This post on the Talent Crunch originally appeared as a True Insight article and was adapted for GrowthBits.

A tight hiring market leaves executives with opportunity fatigue, and companies needing to rethink the interview process.

The days of the long, grueling interview process are over – or at least they should be for businesses that intend to attract top talent in this tight hiring market.

Technology and tech-enabled companies across asset classes are highly capitalized and ready to grow. That used to be enough to attract candidates. But that well-funded growth advantage has been erased thanks to a new reality: many businesses are riding the wave of COVID-era investment, and they’re all trying to hire from the same small talent pool.

“I spoke to a chief revenue officer with a cybersecurity background the other day and he’s actively looking at 20 opportunities. Everyone has more opportunities than they can manage, and they don’t have time or interest to go through an interview process the traditional way.”

– Austin Krissoff, Head of the Cybersecurity Practice

It’s competitive and the stakes are high. With capital flooding the market, the availability of talent will be a key determinant of whether a company can answer its mandate to scale.

So what are the besieged candidates to do? And what can businesses do to stand out?

Experts from across the True platform offer advice for companies and candidates in a tight hiring market.

 

1. You can’t interview the way you used to.

Companies: The long interview process is dead
Companies can no longer march candidates through a multi-phased process while dangling an offer as the prize for completion. Executives simply don’t have time. Instead, organize a set of meetings in consultation with the candidate as a discovery process. Increase efficiency by combining interviews to allow the candidate to meet multiple people at once.

Candidates: Have your recruiter set interview expectations
A good recruiter will show you multiple opportunities. These days, however, there are just too many for you to earnestly consider. Think about how much time you can devote to hiring processes and communicate that to your recruiter. Setting those expectations up front will reinforce efficiencies throughout the process.

“A traditional executive interview process will backfire on you. We’re in a new dynamic and the most challenging recruiting environment I’ve ever seen. Candidates have a significant vote in the process itself.”

– Austin Krissoff, Head of the Cybersecurity Practice

 

2. Move at the right speed.

Companies: Move quickly & with purpose
Consensus-based hiring is out. Needing unanimity lengthens time-to-hire as everyone gets bogged down in details and managing feedback. Instead, designate two or three people to finalize the role’s core criteria, tighten the feedback loop and serve as an internal committee. The goal is to be laser-targeted externally and tightly-aligned internally to create momentum that outpaces the candidate’s ability to gain leverage with other offers.

Candidates: Take your time
Most people know that it’s easier to look for a job when you have a job. But the opposite may apply for senior executives who can instead – if possible – treat their job hunt as a full-time role itself. This counter-intuitive approach will give you the time to conduct proper diligence on all the available opportunities and be selective.

“As a business, you’ve got to be on your game. You need to make sure you have a tight process, a tight spec, and move fast. Know what good looks like before you pick up a search. It’s not a situation where you have three candidates going through to the finals. Use your investors. Use your recruiter to help calibrate and then move.”

– Rhoda Longhenry, Co-Head of the Finance Practice

 

3. Be convincing.

Companies: Sell, then evaluate
Interviewers need to sell candidates from the first conversation in the same way they may have pitched an investor. This can be uncomfortable for CEOs who expect executives to be auditioning for a role at their company. Formal interview questions are occurring more often at the end of the process, not the beginning.

Candidates: Be prepared and stand out
The onus is on the business to impress you, but putting in the effort to wow a company will pay off more now. Recruiters are getting the feedback ‘we’re not sure how passionate the candidate is about the company’ or ‘they didn’t seem like they’d done their research.’ That’s because candidates are fielding so many great opportunities, they don’t have time to prepare for every company. Bottom line: if it’s a role you want, be prepared.

“Recently candidates were rejected because the clients said, ‘they’re not interested enough.’ If you’re genuinely interested in a role, make sure you’ve done your due diligence and gone deep.”

– William Bruce, Head of the Investment Professional Practice, International

 

4. Remember that relationships rule.

Companies: Build relationships to make your role stand out
When opportunities are everywhere for candidates, building connections is critical. Form collaborative, working relationships early on to empower candidates and make them emotionally and intellectually invested in the role and your company.

Candidates: Don’t burn bridges
With all this newfound power, it may be tempting to verbally accept a role in order to shop offers. Don’t. Be transparent if you are interviewing for multiple roles. It’s important to remember that it’s a small world. The company you burned today could be a business partner that says ‘no thanks’ tomorrow.

“This is a long game with interconnected webs between board members, investors, and executives. You never know where the people you’re interacting with will end up. Being a helpful and thoughtful connection point in a network is always valuable.”

– Josh Withers, Managing Director, Platform

 

5. Be clear with compensation.

Companies: Be willing to pay more
Consider ‘time to value’ and the opportunity cost to the business of not hiring the executive you want in hopes someone ‘better’ will come along. Accept the reality that you don’t have time to overthink and that you’re more likely to win if you increase the offer.

Candidates: Communicate compensation expectations
The best advice for today is—be transparent. Make sure you’re clear up front about your salary expectations and where you can flex. This will protect your time and ensure alignment when you get to the offer stage of the process.

“Ultimately companies are acquiring a skill set and proven skill sets are expensive assets. What you think may be a generous offer could actually be under market right now.”

– Austin Krissoff, Head of the Cybersecurity Practice

 

6. Honor the commitment to diversity.

Companies: Make the search inclusive to reach more candidates
Candidates, and society, are holding companies accountable to their goals of increasing gender, racial and other forms of diversity at leadership levels. Follow through by casting as wide a net as possible. Don’t try to mold people into roles and contexts that match your experience. Think broader and be intentional. By partnering with professional organizations or mission-driven platforms, such as AboveBoard, you’ll ensure your company’s opportunities are visible to underrepresented talent.

Candidates: Take advantage of transparency
Historically, opportunities have circulated within the same homogeneous networks. That tide is shifting as companies are actively seeking to broaden representation at the top—in part—by revealing available roles to more and more talent. This transparency is a new phenomenon that empowers you to shop around for your next leadership role. Join membership communities to increase your chances of being discovered and to gain control over your next career move. At the same time this candidate’s market for hiring will work in your favor as companies must react to the competition and look outside their usual networks.

“In today’s climate there is often more demand than supply of quality candidates, especially those from underrepresented groups. Those candidates can be off the market in days, so it’s equally as important for companies to have a broader reach to executives as it is for executives to have more transparent access to opportunities.”

– Lucinda Duncalfe, CEO and Founder of AboveBoard

 

7. Don’t get overwhelmed.

Companies: Have backup choices ready
Hiring teams must be prepared to move to a second or third choice quickly and not take a rejected offer personally. In fact, they should play the long game and keep communication lines open with those who reject their offer. The relationship may resurface down the road.

Candidates: Choices are a good thing
Opportunity fatigue is real. While it can feel overwhelming to decide which role to select in a sea of options, consider yourself fortunate. It’s the perfect time to think about what makes you happy and fulfilled in your job. Only consider opportunities that meet your criteria. It will help cut through the noise.

“Right now, more than ever, you can define and mold your dream role given the precious skill set you’re bringing to the table. Focus on a mission and what’s important to you as a leader, but don’t be afraid to challenge yourself too.”

– Kristyna Smetanova, Head of the Consumer Practice, International

This GrowthBit is featured in LLR’s 2022 Growth Guide, along with other exclusive insights from our portfolio company leaders and Value Creation Team. Download the eBook here.