Hiring: "Best in the Market" or "The Best on the Market"?

Hiring: "Best in the Market" or "The Best on the Market"?

In the ever-evolving world of recruitment, a hiring conundrum persists: do you hire the "best in the market" or "the best on the market"? While the difference might sound subtle, in practice, it can mean a world of variance for your company. Let's dive deep into these two categories to help you make the best hiring decisions for your organization.

Best in the Market:

This category represents those top-tier professionals who are happily employed, aren't actively seeking new opportunities, and typically don't have a resume ready to go. They are often key players in their respective companies, spearheading projects and driving results.

Pros:

1. Proven Track Record: Their current employer values them, indicating their potential contributions to your company.
2. Less Immediate Pressure: They aren’t necessarily in a rush to jump ship, which can lead to more thoughtful and less hasty decisions.
3. Passion Over Position: They tend to look for roles they're passionate about, not just any job that comes their way.

Cons:

1. Hard to Attract: Persuading them to leave a stable, rewarding position can be a challenge.
2. Potential Higher Costs: To lure them away, you might have to offer premium packages or other enticing benefits.

The Best on the Market:

These candidates are currently unemployed or actively looking for a change. They are in the market, have updated resumes, and might be entertaining multiple job offers.

Pros:

1. Availability: They can start immediately, reducing the time and productivity gap in your team.
2. Flexibility: They might be open to negotiation, be it salary, role specifics, or job responsibilities.
3. Drive to Prove Themselves: Given the competitive job market, they have a point to prove, which can lead to increased motivation.

Cons:

1. Urgency Over Fit: They may be looking to secure a job quickly, which might not always align with your company’s long-term vision.
2. Potential Underlying Issues: It's crucial to discern why they left their last job or why they are unemployed. Sometimes, it's purely circumstantial, but due diligence is key.

Making the Choice:

1. Understand Your Needs: Before you decide on the type of candidate, understand what your company truly needs. If you need immediate expertise and quick onboarding, maybe someone who's on the market would be best. Conversely, if you're looking for a strategic hire who can bring long-term value, it might be worth the effort to court someone who's best in the market.

2. Go Beyond the Resume: Don't judge candidates solely by their employment status. Dive deep into their skills, experiences, and cultural fit.

3. Cultivate Relationships: Building relationships with top talent, even when they're not actively looking, can benefit you in the long run. When they decide to make a move, your company will be on top of their mind.
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4. Keep an Open Mind: The distinction between the best in the market and the best on the market isn’t rigid. Every candidate is unique, and generalizations don't always apply.

The debate between hiring the "best in the market" versus "the best on the market" is ongoing. The key lies in understanding your company's immediate and long-term needs and being open to evaluating candidates on their merits, rather than their current employment status. Remember, a strategic hire is about finding the right person for the job, irrespective of whether they're actively looking or contentedly employed.

Thanks for Reading
Ken
​klubin@zrgpartners.com