June 15, 2021
While buying a property is typically our biggest decision outside of work, attracting great talent is our most important task as a leader. So let’s look at the parallels and lessons from property that can help you hire the best talent in what is the most competitive labour market in 15 years.
We’re all well aware of the current property market dynamics in NZ, and what‘s required to secure your next home. The economics of the labour market is not dissimilar, however what that means as a buyer of talent isn’t as well understood.
Preparation
You’d never attend your first open home without being clear on exactly what is important in a house, and what aspects you’ll give on. You’d also have pre-approval to the maximum amount possible so you can act quickly without having to go back for more. So, write a success profile for your vacancy first and be ruthless with the must haves, questioning whether a skill is actually trainable, just like a deck can easily be added. Seek salary approval at the maximum level possible and if that’s more than the rest of the team or close to your own salary, get over it, the world has moved on since your promotion or arrival.
Assessment Process
With numerous other families lined up at the gate you want to make your viewing time count, and avoid slowing the process down by going back too many times. You may even bring your builder if you like what you see in the listing. If your first open home ticks all of the boxes do you really need a comparison? You would also move mountains to ensure you can get back for a second look before the property goes. When interviewing a candidate make the time count, be prepared for the interview, sell the business, role and yourself to build their emotional buy in early, and take your builder (boss) in too if the CV impresses. If you need a second interview think hours not days, and certainly not a week. If the first candidate fits the bill don’t wait for another, trust your judgement.
The Offer
As the Real Estate agent always tells us, go straight in with your best offer. There are likely multiple offers in play and while you rate your overall proposition so does everyone else, and money talks loudest. Ensure you back up your offer with examples that demonstrate your flexibility and development opportunities. These are a very close number 2 and 3 on the list for most candidates according to those who answered our LI poll last week.
Right now hiring talent is like buying a house, your biggest regret is always going to be the one you missed out on.
