Cheap Talent Can Cost You
Picture the scene: your company is seeking to employ a Department Manager, and the leading candidate is currently “in transition.” Human Resources has pegged the market value of the job at $75,000, but you suspect that the preferred candidate (Bob) will accept $65,000. A seasoned and experienced professional, Bob was previously paid $77,000 by his last employer, but was caught up in a restructuring staff reduction. He’s been out of work for almost a year and is getting desperate, worried about feeding his family and paying the mortgage.
When the decision point arrives other, less qualified candidates are already making $70,000 and are asking for $75,000 and up. Some hiring managers would look at this situation as a no-brainer. “Let’s hire Bob and save $10,000 to $15,000” would be the smug decision.
That wasn’t hard, was it? A preferred candidate has been gained at a low ball price. The hiring manager deserves a pat on the back for saving the company money. But . . . wait a minute.
Perhaps it should be a boot in the butt instead.