One of the toughest decisions that a company has to make is whether they should hire right now or continue searching for a better candidate.
Of course, there are no “tried and true” answers to this dilemma, mainly because the answer is individual to the company and its circumstances and depends on a number of factors.
Three of these factors are as follows:
- The competitiveness of the market—How in demand are the types of candidates for which you’re looking? If demand is high, it might make more sense to hire an “A” candidate sooner rather than waiting to find an “A+” candidate later.
- What the company needs now and what it needs later—What do you need immediately from your new hire? If you find a candidate who will help with your list of mission-critical items as soon as they walk in the door, there might be no need to wait around for the “complete package.” Other, less crucial skill sets can always be added through training.
- The timeframe for the hire—In an ideal situation, you’ll have a set timeframe for the hiring of your new employee, one that includes a “hard deadline” for filling the position. Where you are in the timeframe will determine how much flexibility you have in the hopes of finding a better candidate. When you pass the “hard deadline,” the cost of continuing to keep the position open becomes prohibitive.
The ultimate goal, of course, is to successfully find, recruit, and hire the best candidate possible in the shortest amount of time possible. That way, you’ve maximized the process by adding valuable talent to your staff while at the same time keeping lost productivity to a minimum.
Consideration of the three factors outlined above will help in the attainment of that goal.