinking Jamesons because you are out of a Glen.
Turns out there is a restaurant liquidator that sells industrial kitchen equipment from restaurants that went under. 2 more hours in the car. No significant cost savings against a new industrial machine.
By now, I've spent nearly 7 hours and a full tank of gas in search of Coffee that gets the job done, and I still haven't gotten my fix.
Which brings me back to recruiting.
It's no secret that the current market environment is a complex one. But, as more companies recognize that they've become as lean as possible, they also realize that they can't grow by cutting, and the way to revenue growth will be paid by adding the strategic talent that can create revenue.
We had more opportunities in Q109 than Q108, and are pace to see the same remarkable growth in Q209.
Yet in an environment where price pressure is always a factor, hiring managers are making several key mistakes, roughly as productive as my vain search for coffee.
1) You Are Not Alone- I can't tell me how many hiring managers have asserted that they must be the only one looking. Yes, unemployment is up in the general market, but not for premium talent with a pedigree consulting background. If you can verbalize why you are looking for a candidate like this now, odds are many companies have come to the same conclusion. There is plenty of tier II and tier III talent available, but if you must have the best of the best who can drive your business forward, expect to compete for that talent.
2) Your Network is Not A Complete Solution- You will find valuable candidates through your network. Every job for premium talent should be posted on the top MBA alumni networks, as well as alumni networks of top consulting firms and i-banks, and reputable boutique firms that specialize in your industry or functional need. Network with partners at top firms to find out who has announced their intention to leave. But don't expect that activity to create a deep enough pipeline to fill the role. And if efficiency is a factor in your search, don't wait to exhaust those channels before bringing in the help you need to fill the role.
3) You Get What You Pay For- The price pressure for candidates of this caliber is insignificant. More clients are mistakenly beginning their searches by offering low salaries and limiting relocation assistance. At the same time they are raising the bar for candidates who pass muster- often beyond what is feasible to attain. In recruiting, we call the mythical candidate who will meet the requirements for, and accept, that job a "Purple Squirrel." And if a Purple Squirrel ever mysteriously appeared while you were in this mindset, this is what you'd say to him:
We need to bring reason back into the talent market, currently being driven by irrational assumptions about the market.
4) It's Harder to Source Pedigree Talent in This Market- Most hiring managers assume that higher unemployment numbers, mean more available talent, which should create price pressure, and lower competition for the best available talent. In the pedigree market, increase unemployment does not increase the quality of available talent, it increases the volume of irrelevant noise that prevents you from identifying the best talent. Remember that companies are not laying off their most valuable employees. If you are looking for pedigree talent, the odds are the candidate you want is securely employed right now.
5) When the Market Corrects You Will Lose Cheap Labor- If you succeed in hiring someone at below market value today, you are guaranteeing that that person leaves your organization as soon as a "better" opportunity comes along. Quality organizations are not looking to simply hire for today's needs, but to acquire talent for the future of the organization.
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If any of the above sound like you, don't worry. You are not alone. In fact, if you can compromise on quality, now is the perfect time to buy talent cheap.
But, if you are only interested in pedigree talent (Which is the only reason to be a client of Hawkes Peers), now is the time to invest in the future, not save in the short run.
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