A clear and well organised hiring process is key to setting the expectation and timeline to all parties when it comes to making a hire for your PropTech.
All of this should be articulated to the consultant and passed onto the candidate at the very beginning. A well organised and professionally managed process sends out the right signal to your potential hire and can often be the difference between an acceptance or not. We often have candidates that reject offers off the back of being unimpressed by poor first impressions.
Interviewing is a two way thing, in a candidate short market it is key that the client sells their organisation and the opportunity in the best possible light. Candidates will make decisions in and around how engaging and informative hiring managers have been. Sometimes it can be down to very small margins, the client who has managed and maintained the best process will always end up hiring the right candidate.
The job description has to be clear, realistic and well formatted. Above all the job description needs to give a brief summary of the company and highlight title, duties, package and benefits plus required experience and skills. These things sound obvious but it is amazing how often we are presented with sub-par job description’s.
An excessively long job description often becomes a wish list trying to attract candidates that do not exist. A badly put together JD which does not sell the role and organization in the best possible light thus effecting the response rate and reduces the chance of making the right hire.
Once we have agreed the JD we can launch a targeted resourcing plan and market the role effectively. Your consultant can help you put the JD together. They can also help with salary benchmarking so roles are pitched at the right level.
In a candidate short market where good candidates are often interviewing with multiple clients speed is often key. Clients that create urgency will in the most part give themselves the best possible chance on not losing out on the right candidate.
Creating balance between moving fast but also making the right commercial decision for your business is important. The average cost of making a bad hire in the Real Estate market is £60,000. Making four bad hires per year will cost a client £240,000. These are painful numbers to swallow and we are here to mitigate the risk of making a bad hire!
If you want to ensure you are securing the very best talent in the market start by implementing the right hiring practices. In doing so will increase your chances of recruiting and retaining the candidate that is right for you and your business needs. Get in touch with LMRE if you need any guidance on defining your hiring process and pinning down your job descriptions, with our help we can find the right person for the opening in your company.
LMRE are specialist PropTech recruiters, if you need help growing your business or making any key hires please get in touch via the form below!
London - +44 (0)20 4530 7478
New York - +1 332 251 4660
Berlin - +49 301 663 4207
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