Does time really kill all deals? Maybe not, but, when recruiting senior-level management positions for your organization, figuring out the right timing for your executive search is essential to its success.
The ideal “recruiting season,” though, can vary depending on the specific role you’re recruiting for, for example, or where your candidates are actually coming from.
Before starting your next executive search, consider these three factors that depend on timing and could impact your recruiting process.
Pay close attention to timing when conducting an executive search that might involve relocation, particularly for candidates who have families. Making sure the search timing allows for a candidate’s family to move with him or her is important. A candidate who relocates alone may be apart from his or her family for a while, and the long-distance can put a strain on everyone. Moreover, there is a greater possibility that a candidate may ultimately decide to “return home” if the family does not all move at the same time.
Timing the recruiting process so that potential relocation takes place at the end or beginning of the school year can increase the likelihood of a successful search. You should aim for a start date either in May-June (end of the school year) or August-September (beginning of the school year) when considering relocating a candidate for your position.
Early fall is also a great recruiting season, and a smart time to kick off searches. By September, many professionals have accomplished enough of their quarterly goals and objectives in order to receive their annual bonuses at the end of the year and are open to fielding opportunities that start in December-February, making bonus season a great time to reach out to candidates.
Waiting on candidates who need a few extra months to hit the bonus mark can also prolong your search; it’s much easier to set an earlier start date with a candidate who has already qualified for his or her bonus than a candidate who has several months to go.
Furthermore, taking the timing of bonus payouts into consideration can also save you money, as you won’t need to pay a signing bonus to compensate a candidate who forfeits an annual bonus by accepting your offer and leaving their current employer before bonuses are paid.
Most organizations distribute annual bonuses by March, so conducting your search between September and March will help avoid any delays based on annual bonuses.
We also see a spike in new executive searches after the first of the year, in the January-February timeframe. Starting your executive search at the beginning of the year could make sense for a few reasons.
Many companies complete their fiscal year budgeting, strategic planning processes, etc., in December, setting them up to make new hires when the New Year rolls around. Starting your executive search in January is a great first step towards reaching your organization’s goals for the New Year.
Whether motivated by a New Year’s resolution or just ready for a change, candidates often consider new opportunities at the beginning of the year. This tendency can help you capitalize on this desire to make a move and help you recruit the ideal candidates for your open positions.
We also often see a “musical chairs” phenomenon happen in the first quarter of the year: Annual bonuses are generally paid out by then, so, as people move into new companies, their previous employers need to backfill those now-vacant positions with new people, producing a “musical chairs” effect of professionals switching seats.
Of course, any time of the year is a good time to kick off an executive search, so, regardless of the month or recruiting season, make sure to consider timing of holidays, annual sales meetings and other events when you kick off your search.
No matter what time of year it is, an executive search firm like 180one can help you set realistic expectations that help to ensure a successful search. Contact us today to learn more.