Friday, June 29, 2018 by julie
It Must Be the Water
Now in our 31st year of business, Bohan & Bradstreet has both a long term client base as well as many new customers ranging from entrepreneurial and private equity funded business to privately-held and publicly traded corporations. We have always been busy with a diversity of searches; however, in the first six months of 2018, revenues are up 40% over last year.
#1 Hiring authorities appear to be more decisive. We adhere to quality over quantity on every search and the average number of candidates interviewing for searches that we have completed has dropped to 3.4 and the average number of interviews with a client before offer is down to 2.3…..so less number of candidates and interviews with hiring companies has increased the speed of the interviewing process and faster completion of searches.
#2 Candidates are impatient Candidates are looking for a variety of stimuli whether it is upside potential, employment stability, an empowering culture, rewarding benefits and/or acknowledgement for contributions. If current employment is not meeting expectations, then the attitude is to identify a better solution.
#3 Clients are less tolerant: Companies are not willing to endure non-contributors, ineffective managers, and employees that cannot change or adapt. Competition and the demand of business is driving this. We have experienced an increase of confidential replacements where the client is looking to upgrade on talent. There is stiff competition for talent.
#4 No bench strength. There is a lot of organic growth. New products, markets, and channels. Acquisitions have increased whether private equity roll ups or companies trying to grab market share. Growth creates need for talent and most companies do not have bench strength so look to hire and promote.
At Bohan & Bradstreet, we are all drinking more water!