Top 2022 Job Candidate Tips Series

In my more than 20 years of experience as an executive recruiter specializing in the financial services sector, I have rarely witnessed a recruiting market on Wall Street as robust as we saw in 2021. It is safe to say that 2021 was a "job candidate’s" market, and we expect 2022 to be more of the same.

In the first article in this series, I had the opportunity to share my thoughts on the use of multiple resumes for different roles, and the overall importance of the resume in presenting the candidate’s experience. In this second article, I will provide my insights regarding the complexities of pursuing multiple job opportunities, and potentially receiving multiple offers, simultaneously.

I will provide my insights regarding the complexities of pursuing multiple job opportunities, and potentially receiving multiple offers, simultaneously.

The financial services job market in 2021 witnessed numerous examples of the “when it rains it pours” phenomenon. Over the years, I have seen countless examples of Wall Street professionals who have looked for new job opportunities for months, even years. Yet, when their fortunes changed, they suddenly saw multiple job offers materializing simultaneously. At no time was this more common than in the “job candidate’s” market of 2021, and I expect this continue well into 2022.

 Dealing with multiple job offers is undoubtedly very exciting and flattering, but it can also be very stressful, especially when the most attractive offer is the slowest to materialize. As a result, it is also a situation which you need to handle very carefully. So how do you best manage multiple potential offers? Here are my most important observations.

 So how do you best manage multiple potential offers?

Keep all parties informed.  While the fear of appearing less than fully committed to a specific job opportunity can run high, transparent communication by the candidate is critical in the multiple job offer scenario. In a “job candidate’s” market, it is almost a given that qualified candidates in hot sectors will be engaging in multiple conversations simultaneously, and I regularly observe that those candidates who are up front about their participation in other competing processes ultimately achieve the best outcomes. 

• What information should the candidate disclose? What does transparency entail? In my experience, transparency means being up front with the hiring manager and/or recruiter about having received, or expecting to receive, competing offers in the near future. So how transparent should the candidate be? Should the candidate disclose the names of competing firms, the specific terms of offers or the timing of those competing processes? In my experience, while I recommend that candidates (i) make hiring managers aware that they have received or are likely to receive another offer, (ii) convey the overall timing associated therewith and (iii) share some general context about the other opportunity (direct competitor or different type of firm/role), they also should be careful not to provide too much information: disclosing the identity of the other firm or the terms of any other offer or potential offer could result in the rescission of the other offer or the termination of the other process by the competing firm. To state it clearly, I don't recommend shopping competing offers!

How does transparency impact process timing? Faced with the prospect of competing with other job offers, hiring managers will frequently inquire about the timing of the other job processes and the candidate’s prioritization of such other opportunities. As indicated previously, transparency is important, as it gives the hiring manager the opportunity to speed up his/her recruiting process (if they can), especially if the candidate is at the top of the list. From the candidate’s perspective, it also provides him/her with a clearer sense of how long it will take to progress through the hiring process at the firm in question, so that he/she can adequately manage the risk of potentially losing other offers if he/she chooses to stay in the process.  

Communication style. Candidates should always communicate in a sensible and respectful manner. Regardless of how time sensitive the situation becomes due to a competing offer’s timeline, always avoid ultimatums. Rather, share your timing constraints with the hiring manager and/or recruiter, and take a collaborative approach in requesting an acceleration of the hiring process.

What can go wrong? 

Notwithstanding your best efforts to manage a competing offer scenario, frustration is very common, as there are many variables which may come into play to delay the hiring process at one or more firms. What are the things that can go wrong, and how do you best handle them? The most common derailing factors to keep in mind are:

1. Scheduling challenges.  One of the most common factors responsible for slowing down the hiring process is simply the inability to synchronize interviewer and interviewee schedules. While COVID-19 has simplified the interviewing process through the use of video calls, most firms still adopt a very inclusive approach to hiring and require that several executives participate in the decision-making process. How can you manage scheduling complications? First of all, it is helpful to understand which interviewers are the key decision-makers, as it gives you a more accurate sense of how far along you really are in the process and how close you are to receiving an offer.  More practically, showing schedule flexibility (for example, indicating availability to talk early or late in the day, or on weekends/holidays) can help move processes forward and keep everything on schedule. 
2. New competition. Even in processes which are far along, there is always the risk that the hiring firm adds new external or internal candidates late in the process. If the process slows down unexpectantly, it is certainly acceptable, especially if you are pressed for time due to a competing offer, to ask direct questions like: "Have things changed? Is anyone else being added to the process? Has my positioning changed?” These are very common questions that candidates should feel comfortable asking either to the recruiter or the firm’s hiring manager. Remember, it is all about transparency and respectful communication. 
3. Internal reorganizations. While somewhat uncommon and very difficult to predict, it is possible that a hiring firm may undergo an internal reorganization which eliminates the need to bring in external talent to fill the role. Unfortunately for external candidates, the practical reality is that internal reorganizations are very confidential until fully approved and can take months to accomplish, thus delaying the hiring process.  Practically speaking, you may sense that the hiring firm is pursuing an internal reorganization if the hiring process is placed on hold unexpectedly with little/no explanation. Faced with this uncertainty, how can you manage competing offers in this scenario? As discussed above, asking direct questions can help candidates get clarity as to the timing of, and their status in, the hiring process and aid them in determining whether they should accept or decline competing offers. 

In summary, the key to effectively managing multiple offers is to avoid burning bridges. While every multiple offer situation contains nuances and there is no “one size fits all” strategy, the use of transparent communication, coupled with a firm understanding of the factors which can derail the hiring process, gives candidates the best chance to manage multiple offers efficiently, achieve the outcome they seek and maintain a good relationship with firms whose offers they decline. This allows candidates to capitalize on the time they have invested across multiple opportunities and leaves the door open to re-engage if another interesting opportunity presents itself in the future. 

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Elisabetta Bartoloni is a passionate and agile executive recruiter with over 20 years of experience at top-tier Executive Search firms. Elisabetta's clients particularly value her unique style, often described as a mix of skill and art of executive search: deep expertise in financial services markets combined with an intuitive art of understanding and assessing the nuances of corporate cultures and leadership personalities. Her approach results in strategic, win-win placements that add tremendous value to hiring managers and lead to fulfilling, prosperous careers for the placed executives. Elisabetta's experience in leading searches across corporate finance and global markets, coupled with her trusted advisory approach, is particularly valuable in growth situations, including transformational hiring, culture change, and Diversity, Equity & Inclusion.