The Impact of FOMO on Hiring Managers:
Overcoming Indecision in Today’s Competitive Job Market
In today’s competitive job market, hiring managers are faced with the challenge of finding the perfect candidate for their organisation while also avoiding the risk of making a bad hire. However, the fear of missing out or FOMO, on a good candidate can lead to indecision and missed opportunities to bring on top talent.
In this blog, we explore the cost of not hiring, the negative impact of indecision and provide tips for hiring managers to streamline their decision-making process, including involving multiple decision-makers, setting clear hiring criteria, and trusting their instincts.
The Fine Line Between Thoroughness and Indecision:
For hiring managers, it’s natural to want to make the best decision for your organisation and find the perfect fit for the role you are trying to fill. However, it’s common for hiring managers to be more concerned about making a bad hire (a false-positive decision) than missing out on a good candidate (a false-negative decision).
On one hand, this FOMO can lead to careful and thorough consideration of candidates, which is important in the hiring process. However, this fear can also lead to hesitation and indecisiveness, which can result in missed opportunities to bring on talented individuals.
The Self-Fulfilling Prophecy of Indecision:
Hiring managers who struggle with indecision can inadvertently create a self-fulfilling prophecy. For example, if a hiring manager takes too long to decide whether to hire or interview a candidate, the candidate may no longer be available by the time a decision is finally made. The hiring manager may then justify the candidate’s rejection as a good sign by thinking, “we dodged a bullet there, they clearly were not that interested in the role.” However, the reality may be that the candidate was likely in multiple job processes and simply chose another offer with a company that was quicker to decide. In today’s competitive job market, it’s important for hiring managers to move quickly in order to obtain top talent.
LinkedIn insights confirms the best candidates are off the market in 10 days. A further 55% will drop out of the process and pursue other opportunities if they haven’t heard back from their application within 14 days. Speed is key.
The Hidden Cost of Not Hiring:
Leaving a role open can also have negative consequences for a business, it just affects a lot more variables than a bad hire, so it’s not as easy to measure. A vacant role can lead to increased workload and stress for existing employees, and can result in decreased efficiency, productivity and even retention issues.
There may also be opportunity costs associated with not filling the role, as the business may miss out on potential revenue or new projects that the employee could have contributed to.
According to McKinsey survey conducted in March 2022, 35% of staff are considering leaving their jobs due to unsustainable workloads, the effects of delaying new hires have a profound long-term impact on productivity, employee engagement and growth.
Tips for Overcoming FOMO and Indecision:
- Establish must-have and nice-to-have qualities: It’s important to have a clear understanding of both must-have and nice-to-have qualities before starting the hiring process, and to ensure that all decision-makers are aligned on these criteria. This will allow you to evaluate candidates and make informed hiring decisions more easily.
- Involve multiple decision-makers: Involve multiple people in the hiring process, such as colleagues or subject matter experts. Not only will this provide you with multiple perspectives on each candidate, but it will also help to spread out the responsibility of making the final decision.
- Trust your instincts: Don’t be afraid to rely on your gut when making a hiring decision. If a candidate feels like the right fit, chances are they are.
- Set a deadline: Having a deadline for deciding can help create a sense of urgency and prevent the process from dragging on.
In conclusion, the delicate balance between thoroughness and decisiveness is essential for hiring managers in today’s competitive job market. While it’s crucial to avoid bad hires, it’s equally important not to miss out on great candidates due to indecision. By implementing the strategies we’ve discussed, such as involving multiple decision-makers, clarifying hiring criteria, trusting instincts, and setting deadlines, hiring managers can confidently navigate the hiring process and secure the right talent for their organisations.
As we sign off on this topic, remember that finding the perfect candidate might be a myth, but hiring the best available talent in a timely manner is the key to your organisation’s success. Here’s to overcoming FOMO, making informed decisions, and empowering your teams with the right people.
Good luck and happy hiring!