This crucial data is evident according to Michael Page's latest study on recruitment processes - and for the many companies in the market for hiring execs, talent is more responsive than ever. The time to upgrade recruitment methods is here, with the threat of losing prime candidates to those ahead of the curve as a fresh reality.
Often strategic positions, recruitment processes that last
While 48% of executives without managerial responsibilities indicate that they complete at least three interviews during the recruitment process, the proportion increases significantly when the position involves management duties. As such, 68% of the respondents met three different recruiters or hiring managers during their experience, and for a third of them that number was four or even more.
The numbers are for good reason: positions involving managerial responsibility involve necessitating more guarantees to validate candidate experience, technical skills, soft skills (such as leadership, adaptability, and emotional intelligence), and aspirations of the candidate. For the company, it's all about making the right choice for their team.
But for the candidate?
Extensive processes that increase the risk of dropping out
When interviews inevitably multiply at higher job levels, the steps involved tend to spread out over time as the process stretches on. For 26% of managers, their recruitment process lasted more than 2 months. However, the vast majority of candidates (82%) believe the number of interviews is fully justified.
Yet the fact remains that the length of the process is clearly putting companies at risk when it comes to their talent.
In a market where job prospects remain good for executives, the context is more tense than ever. Managerial skills are so much in demand that many recruitments are now made by the direct approach, on executives in position, to which the current dynamism has not escaped. Many candidates have several proposals simultaneously. It is therefore essential for companies to adapt to the expectations of candidates by being as responsive as possible. When we know that 43% of managers have already given up a job that interested them because of the length of the recruitment process, we can only encourage companies to speed up their decision-making process.Frédéric Benay, Managing Director, Michael Page