In his introductory column, Stephen-Bradford Search's business developer advises how to strategically recruit and effectively hire talent from your competition.
Welcome to my premiere article on iMedia Connection. This is the first of a series that will provide tips, tools and tactics on one of our most pressing issues-- recruiting and retaining top talent. Let's dive right in by talking about a five step process that you can use when recruiting talent from your competition.
First of all, how do you identify who you want working for you from your competition? If you're looking for senior people or leading marketers, take notice of who's speaking at conferences and consistently being quoted or interviewed in the trades. Salespeople can be found networking at the same tradeshows and events you attend to promote your company and its services. Key tip of the trade: ask prospective clients who they enjoy working with and if they'd take their business where that person goes.
Once you identify potential candidates who are happily employed, how do you engage them? If you share a mutual friend or colleague, perhaps you can ask them to facilitate an introduction. Since this part of the process can become very sensitive, it might make sense to partner with an executive search firm. However, make sure the firm is not already working with the company in question or has it on their "do not recruit from" list as it would defeat the purpose. Posting ads will not be effective if you're targeting a specific pool of successful people who aren't looking.
Attracting happy people can be quite the challenge and it might require a dating process. You and your company have to develop and deliver a value proposition which will entice and compel candidates to explore the opportunity. For example, if the candidate is doing well in their current situation but does not see chance for personal growth, they should be intrigued by a structure that promotes for performance. The bottom line is to provide a happy person with an opportunity that will make them happier. Ask them what's missing from their current job? What would they change if they could? If their answers match up with what your opportunity can provide, then sell it!
If the candidate is interested in moving forward (and you still want them), it's time to make an offer. Have you done your homework and figured out what type of compensation this person deserves? Can you afford it? You might be able to compromise an intimidating salary by offering equity, perks, etc. If you're dealing with a salesperson, a true hunter might be okay with a lesser base if the back end has larger potential. Remember that successful candidates usually move for other factors than money. Respect their financial comfort zone but focus more on the additional benefits-- learning, culture and fun!
Troubleshoot concerns before hiring the candidate. Know how the candidate will react if their employer makes a counter offer. Non-competes and any other signed contracts should be reviewed by your legal department. Talk with your team about any issues they have about the candidate and deal with them before they become a problem. Sit down with the candidate and speak openly to each other. Your gut and your mind need to be in agreement.
Recruiting from their competition might seem quite rational to certain companies. However, there are some clients we've worked with that wouldn't even consider a candidate from a competitor. This typically occurs when the competitor lacks a positive image in the industry or is not known for having top talent. Most hiring managers are more interested in recruiting from companies that are known for breeding great people and have similar cultures to their own. As long as the skill set is applicable, it's the cultural fit which determines a successful hire.
Brandon Gutman is director of marketing and business development for Stephen-Bradford Search. Read full bio