By: Derek Mulder, Senior Manager
It makes sense to reason that Actuaries and Analytics professionals with very strong experience are highly sought after – we are finding that this is especially true in today’s market, and across all disciplines. Many candidates find themselves with job offers from multiple companies, in addition to possibly a counteroffer from their current organization. What’s important to note, and what will help you as the hiring company, is an understanding of that reality and the ways to use it to your advantage.
THE INTERVIEW PROCESS
In the corporate environment, there are internal processes that must be adhered to, especially as they relate to hiring. Knowing that the overall hiring process can take some time is reasonable, and many candidates understand this, but lack of timely response on a resume may indicate lack of interest on your part. If you, as the hiring team, anticipate reviewing resumes for three weeks before beginning the interview process, proactively share that timing update with the candidate. Lack of communication only creates room for uncertainty on the candidate’s part, and plenty of space for another opportunity to present itself. On a similar note, if initial conversations go well, push to keep the interview process moving along steadily and keep the candidate updated regarding anticipated timeline.
POST-INTERVIEW AND OFFER PROCESS
If after the interview, you as the hiring team feel that a particular candidate is a great fit for your company and open position, it is advisable to make a competitive offer, with the goal of taking that candidate off the market. A sense of urgency gives you a much better chance of having that star candidate become your star employee. Understandably, it is not always possible to move that quickly. Ongoing communication post-interview is crucial in the proper courting of a candidate. Acknowledge their thank you note, provide a timeline for decision-making and ensure the candidate that you will be in touch as soon as possible, offering any supporting details along the way.
When an offer is extended, it is important to understand the decision-making process of the candidate. Keep lines of communication open during negotiations – candidates appreciate honest, open and direct communication regarding an opportunity presented.
If too much time elapses during negotiations, it can make the strong candidates second-guess the hiring company’s desire to hire him or her, and also allows for continued exploration of other positions. Being flexible with a candidate’s desires during the offer negotiation phase, although not always possible, will emphasize your desire to have them join your team. While there are many uncertainties in the hiring process, taking a proactive approach in courting strong Actuaries and Analytics professionals will only increase the likelihood of you successfully hiring a great long-term employee. Throughout the process, stay in touch with these individuals and be conscious that there are numerous organizations vying for the same skill set, especially in today’s competitive market.