"Time Kills all Deals!!"
It’s an old cliché but the message still remains, “Time kills all deals!”. In every aspect of our lives, this statement rings true. Just recently, a friend of mine got engaged. He decided that it was best to buy the ring with his partner at a later date. Immediately, they found a ring that they both loved in the first shop they went to, but being the typical consumer, they wanted to see what else might be out there for comparative purposes. Eventually, after searching through numerous shops over the duration of a couple of weeks, they had settled on the initial ring. The problem, the ring had been sold during this time. However, as they had a good idea of what the ring looked like and of what they wanted now, they decided they would go overseas and get an identical ring made, problem solved!
We are currently operating in a market in the Financial Sector that is getting tighter and tighter. Fewer candidates are available and companies are putting stronger incentives in front of their staff to ensure they are not going to consider a move. Salaries have been increasing, benefits packages have been getting stronger, bonuses are back in the fold. All of this is resulting in a huge demand for top talent that is not necessarily being met with the supply. However, something that has become evident even still in the current market is that recruitment processes in general, remain the same.
We have seen a drastic increase in candidates being offered multiple roles and we have seen more candidates than ever, pulling out of processes because they have already received an offer elsewhere or they have been promoted, given salary increases etc. or just lose interest during the time that they had been involved in an interview process.
Unlike my friend, similar candidates cannot be manufactured. In addition, unlike an engagement ring, candidates do have opinions and that can change. The companies that are attracting and on boarding the best talent, are the ones who are adapting to the market, they are moving the processes much quicker, they are not waiting to compare and they are making sure that they not only conduct an interview to analyse the validity of a candidate for a role but they also spend some time to sell the opportunity to the candidate. The question no longer is, do we wait for something better, it is now, do we wait and potentially have to settle for option two…..if there is an option two.
For more information on the market and to help you find the best talent that is out there at present, please do not hesitate in contacting my colleagues and I in Morgan McKinley at 01-4321-556 or e-mail me at firstname.lastname@example.org.