Is it possible to tap into the hidden but highly valued passive candidate marketplace? We all know that the best people, the people we would really love to have working with us and for us, are not out there actively seeking a new position. The passive marketplace is the domain of the professional search firm.
We differentiate between active and passive job candidates. There is a world of difference.
The candidate pool for a new hire can be broken down into about four categories. There is the:
(1) active type who is aggressively looking for a new position.
Passive candidates are either
(2) “discerning” or
(3) “dormant”.
Discerners are carefully and consciously open to the right opportunity.
Dormants are subconsciously open to the right opportunity but they have to be woken up to it.
The fourth category are the
(4) “Impenetrables”, non-candidates who are not open to any opportunity for a variety of reasons; overcoming the impenetrable’s obstacles is nearly always a futile waste of energy and time.
Active candidates are either unemployed, and hopefully for good reason, or else for a variety of reasons, they are simply looking for an upward or lateral move from their current job. We will often find a few gems; they can be precious beyond their skill level by nature of their character, leadership style and personality.
Tapping in
To tap into the passive marketplace we start by first mapping out the hiring company’s competitors and other companies who are potential sources of quality candidates. This is immediately followed by picking up the phone, discreetly cold-calling and entering into a meaningful dialogue with each of those top level prospects. Thus we can sometimes move from finding the best individual “out there” seeking a new opportunity to the best candidate in the entire marketplace. The difference can be a quantum leap, not always but sometimes.
Different Methods
This is a marked departure from the usual methods personnel departments use. It is the distinction between romance and bureaucracy. People really want to connect with people, not paper. They would rather be courted than be filling out application forms and jumping through bureaucratic and administrative hoops. Later on paperwork has a vital role to play but before the courting, paperwork is a genuine turn off and a nonstarter. As professional recruiters we know exactly how to start the romance and fight the roadblocks that could kill the relationship as everything progresses. One key to success in life seems to be to find and attract the right people to be around us … and then to keep them there.
Many times the well-honed skills and experience of a search professional go well beyond what can be found in a typical personnel department. It stands to reason that someone who spends 50 hours a week for many years will have a better aptitude for search than an executive who only recruits part-time. It is most surprising the difference in the number of critical contacts the outside recruiter has compared to the in-house personnel officer. In those ever-expanding contacts lay the richest soil for unearthing truly amazing people. Mapping out the competitive playing field and gaining access to hidden passive candidates takes time, money, and resources. But more importantly it is a skill not readily found in-house either by the senior executives or the personnel department.
Discovery
So we have to map out the hiring company’s competitors and other companies who are potential sources of quality candidates. We get out on the street and start talking to people about what’s going on in the industry generally, and more importantly, what individuals are thinking about doing. We involve the hiring manager, his colleagues and networks, as well as other executives he collaborates with. They are an immense source of wealth gone untapped. Then we start seeking out nominations for the position. Sometimes the nominators become the nominees themselves for this (or other) positions. The passive job market is combed for opportunity seekers.
As we uncover interested passive candidates we go through a different kind of relationship, almost like a courtship. Intimacy, understanding and opportunity thinking will develop. This will help both sides in the negotiations when it comes to demonstrating how they will do the job together. These type of negotiations are not about who can get the most out of the situation, but rather how everyone can work comfortably together.
Types of Search
The difference we make in an executive search, compared to other forms of recruiting, is we go out into the marketplace and actively solicit – - reach in, touch, turn around, and tempt – - the top talent from our client’s most successful competitors. We are able to produce candidates who would otherwise remain unavailable. By sifting and unsettling the very best people who are working for someone else in the industry, we can often deliver gifted professionals who have the capacity to impact our clients in unexpected ways.
Now there are two main types of search: Comprehensive and Covert. A
Comprehensive Search is thorough and will yield the best possible set of candidates for the job at hand. It also takes a huge load off the hiring company and pits it squarely on the back of the search firm. The benefits are multiple including increasing the quality of the talent pool, extra time as well as peace of mind for the hiring manager, and making the most efficient use of the recruiting budget. A Covert Search is a subset of a Comprehensive Search and can be very fast in yielding results. It’s like a rifle shot with a silencer compared to a shotgun blast.
We use a Comprehensive Search when we want to ensure that we hire the very best candidate available. We use a Covert Search when we want to take a quick targeted approach for an immediate need. The Covert Search is a little more expensive but easy to justify; the Comprehensive Search gives the best value for the investment.
Learn more at Pe-Trick.com