Last week we shared that after a lot of conversations with Founders and CEOs, strategic hires are still going to happen in 2020. We also shared the three reasons a Founder/CEO would want to engage a recruitment partner for these strategic hires.
In this article, we take things to the next level by talking about the value that an engaged recruitment firm brings when it comes to extending offers.
1. We know what’s going on all the time... well, most of the time.
One of the value-add services an engaged recruitment partner provides to a business leader preparing to extend an offer is their ability to provide current, relevant market knowledge. This includes information that may not be in the public domain.
Examples of market knowledge our clients often look to us to provide include current salary insights, the size of the talent pool, the degree of search difficulty as well as insights and learnings from similar searches we’ve done for other companies.
This type of market knowledge is foundational for setting up future offers to be accepted, and can only be acquired by experience recruiting for similar talent over many years and through varying market conditions.
2. We are the buffer.
Sometimes the journey to an accepted offer is frictionless. Let’s consider this unicorn scenario: employer presents a written offer, candidate signs it back the same day, AND resigns immediately to ensure they start their new role in two weeks! Could it always be this easy, please?!? In reality, it rarely is. And for senior-level strategic hires, it NEVER is.
Our experience has taught us that the painful bumps and occasional shocks from the potholes along the journey to an accepted offer are less painful when there is a BUFFER.
A recruitment partner’s role is to introduce a discussion about compensation early in the selection process. Transparency of both the candidate and the employer’s expectations is essential to ensure alignment before a hiring decision is made or an offer is extended.
An example of a value-added service we provide is joining our clients in the hiring decision. Our goal is to provide an objective, unemotional perspective. This perspective includes information about the candidate’s salary expectations as well as perspective about a client’s offer framework. Our experience has shown us that when both sides of an offer want the same outcome, both parties are willing to give and take to ensure the result is win/win and a hire.
The value-add of having a buffer in an offer negotiation eliminates the potential deterioration of a relationship. Most candidates are not experienced negotiators. Sometimes a candidate or a client can be misunderstood as ‘hostile’ or ‘inflexible.’ A buffer works to ensure a smooth transition and relationships that maintain a level of mutual respect.
3. We can get into the personal stuff, you can’t.
Experience has taught us that the average length of an engaged search for a VP takes 3-6 months from start to finish. During that time, while we become a trusted advisor to our clients, we also become the listening ear and consultant to our candidates.
The most successful senior-level candidates we’ve represented have two things in common: they provide transparency and they are careful to manage expectations.
For this reason, a recruitment partner is often well informed with key data points to help their clients land the candidate they want to hire. They will have insight into what a candidate is thinking, insight into the pace of competing interview cycles, what or who will be impacting the candidate’s decision as well as personal circumstances that are important to the candidate and will be a factor in their decision.
4. We take a position of readiness.
Your recruitment partner is the person who should extend your offer of employment to a candidate. Period. The reasons for this are many, and we’ll explore this in future blog posts, but the main reason is the consultative role we play in coaching the candidate on how to handle the process of resigning. This includes anticipating and coaching how to handle a counteroffer situation should it come up.
While every CEO believes that everyone wants to work for them and their company, sometimes things just don’t go as hoped. When the unfortunate happens and an offer letter is declined, a trusted recruitment partner is back on the job, communicating your story to the market to find the next best candidate who meets your requirements.
The overarching purpose of engaging a recruiting partner is a successful hire! A good partner wants to conduct a thorough search and help their client to select a candidate who will be successful in the role, and exceed the objectives they were hired to achieve.
If you are ready to engage in a discussion about your next critical hire, reach out to book a call with us to learn more about the work we’ve done and how we’ve helped other tech companies like yours with their critical hires.