What Candidates And Clients Should Consider…
I trust everyone had a fun and safe 4th of July – now onto today’s blog! In today’s blog, I am going to look at the areas that over the last twelve years seem to be the most significant for both candidates and clients to determine if a move should be suggested and accepted. They are in no particular order, and I will only touch on each one but may choose to elaborate on them separately over the next couple of months. They will be presented in a bullet style rather than my typical paragraph format.
1. Firm culture for candidates
This is becoming so much more important as we are aging both physically and spiritually. Years back, firm culture was not as prevalent of concern for candidates. However, with diversity and inclusion as growing areas of concern, it’s no surprise that firm cultures are being closely examined by applicants. Also, the “fun” factor is more paramount than before, especially after COVID. People are coming back to the offices and after the break, they want to come to a firm that is truly a fun place to work.
2. Total compensation
This area is indeed especially important for the more senior members of the applicant pool. Public finance professionals, bankers, and bond counsel have the following thought regarding their total compensation: “My base salary pays for my expenses, and my total compensation pays for my lifestyle which I am very used to enjoying.” Bonus structures should offer candidates the ability to at least double their base salary with the proper origination and production by the new employee.
The immediate people that you are working with on a daily basis must be thoroughly digested before a candidate will accept an offer. More and more candidates are asking now to see more than the hiring managers and the C-Suite people. They want to meet their co-workers as well. This is even more prevalent with the higher-end positions.
4. Platform for candidates
If they do not feel that you can sell their bonds or service their existing clients and have a platform to grow their business, then they are out.
5. Resources to do their work
Here resources are much broader than you would think. It’s not only analytical support or paralegal support, but it’s also the resources to go to conventions, do marketing programs, help with RFP’s, ability to join relevant organizations, etc. Candidates must feel that they can get their work done and be able to expand their current clients, issuers, and matters.
6. Reputation of the firm
It’s not just the overall reputation of the firm that is on their mind, but more importantly the reputation of the firm in their direct marketplace. For example, if a firm is not in the candidate’s immediate footprint, they are aware that it will take longer to get through the ramp-up period. Many of the candidates out of the market want assurances that the firm is committed to their new market. That usually translates into longer guarantee periods.
7. The loyalty of their existing client base
This is clearly the toughest thing for them to analyze unless candidates have made a move in the past and their clients have already followed them; then they are more comfortable representing that their clients are their own, not the firms. Without this comfort level, it is usually a much harder decision for them to make a move.
If you are currently affected by any of these items, please feel free to reach out to me for a confidential conversation.
You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at [email protected]. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. You can find our listing in the “supplier and services” section of the Red Book under the title of “executive recruiting.”
About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.