I have witnessed many changes working in the World’s most culturally integrated and growing City over 30 years in Technology recruitment. The first in a series of topics I will be sharing in a series of posts, on a recent phenomenon that is mind boggling – I was recently in a meeting with a VP and they are at a 40% close rate on Millennial candidates! Are you kidding me! What is happening to our corporations, mid-sized and start-up companies in the recruitment cycle? Without doing a thing, the close rate should be 75%. In the Agency world we look hard at individual performance if a Recruiter falls below 85% on close rate.
So it has to be the Millennial candidate - right? ... Wrong, our stats show no difference in closing on millennials vs baby boomers.
I was taught by an industry veteran that people look very hard at 6 items even before they consider salary; over time, nothing has changed. If you understand the needs of a prospect and create a narrative over the full recruitment life cycle, then the offer closes if salary is market reasonable. After 17 years of statistic accumulation, we see a close rate over 90% as being acceptable.
The General Manager in Sports, Director in Entertainment productions and VP level in business are responsible for the composition of their teams. As we see in current affairs; the bright light in Sports is on capable Managers recruiting and retaining key talent to win; and dark side – the Entertainment industry’s decision makers (Directors and Producers taking advantage of their status), are heavily involved in the process of selection and offer. This leads to simple questions – “Are you involved in every selection in your team?” and “Have you developed a recruit and retain process that works for you?” Not what your company does, not what HR recommends, not what someone in company down the street does, but what works for you?
The Millennial needs are no different than other demographic categorizations. They want interesting and challenging work that makes sense to them in their career progression. Working in an Industry for a company that is either a leader or an up and comer. That the people & managers, technology and location of the suitor meet their individual needs. This is standard closing material. However, I very rarely see this over the vast number of clients with who we have worked with over the decades.
My recommendation is to use what we do in the Agency world. Constant feedback with the candidate. This is exceptionally difficult to do if you are not using some sort of 3rd party service. Justification of using in-house recruiters versus Agency costs has been around forever. It`s not going away. Therefore how does one get a 3rd party involved? The answer is to both bite the bullet and select your Agency that you have a relationship with (not a company that Purchasing or HR or Administration has chosen) and get on with it, or bring in an outside Consultant versed in closing. The objective is to receive and give feedback through each step and delay in the process. Your favourite sports team didn`t just land the key free agent by putting an offer on the table. They worked the deal from the time they identified the opening to the time when actual ink went on the contract. You must follow the same steps.
Otherwise 40% is the reality.
In conclusion, the 40% Millennial close doesn’t have to be your reality. If your objective is to build, lead and retain the talent that works for you, then you have to be involved. Develop a process. Like everything else, ask an expert. Make sure you know the 6 non salary related reasons for change (needs). Get an independent 3rd party involved to assist with the feedback. Be bold, sell the opportunity and always be closing.