Applying for jobs can be an exciting and overwhelming process for candidates. Many spend hours working on their applications, applying for their dream jobs.
When they don’t hear back from their employers, it can be very discouraging.
Ghosting your candidates is not right. It can damage your company’s reputation and cause self-doubts in the candidates. Also, make sure you are playing the game fair. Wealth firms can often get caught up in bureaucratic practices and selection bias. Avoid this as it can harm your firm.
Whether you rejected the candidate simply due to their resume or had a round of interviews with the candidates and didn’t think they were the right fit, you still need to inform the candidate of the rejection.
In this article, we will cover tips on how to let candidates know they aren’t the right fit for your practice.
1. Let them know as soon as possible
Sadly, it’s never nice to let candidates know that they aren’t the right fit for your company. It can crush a person’s self-esteem. But rejection is part of the hiring process. Hence, the best way to deal with the situation is to let them know as soon as you can.
How soon is soon enough? Avoid sending a rejection within the same day. It may come across as contrived. The candidate may assume you had already picked a person for the position and wasted their time interviewing them.
As a general rule of them, give it at least two days.
2. Draft a simple and encouraging note
Wealth firms operate in a fast-paced environment and can lose touch with emotions. However, hiring can be an emotional process for the candidate so be wary of that.
Whether you are informing the candidate through an email or over the phone, create a short note explaining why you are not moving forward with the candidate e.g. “Thank you for applying for the role XYZ. We have decided to move forward with another candidate at this time.”
3. Be honest
Generally, companies may end their emails or phone calls with language such as “We encourage you to apply for future positions.” Avoid this practice.
If the candidate was not the right fit for your company, it is best to not give them false hopes. Instead, you can end the call on a positive note wishing them luck with their job search.
However, if you think the candidate was second to best, you may want to consider them for future opportunities. Wealth firms are facing a scarcity of talent so you may want to hold onto some of these candidates.
Either way, be transparent.
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