There is a big misconception that a high unemployment rate provides a collection of available, skilled, elite technical professionals. Although the unemployment rate is higher than usual, recruiting and attracting top talent is still quite a challenge in this market. Companies increasingly require workers who bring expertise from different areas along with the intangible communication and leadership type skills. Despite massive layoffs, companies still struggle to find top technical talent.
As the market breeds insecurity, the talented individuals most companies would like to attract remain gainfully employed, and they are not driven to make changes to uncertain opportunities unless highly incentivized.
There is a false impression in the market place that a tight job market allows room to negotiate down on salary. In most circumstances the greatest talents are not actively looking for new opportunities, and they have no desire or motivation to make a career change that involves a decrease in vacation, benefits, stock, and pay. Most will remain with their existing employer in what is perceived as a secure environment, and utilize offers to leverage counter offers versus stepping in with an unknown entity. Unfortunatley when a candidates does take a pay cut, we often see them depart their new employer for higher compensation fairly quickly when the market turns around.
To attract and retain top talent, the elite must be courted. The process must move quickly, to avoid interruptions, counter offers, or other unknown derailments. Neither candidates nor employers want to walk through the entire interview process or navigate busy schedules when there is no ability to come to terms in final stages. Salary requirements must be defined up front and in advance, and agreed upon prior to any activity. A clear expectation for both candidates and potential employers is the only way to proceed so that everyone is on the same page.
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