How to be Successful in Recruitment Part 08
Money Grabbing Candidates
What would you do for a thousand pounds?
Yes there you go – one thousand pounds on the table right now– what would you do for it?
If I was to give you £1000 right now to do something I wonder how far down the moral rabbit hole you’d be willing to go, and how willingly?
Okay time to take a step back. First I’m not actually offering you that £1000 – this is a mental exercise only (sorry to disappoint)– and secondly I do think it’s healthy to maintain a certain moral equilibrium!
Putting the question this way –
“Within normal moral and ethical parameters, what would you be willing to do for £1000?”
Now I know ‘normal moral and ethical parameters’ could be interpreted in a number of ways but think of it like this – within the bounds of what you would be willing to tell your parents and colleagues that you did – or possibly “willing to tell your partner as long as they promised to tell no one else” (which is likely to be a broader definition than the parents one!)
Now I don’t know what you’ve been thinking of, (feel free to email me as I’d be fascinated to learn what you considered) but were there things that you were willing to do as a one off or in the short term that you wouldn’t do in the long term?
I image there were. Give someone a lump of cash to do a certain thing and it’s easy for people to do that; particularly when it’s an attractive sum of money.
But the problem with money is that whilst it can be a great immediate motivator, over the long haul its power fades. It doesn’t have any intrinsic value in itself and it doesn’t have any variety.
Whilst it can buy things (and we might decide to perform action X to earn Y so we can buy Z) but once Z is bought the thrill of the money earned fades.
Offer the same deal again and the amount y starts to fade and grow dull.
Think about your own careers in recruitment – remember that first commission cheque? I bet that was exciting but I’d be willing to bet that getting the same size of commission cheque now would be something of an anti-climax.
The trick with money as a motivator is to know it’s place. For yourselves you need to think not about the money but about what it can do for you. If you are trying to motivate yourself towards higher billings; which naturally means you have to work harder and smarter, then consider not the amount extra you can earn but what you can buy with the extra money.
Indeed start with the thing that you want to buy or do and work backwards to understand how many extra billings you need and then carry on backwards to work out how many extra interviews, business development calls etc. that you need to perform to generate those billings.
Then motivate yourself to do it by remembering what you are going to do when that happens. Keep changing the thing you are going to purchase or experience which will keep your motivation fresher.
For candidates when they start bleating about their counter offers and the extra money on the table then you need to make it very clear to them how dull that offer actually is.
Divide the money out over the year and break it down to a weekly and daily amount.
Imagine a candidate getting offered a £5000 salary bump (and just remember what you were willing to do for £1000!)
“So Mr/Mrs Candidate, remember how you said you hated your boss, there were no promotional opportunities and they didn’t respect you? Well what they are now offering is £60 approximately, after tax, a week in compensation. That’s a little over £10 a day – so they are kind of offering to buy you lunch. How do you feel about that?”
I bet we’d all do a lot of things for £5000 but that we’d do far fewer things for £10!
All that is gold does not glitter so don’t be blinded by the dazzle of money – understand it’s truer value and work with that for yourself and your candidates.
Candidate motivations, motivators and inspiring yourself are all going to be discussed at length in the new, subscription only podcast, from Edenchanges coming in August 2014, aimed at all career minded recruiters.
Until next time; be successful
Development Specialist, Edenchanges.com