It’s that time again—the Olympics are back, and there is nothing quite like the energy and excitement these games bring. It’s a moment where athletes from around the world come together to showcase not just their abilities but the incredible human spirit.
What I find most inspiring about the Olympics is not just the competition. The stories behind each athlete—years of dedication, overcoming personal struggles, and relentless pursuit of dreams. I suspect that they resonate deeply with all of us. The journey for the athletes is incredibly challenging, and according to the U.S. Olympic and Paralympic Committee, athletes spend over 10,000 hours in training to perfect their skills.  (Pretty amazing when you realize that most of these competitors are in their early / mid  20s…..) To me, the pursuit of the goal IS the prize, the medals may just be the “icing on the cake”!
But how does this apply to us…………….
When interviewing candidates, should we be focusing on the need to see a perfect interview (like a medal performance), or should we be focusing on the journeys that our prospective candidates have gone through to get to this point in their careers (more akin to the thousands of hours that they have put in to get here)?  How much weight should we be putting on that single “bad” meeting (especially if it has followed a series of good meetings) instead considering the totality of a candidate’s potential, including work history, credentials, track record and character, especially when they have proven their value repeatedly.
What truly matters most when hiring new talent? This question has long sparked debates among recruiters and hiring managers. Is it the impression candidates make during interviews? Their past performance? Or the references they provide? Let’s delve a little deeper into this crucial topic.
According to a 2024 report by the Hiring Lab, around 78% of recruiters in the United States still prioritize face-to-face interviews as the most critical part of the hiring process. One recruiter mentioned, “Interviews offer a unique opportunity to assess cultural fit and interpersonal skills, which can’t be gleaned from a resume alone.” However, this approach is not without its critics. Studies show that interviews, while insightful, are often influenced by unconscious biases, and preconceived impressions.
On the other hand, past performance is another crucial element. A survey by the Society for Human Resource Management (SHRM) in 2024 revealed that 65% of employers value proven track records and achievements. Reviewing a candidate’s past accomplishments can provide quantifiable evidence of their capabilities. For instance, if a finance professional consistently exceeded targets in their previous roles, it’s a strong indicator of their potential impact on your organization.
Lastly, references are not to be overlooked. Glassdoor’s 2024 Hiring Trends report found that 54% of companies in the U.S. consider references a key factor in the decision-making process. They offer third-party validation and often reveal insights that neither interviews nor resumes could disclose. For example, references can highlight a candidate’s work ethic, reliability, and how they handled challenges, contributing to a more rounded view of the individual.
Over the years, we have seen many mediocre candidates get great jobs because they “aced” the interview process, and just as many great candidates, with great track records not be able to land their dream job because they couldn’t deliver on the interview.
Ultimately, the most effective approach may be a balanced one. Leveraging a combination of interviews, past performance, and references can provide a comprehensive view of a candidate’s suitability. This holistic method ensures you make well-informed hiring decisions, fostering a stronger, more productive team.
Also, it is especially important to be mindful that we as hiring managers, are not always the best at every single interview that we perform; we should not expect candidates to be either. There are many different types of interviews, and there are many different types of candidates, and there are many different types of companies. There is no one-size-fits-all way to do this. You must be smart about how you approach each interview process. Sometimes candidates (and hiring managers) will shine, sometimes they will not—everyone has off days!
One last point specific to our industry, is that in the fast-evolving world of financial services (banks, hedge funds and private equity) prioritizing the right elements in your hiring process is crucial. Adaptability and a proactive mindset are fantastic key indicators of a solid prospective hire. The financial sector is renowned for its volatility, with the US market particularly dynamic this year. Candidates should not only demonstrate technical skills but also the ability to navigate and thrive in unpredictable environments.
Happy to hear your thoughts. Please share your insights with me.Â
Feel free to reach out directly to discuss this topic further as well as any other questions or concerns regarding the current hiring climate. I guarantee that in our call together you will leave with 2 or 3 ideas that will greatly impact your ability to find, attract, and procure the top 10-15% of the candidate pool on a consistent basis.
