The Unique Hiring Challenges of the Fortune 500

So let’s say you are Intel, Bank of America, or some other Fortune 500 Company with a plan to hire high-end software engineers in 2011. Only you’ve noticed recently that the acceptance rate of offers you’ve made has been less than ideal. You’re not alone.

Nonetheless, you ask yourself, “Why would an engineer turn down my offer?” On paper, you have offered them higher-than-average salaries, better benefits, ability to learn from a big team of engineers, stability, and after all, you’re [--insert Fortune 500 company name here--].

Maybe this will put your findings into perspective:

• An individual with a passion for technology, creativity, and engineering can mature an idea to a business in one week. Rapid evolution of the web, mobile, and technology spaces gives every good idea great potential.
• Startups that thrive off entrepreneurial-minded engineers are making competitive base salary offers, plus benefits, as well as equity that a Fortune 500 or late stage startup cannot compete with.
• Some startups have even started offering two-year vesting schedules to create instant gratification, and are trying to appeal to the self-motivated conceptual thinkers.” (See Daniel H. Pink’s A Whole New Mind: Why Right-Brainers Will Rule the Future.)
• 2010/2011 M&A market: Where traffic, conversion rates, and social influence are worth their weight in gold.

I saw this firsthand in 2010, while leading a team based out of Los Angeles that focused on building core engineering teams in the open source community. The result was a clientele portfolio, comprised of 80% startup endeavors, each hiring multitudes of said engineers. As of January 3, 2011, I’ve opened and now run an office based out of San Jose (Jobspring Partners Silicon Valley) that is seeing the same trend day in and day out. Despite a different geo-targeted market, we’re seeing the same high-tech space, and the same trend.

If you are a hiring manager in Fortune 500 Company, with a plan to hire high-end software engineers in 2011, implement this simple strategy to execute and move forward:

• Set and manage your expectations throughout the hiring process. Not everyone can hire the former lead engineer from Facebook.
• Know your audience. Ask questions that allow candidates to talk subjectively about their ideal role in your company. You are looking people with top talent, who are smart and calculated, so proactively address concerns you yourself would have when making a career move.
• Look to explore all options but be prepared to move swiftly when synergy exists. If you were impressed by their technical, interpersonal, and professional skills, know that you are not the only one feeling this way.
• Commit to the process. Set aside time. Accept the market as a candidate’s market.
• Remember that compensation comes in many forms other than cash (i.e. benefits, equity, flexible schedule, bonuses, sign on bonus, etc.

Lastly, keep your options open and maintain an open mind when hiring.

Comments

[Adam Wiedmer]

Great post, it's so true and we see it time and time again. You spend so much time prepping a candidate and then the Hiring Manager doesn't sell the job and just assumes the candidate wants to work at the company because it is a "name brand". What they don't realize is that if you are hiring a candidate for a Fortune 500 company chances are that means the other Fortune 499 are also pursuing that candidate!

[lekut]

I have also heard about another adobe illustrator recovery tool

[Handmade necklace]

Like your article, I learned a lot from this, Handmade necklace really thank you for sharing. Have time I can watch more relevant knowledge