The Candidate And The Company: What To Expect After The Initial Interview Process
In this three-part series, last week we covered the initial contact, the resume, first call and the debrief. We ended with the prospective employer asking for a business plan for those revenue producing bankers or bond counsels. After ferreting out the type of business plan that is best, the candidate and the recruiter continue to move the process forward. Today we will discuss what is entailed in the continuing of the hiring process for all involved: recruiter, candidate and the company.
Business Plan Review
Upon submitting the business plan, the recruiter will present all the nuances that the candidate covered in the plan. Not all the information will be apparent, and some of the data will be intuitive based on all the years of experience the candidate has. The recruiter will be able to address some of the assumptions that the candidate used as well as their inner thought pattern. Also, if the candidate has moved in the past, they are familiar with how much of their book of business will transfer to the new firm. At this point, there will be internal discussions going on with anyone that has a say in the moving forward of a candidate or anyone that they will be providing revenue for. This usually includes ancillary departments for review. This process of review and analysis can take up to a couple of weeks. Patience is a virtue for the recruiter, candidate and the company. A candidate that is working with a recruiter has a leg up, especially since the recruiter can continue to nudge the process along.
The Next Round Of Interviews
Upon the conclusion of the review, numerous things could happen. However, what we are hoping for is another round of interviews. These interviews will be more thorough. The initial dating is over. Now it’s time to get down to business and determine if it is a good fit. At this point a new round of interviews will occur, and the candidate and the company will be spending more time on the process. It is likely that the seniority of the interviewer will increase as other departments start to weigh in on the hiring process. For the candidate, this helps them further determine if this is good for their current and prospective new business. For example, with public finance bankers a discussion with the lead underwriter may be suggested, whereas, for a bond counsel a conversation with the managing partner of the group may be the next step.
Compensation Discussion
After the new conversations are completed and debriefs occur for both employer and candidate, the parties should both be aware if this is going to move towards the compensation discussion. If at this point both candidate and the company share with the recruiter they are interested, it is up to the recruiter to start to drill down on the financial needs of the candidate (knowing very well where the employer is standing as it relates to a competitive compensation package). Personally, speaking I spend about up to an hour with a candidate (depending on the level of candidate we are discussing) understanding where his or her current compensation is and what they expect for an offer. This is where a recruiter must be brutally honest with the candidate and manage their expectations. If they are realistic, great. If not, the recruiter must share why they are not being realistic; then, either get the candidate to modify their thoughts or release the candidate. A recruiter should never present an offer to a company that they do not believe is realistic and one that a candidate will not accept.
Next week we will conclude with this three-part series of what a recruiter really does.
Conclusion
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. 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.