The Cost Of A Hiring Mistake For Candidates & Hiring Managers: Part 2

If you make a mistake in the hiring process, what are the costs for the candidate? Are there any?

Last week we discussed the cost of hiring the wrong person from the company’s perspective and how important that was.  In this week’s blog, we continue with the cost to the candidate of choosing the wrong new employment situation.  This is such a significant question and one that should not be glossed over.  The cost of making a mistake in the hiring process for the candidate is much greater than what you can imagine and that is why it’s crucial to make a great (not just a good) firm selection.  Now we will look at the costs for the candidate. 

Time Is Ticking

Like the hiring manager, the most basic costs for the candidate is also time and money.  Time of going through the extensive interview process, and money in not getting the right deal at the end of that process.  These are the obvious ones, but there are more important ones which I will touch on further down.  So, let’s start off with time.  The whole job search process is an exceptionally long one from first researching and locating a position to first interviews. If you are like many people out there, you may have the interview philosophy of having multiple interviews with numerous firms while trying to manage the hiring process with numerous potential suitors.  That alone takes a great deal of time.  With our “one and done” philosophy you will only be introduced to one firm. If neither party has any concerns and both parties want to move forward, you complete the process; thus, saving a great deal of your mental energy and time talking to firms which may not be a fit.  If you go the route of wanting to talk to lots of firms, that is going to be a major time waster to all the firms you do not move forward with too.  I know this sounds harsh, but it’s a true statement.  I recognize there are certain people out there who want to make sure they have not left any stone unturned.

The Waste Of Time & Energy Are Major Costs For The Candidate

The next time waster is that you will not be as productive with your current firm as you were prior to starting the interview process.  This is one of the harsh costs for the candidate in the end. Why? First, it is hard to try to serve two masters – the firm(s) you are courting and your current firm.  If you do not get it right, all that wasted time trying to balance the competing situations or even competing offers is extremely time draining.  Also, the mental and emotional roller coaster of trying to decide is also a major time drain on your productivity.  The more firms you are considering the greater the drain on your time.  So please try to narrow your decision down as quickly as possible if you want to court numerous firms.  The results to you will be quite remarkable in time savings.

Money IS Lost For You

Let’s now look at the money factor as one of the costs for the candidate.  Should you make a wrong decision and were able to get a signing bonus, you will indeed have to pay that back.  Alternatively, you’ll need to find a firm that will absorb that for you in a new offer.  Also, the deals that you may have hoped to have brought over and now it’s not the right fit, those deals will be in jeopardy of some sort.  Plus, when you go to a new firm, the ramp-up period begins anew. The last thing you want to do is start the ramp-up and then have to tell your clients that you are switching firms again.  That phone call(s) are the hardest to make as they always result in loss of dollars one way or another.  It’s so important that you get the hiring process correctly for both you and your new firm.

Find That Recruiter To Avoid Costs For The Candidate

By short-circuiting the interview and hiring process through the use of a specialized recruiter, you can be assured that you will avoid the costly mistakes that can come from doing the process on your own.  Again, as I mentioned last week, we as recruiters do not always get it right but do most of the time.  You can avoid many potential costs for the candidate with a trusted recruiter in your corner. By allowing your recruiter to really get to know you they will find the best opportunity for you.

Conclusion

If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. 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.