In the ever-evolving landscape of talent acquisition, recruiting executives are often faced with the Herculean task of filling job roles that seem almost impossible to fill. The term “unicorn candidates” has become a buzzword, symbolizing the quest for the perfect hire: candidates who possess a rare combination of skills, experience, and cultural fit. This quest, however, is not without its challenges.

The current job market is paradoxical. On one hand, there are many candidates seeking employment; on the other, companies are setting the bar higher than ever, looking for these elusive unicorn candidates. This phenomenon is not just about being selective; it’s about seeking perfection in a candidate pool where such a combination is rare. The irony is that while the search for the perfect candidate continues, critical roles remain unfilled, causing significant disruptions within organizations.

The Cost of Waiting for the Perfect Hire

The implications of these unfilled roles are far-reaching, especially when the position is a backfill, leaving a gaping hole in the organization’s operations. A study by Fiverr highlights the financial impact of this scenario, revealing that each unfilled job costs a company an average of $25,000 per month in lost output. This figure skyrockets in specialized fields such as Legal ($48,902 per month) and Computer & Math ($42,458 per month). When aggregated across the US, the loss of output from unfilled jobs amounts to a staggering $1.08 trillion per month. These figures underscore the tangible cost of the unicorn candidate mania, translating the quest for the perfect hire into a costly endeavor for companies.

Bridging the Gap: A Practical Solution

If you are a recruiting executive, the responsibility of navigating this challenging landscape falls on your shoulders. However, you also hold the key by advocating a viable solution that can mitigate these challenges: the strategy of listing a “Contract to Hire” role in parallel to the regular employee search.

The Contract to Hire Strategy

The essence of the contract-to-hire approach lies in adjusting hiring standards to be more practical and focused on the ability to perform the job satisfactorily, rather than holding out for a mythical perfect candidate. This strategy allows for the immediate filling of critical roles with competent candidates who can keep the business operations running smoothly on a contract basis.

The beauty of this approach is twofold. First, it significantly reduces the disruption to business operations, directly impacting the company’s top and bottom lines positively. Second, it offers a unique opportunity to evaluate a contractor’s performance on the job. If a contractor demonstrates exceptional skill and fits well within the company culture, essentially proving themselves to be the sought-after unicorn, the hiring manager has the option to convert them into a permanent role.

Flexibility and Adaptability

On the flip side, should you find the unicorn candidate through traditional search methods, the contractor can transition out in a manner that is mutually agreeable, ensuring continuity and stability within the role. This flexible approach not only keeps the business agile but also maintains a pipeline of talent that can be adapted based on the organization’s evolving needs.

Emerging as the Hero

Implementing a contract-to-hire strategy positions, the recruiting executives as strategic problem-solvers within your organization. By advocating for and executing this approach, they demonstrate a deep understanding of the business’s needs, the market dynamics, and the practical realities of talent acquisition. This strategy not only addresses the immediate pain points of unfilled roles and financial losses but also showcases their ability to innovate within the recruitment space, balancing the quest for quality with the necessity of operational continuity.

In conclusion, the quest for unicorn candidates, while noble in its pursuit of excellence, needs to be tempered with pragmatic solutions like the contract-to-hire strategy. This approach not only alleviates the immediate challenges posed by vacant roles but also contributes to a more flexible, resilient, and efficient hiring process. As recruiting executives navigate this complex landscape, the ability to adapt, innovate, and implement practical solutions will be key to not just filling roles, but advancing the company’s broader strategic goals. In the saga of talent acquisition, this strategy may well be the most powerful move, transforming the mania for unicorn candidates into a manageable, and even advantageous, part of everyday recruitment playbook.