If you can't compete on price, compete with speed.
I'm not talking about providing OTC quotes here, this is for companies who are not yet in the position of being able to offer large cash guarantees.
One of the worst mistakes companies can make, is giving Engineers / Quants a completely contradictory interview experience to what their company mission is; something which is usually about the speed at which work will be done.
The problem is typically to do with, what I like to call; the hiring paradox.
1. You need to hire Engineers because the work-load of current Engineers is too big
2. The current Engineers don't have time to interview other Engineers who will lighten their engineering burden
So, what's the solution?
Well, unless you're a multi-billion dollar firm, the reality is, you won't have the luxury of offering a slow(er) process, with the promise of a bigger golden ticket at the end of a lengthy interview process.
This means there is one (often forgotten) part of the hiring process where you CAN compete, no matter how stressed your CFO is; speed.
Speed to hire does not cost you more as a company. In fact, on the opposite side of speed, you may well find that there is a huge "missed opportunity cost" for hiring your preferred person.
"But Warwick, we're too busy."
Set aside set times for interviews each week, as well as aiming to provide CV feedback in 24 hours. I'm a pseudo-philosopher after all, so sometimes that means I'm full of a certain something, however in this instance I stand by the phrase "motion creates emotion".
Put yourself in the interviewee’s shoes:
- Client 1: Your CV is sent to them and they provide 24h CV feedback, first round is done in the same week, technicals done the following week and an offer is out before the weekend.
- Client 2: You have your CV submitted to them, but they take a week to review, the first round is done at the end of that week and your initial technical assessment is done in the middle of the next week.
Which one are you prioritising? Who has created the motion?
[Hint] Client 2 is already almost a week behind.
Hiring is never a risk free trade, we all know that as well as the fact that no candidate’s circumstances are ever the same. That said, for something that doesn’t cost you anything, don’t forget that you increase your chances of securing your preferred talent (drastically) by embracing #SPEED.
#DPDMCC Warwick Poelman (واريك بولمان)
