An Experienced Recruiter Offers Insight Regarding Compensation, Onboarding & Resignation
Last week we briefly touched upon the topic of “the offer”. I want to continue with the offer discussion and conclude today with the on-boarding process. With an experienced recruiter, an offer should never be presented unless it is known with 100% certainty that it will be accepted. How do you know this? That is where we begin this week’s blog.
The Experienced Recruiter & Compensation Talks
The experienced recruiter, upon acceptance by the candidate and employer that they are in earnest with moving forward, then should spend about 30 minutes or more discussing the candidates’ current financial picture and their expectations of a compensation package. The recruiter should listen intently to what their needs are and balance their needs with the companies’ financial guidelines that have been presented to the recruiter prior to this drill-down. The experienced recruiter must be able to convince both parties that they are getting a good deal. If the candidate does not feel the company is treating him or her well, this can forebode bonus discussions down the road when the candidate is no longer a candidate but an employee. It is also up to a recruiter to present various compensation models that will get the candidate what they want in the long run. For example, if a company wants to pay a lower salary but they are willing to give a higher payout on bonus, this can in essence be the same thing (or better if the candidate produces revenue).
Presenting The Compensation Package & Offer To The Candidate
Once a compensation package is agreed to by the candidate, the experienced recruiter then should get final sign-off by the company. A memorandum of understanding should be forthcoming in case it takes longer to get a formal offer. Once the offer is tendered, it should first be reviewed by the recruiter for consistency with the suggested offer. This is where mistakes can occur. They are inadvertent and not deliberate, so a careful reading of the offer is in order before the recruiter presents it to the candidate. At this point the experienced recruiter should again get the candidate’s input as to what they were looking for financially before the offer is officially presented. If at any time the candidate’s position has changed as to the compensation model suggested, the offer should not be given.
Onboarding & Checks
Upon receiving the offer, the candidate should immediately accept and not deliberate any further. The time for deliberation has concluded, and now the time for action is upon us. Once the candidate has submitted his or her signed offer letter, the onboarding process can begin in earnest. Each firm has their own way of onboarding. However, they all involve the submitting of the formal application, the background check (which will include U4 evaluation), potential drug testing, credit evaluation, and any other security checks a firm prefers. These checks can take up to two weeks to be completed depending on a candidate’s employment history and other background. As an experienced recruiter, I do not recommend anyone resigning until all background checks have been signed off; unless the candidate is 100% certain there will be no issues. In that case, it is the candidate’s choice to proceed and resign prior to all checks being completed.
Final Destination In The Hiring Process With Your Experienced Recruiter: Your Resignation
After all background checks are completed, it is recommended a candidate submit their resignation to their current firm. As this can be a trying experience, a good and experienced recruiter should prepare the candidate for these discussions. We have gone as far as role playing with the candidate to familiarize them with the potentiality of receiving a counteroffer. You should never take the resignation process for granted, but you should be prepared for anything. As I have covered this process in depth in other written pieces, the only thing I’m going to share here is this: the less you say, the better. Stick to your plan and tell your current company that you are leaving with an effective date of such and such. The above discussion obviously precludes any sort of waiting for garden leave to expire. Now sit back and wait for all your new technology, business cards etc. to be delivered and your start date rolls around.
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.