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Is your executive search in full swing? COVID-19 has had a huge impact on the economy. There are many organizations that have had to let executive-level talent go. There have been office shutdowns, cost-cutting, layoffs, bankruptcies, and more. This has led to an influx of executive talent becoming available in some industries and regions. This isn’t even considering the number of passive candidates who would be open to making a career move.
One would think that a job market flooded with candidates would make it easier for your organization to find a great executive. It’s actually not that simple. It could potentially make your search more challenging. Here are a few reasons you could have recruiting challenges:
If you see the value in a market suddenly flooded with candidates, so will your competitors. Even though there are more candidates, you can still expect it to be very competitive for the top talent. Be ready to compete.
With more people looking for opportunities at present, you can expect to see more applications hit your inbox. This means more applications to weed through. You’ll have to dedicate more time and resources to execute your executive search. For as many qualified candidates, you’ll have just as many, if not more, who are not right for the role. You’ll need to decipher who you want to speak with and which candidates don’t qualify.
More candidates applying have a negative impact on your hiring process. If you are too slow to react to applicants, you could lose out on top candidates who are not willing to wait for you. They could be poached by another organization that is quicker to pull the trigger on hiring.
Finding the right candidate is challenging, no matter what circumstance. But with more potential candidates, it can muddy the process. You need to adjust your recruiting strategy to accommodate this new candidate market that opened up quickly. With so many unknowns ahead because of COVID-19, it can be challenging to know who you need and should hire right now. The type of candidate you need, skills, and experience levels have changed.
Randy co-founded IQ PARTNERS in 2001 and currently operates as a Senior Partner, focusing on business development within executive search, media, and sales recruitment. His accomplishments include building over a dozen digital media sales teams for digital start-ups, publishers, and mobile app developers. He has also helped launch an international smartphone manufacturer from the ground up, building its entire hardware, software, and sales teams.