Peter Cappelli, author of Why Good People Can’t Get Jobs, describes why companies struggle to fill positions quickly (or at all) by labeling it the “Unicorn.” A Unicorn is a candidate that is nearly impossible to snag due to the long laundry list of requirements they must possess.
Hiring managers are often unrealistic in their expectations. Why? The hiring manager:
1. May not hire often and is unaware of the marketplace as a result
2. Combines too many roles into one position
3. Sets a compensation level doesn’t match the requirements
4. Expects a new hire to hit the road running with little or no training
In addition to expectations being askew, many employers are taking too much time to decide who to hire from the applicant pool. The following three reasons are primary culprits:
1. Difficulty in coordinating multiple manager schedules for team interviews
2. Vacation or business travel delaying interview schedules
3. Indecision caused by hoping a “Perfect 10” candidate surfaces
According to statistics from the Corporate Executive Board, the length of the average hiring process has increased significantly in recent years, and is approximately 50% longer than in 2010. Dr. John Sullivan’s blog article, “Slow Hiring is Damaging Your Firm and Here Are 20 Reasons Why,” reveals the many ways slow hiring may be adversely affecting your business.
Due to unrealistic expectations and longer decision cycles, it is easy to understand why companies are losing candidates or struggling to find them in the first place.
For your next hire, resist looking for a Unicorn. Instead look for ways to design the position criteria that fits the existing marketplace, while still helping your company accomplish its goals.
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