candidate developmentWith a solid understanding of the position scope and qualifications, the advisor/hiring manger should now have a clear sense of how and where to generate qualified candidates. A well-defined candidate development strategy targets sources most relevant to the position being filled while also taking into account both time and cost factors.

Time factors include things such as the existence of internal recruiting resources, the willingness/availability of the hiring manager to actively engage in candidate development, and the length of time the position has been open.

Cost factors are both direct (use of third party recruiters, job board postings, advertising, etc.) and indirect (opportunity costs associated with the position not being filled.) Indirect costs, which can range from lost revenue to increased work load on current employees, are often underestimated or discounted entirely.

Multiple studies have confirmed that the resource most commonly used by hiring managers/boards of directors is what’s generally referred to as “the network.” It is comprised of both primary (friends, family, business associates, former employees) and secondary (friends of friends) contacts who are thought to be either prospective candidates or leads. Many entrepreneurs and early stage company executives consider networking their most reliable source of candidates, even though it often produces a small number of candidates….. sometimes only one. Extensive use of networking also runs the risk of creating a “group think” environment that may discourage innovation.

A multi-pronged candidate development strategy entails the use of other sourcing options in addition to networking. These may include internal candidates, employee referrals, internships/co-op programs, job board postings, print advertising, executive recruiters, professional organizations and others. Each has its strengths and should be evaluated in terms of its likely effectiveness in generating qualified candidates.

Click here to view my candidate sourcing webinar.