Solving the Netflix Problem in Talent Acquisition

Can we discuss something? The Netflix Problem – too many options. It’s Friday night; you grab a beverage of your choice and sit down to watch a show on Netflix. But here is the problem, you spend the first hour of your time reviewing the options, thinking that you’re getting somewhere, and the next thing you know it’s too late to watch anything. We see the same problem happen when it comes to talent acquisition, recruiting, and hiring new employees! You spend all of your time reviewing the many candidate options; this candidate worked here, that candidate went to this school, this candidate didn’t job hop as much, why was this candidate not working for two months, etc. Before you know it, it’s too late, and the candidate that you felt great about and already interviewed accepted another offer with a company that acted quickly. We’re not suggesting you rush to hire, but we recommend that when you have identified “the right candidate” be ready to act quickly.

In talent acquisition and recruiting, having too many options presents a problem. Many of us are guilty of wanting to review more candidate resumes while leaving a perfectly qualified candidate that has already been interviewed, waiting on our offer. The candidate life cycle and the waiting period during that life cycle are critical. We have to keep the HUMAN and human resources and recognize that candidates are people with family, friends, and lives being affected by their decisions. Not to mention their health and financial obligations adding more pressure for them to make decisions quickly. Any extended waiting period represents uncertainty and is a mark against your company in the hiring process. We see many companies losing great candidates by making this mistake. Add in the pressures that COVID19 has put on candidates and companies, and it makes it even more important to focus on the candidate lifecycle and ensure that we communicate throughout the interview process and move quickly on making job offers.

SAI is predicting that the US could add 2.3 MILLION JOBS PER MONTH when recovery begins in Q3! Record US unemployment numbers will likely increase the number of qualified candidates on the market during Q3 & Q4 of 2020. What does this all mean? There will be more viable candidates for each of the open positions you have. Don’t drown yourself in the “options” and waste so much time “reviewing candidate profiles” that you miss the “right candidate” for the job. Remember that the candidate lifecycle matters, the time you keep candidates waiting while you review options creates uncertainty in a candidate’s mind. If you don’t want to lose your next employee, then move quickly to offer them employment.

 

FalconTek’s top 3 tips for solving the Netflix problem:

  1. Realize that there is no “perfect” candidate that will hit all 25 of your requirements. 
    • When starting a new recruiting effort at FalconTek, we have a start-up call with the hiring manager. On that call, we push the hiring manager to give us the top 3-5 MUST HAVE skills and 3-5 auxiliary skills. We also discuss the non-negotiable requirements of the role, but we try to focus on what the hiring manager is looking for, not just the vague terms included in the job description. 
  2. Realize that there will be another option out there, but while you are looking for the next candidate, you could lose your front runner. 
  3. Have the approval to make a hire and be ready to move quickly. 
    • Ensure you have the approval to make an offer and know the limits of your offer approval before starting the recruiting process. We often can line up the best candidate with the right opportunity but then find that the company isn’t “ready” to make the offer and has to wait for further approval. Know what type of offer you can create and be ready to make it.
  4. (Bonus Tip) Over Communicate! 
    • We know that it can be hard to look past the many candidates available, so use communication as an insurance plan if your hiring manager insists on seeing all the prospects. The more you communicate during the holding period of the candidate’s life cycle, the more comfortable they become, and ultimately, the longer they will wait on your offer. 

As always, Happy Hunting! If you need support in finding your next candidate or bringing on your next contractor reach out to us at info@falcontek.com