I do not know about you, but a new decade is both nerve racking and exciting. In the world of getting hired, the game has changed drastically over the last decade or so. We are going to explore these changes. More importantly, what these changes mean to you, the candidate, who is either thinking of getting hired or at least contemplating the idea of making a move. How has the candidate-driven decade affected the hiring process for everyone even bond financing experts? Will this continue into 2020 and beyond? Statistically speaking, this is one of the strongest candidate-driven markets we have seen since the early 90’s. Firms that do not move quickly for their desired candidate are finding that the candidate is no longer available.
The Candidate-Driven Market Effects
Candidates that used to wait around for a company to decide are not waiting anymore. They are taking the opportunities that are knocking at their door instead of waiting for a firm to decide and provide them with a timely offer. Also, firms are being much more selective than they used to be, even though they are aware they may be losing a top candidate. Thus, causing a “perfect storm” where candidates like bond financing experts won’t wait around and firms are unwilling to tender timely offers.
What Is There To Be Done About This?
First, candidates and companies need to be brutally honest with each other. By a company knowing of a candidate’s true interest, they can dedicate the time to vet a candidate and determine the likelihood of moving forward with this candidate. On the other hand, a candidate will be able to do their due diligence on the prospective company once they’ve shared their interest level with either the candidate or recruiter (if one is involved).
In addition to being brutally honest about their desire to hire the candidate, they should give realistic timing to the potential hiring process. By sharing their process, a candidate like bond financing experts can determine if they want to wait or move on. Going silent during this waiting period is a cautionary flag. One that should not be ignored. If candidate knows the process will take months, then they can better prepare themselves for the wait. Best advice to both companies and candidates is keeping the dialogue going while the process is moving forward. Most importantly, if anything changes you must share that with the candidate or recruiter.
How Does Age Affect The Possibility Of Moving?
Another adage is, “I am too old to make a move and firms will hold that against me.” This is another way of thinking from the last decades. In the field of investment banking and bond counsels, maturity means so much. With the average Banker and Attorney in our industry growing older, the firms are moving older bankers and counsels more often. The average age for retirement in our industry is between 60-65 years old, which is not holding true anymore. Just look at all the recent moves in the Bond Buyer with bond financing experts!
To answer the previously stated question I posed, “Is this candidate-driven market going to continue?” The answer is categorically yes, and for at least another five years. Firms must adapt their hiring process due to this new wave. The ones that do will come out ahead with the best new recruits and lateral hires. Now is not the time to be passive in your approach, but to take an active role in the recruitment process.
What Does This Mean To You, Bond Financing Experts, And Anyone In The Industry?
First, if a recruiter calls, be honest with them about your true intention (especially if they know and understand your expertise). Know that your value does not decrease because you are heading towards the traditional retirement age. In our industries, that is not as heavily weighed as in others. Maturity and loyalty of clients that you’ve had over the years with the ability to bring along “younger” team members will play exceptionally well when making a calculated and last move to “sunset” your career. When that phone rings, be upfront with that person because you never know where it can lead you.
If you would like to discuss your options, please reach out to me for a confidential conversation at 760-477-1284 or email me at [email protected].
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 level Public Finance Bankers, Health Care Bankers, Municipal Financial Advisors, Compliance Officers, Issuers, and Bond Counsels. He can be reached on LinkedIn, at [email protected] or 760-477-1284.