Hiring can be a daunting task, especially today. With the Great Resignation and employees demanding more from their prospective employers, it's no longer acceptable for companies to assume that most applicants would accept just any offer.
One way that employers and hiring managers can mitigate this is by adopting two new strategies during the interview and vetting process: radical transparency and candidate feedback.
While no doubt a radical idea, some companies have found that increased openness has been a valuable way to earn their employees' trust, loyalty, and commitment.
Here's why these strategies work.
1. Radical transparency promotes confidence that new hires are valued.
The idea of radical transparency was introduced in 1993 by Ray Dalio, founder of Bridgewater Associates, one of the largest hedge fund management organizations. Dalio was looking for better ways to improve his company's performance and wanted to cultivate an open work culture.
Companies can cultivate this open work culture by providing key information throughout the interview process such as: how many candidates they have interviewed, the hiring process timeline, clear expectations for the role, and advancement opportunities.
By showing candidates that they are valued and an integral part of the process, they are more likely to be engaged and excited about the opportunity.
Once they are hired, however, this established transparency should not stop there. Key company updates such as client or team changes, growth or advancement opportunities, and related successes or failures should be shared with new and seasoned employees alike.
2. Radical transparency sets clear expectations for candidates.
Don't miss out on great candidates because you are unorganized. By using radical transparency among candidates, you set clear expectations -- including what information is needed from them, the interview and decision timeline, and any key factors that will be taken into consideration when choosing the successful candidate set to receive the final offer letter.
This method will show that your company values transparency. But, more important, it shows potential new hires that they will have clear expectations and goals in the role if they secure the position.
3. Providing candidates with feedback (during and after the interview) shows intent and that each candidate is being seriously considered.
Everyone dislikes rejection, but there's no worse feeling than being turned down for a role and not knowing why you weren't considered or how you might improve on the next interview.
In an effort to move toward radical transparency, provide candidates with feedback throughout the process. This can include questions or notes on their interview strengths and weaknesses, portfolio pieces, or résumé. You can touch on sections where there may be room for improvement, that you would like to see more of, or that you think would really benefit from adding more of their expertise or experience to.
Giving constructive feedback during the interview process shows your organization values those applying for the position and gives them an inside look into the company culture. In the spirit of being transparent and keeping in mind their level of comfort receiving feedback, it's also best to gauge if they are open to receiving this feedback through a scheduled phone call, in-person conversation, or email.
Giving feedback does not have to be a scary process for either the interviewer or interviewee. More transparency will lead to more successful placements, as well as a clear and concise interview and vetting process.