Overqualified applicant getting denied
So we had a new opening on our desk and during the first few rounds, had this overqualified applicant applying for a position that was both a title/pay downgrade (prev 3 years at director, applying for vp level).
Usually when we've had this in the past, the overqualified applicant has never taken the offer / couldn't come into agreement about comp, so he didn't end up moving forward in the process. Anyways, he emailed 2-3 weeks later asking if he did anything wrong since we said he was a great candidate, said he was still very interested.
Wondering if any others have seen similar and what you've done. We hire maybe 1-2 people a year (and only when people depart) so it's not like headcount changes too much. Because of that, we usually only extend a singular offer at a time, which is why we filter that much.
Not good way to fix this, in the past, overqualified applicants have almost never taken it. Even worse is applicants that accept offer and then renege - which is especially annoying as now there's even more of a delay to fill the position.
Based on the most helpful WSO content, this situation is not uncommon, and it highlights a recurring challenge in hiring overqualified candidates. Here are some insights and potential approaches to handle this scenario:
Concerns with Overqualified Candidates:
Transparent Communication:
Revisiting the Candidate:
Mitigating Risks of Reneging:
Balancing Selectivity and Flexibility:
Ultimately, while overqualified candidates can present challenges, they can also bring significant value if their motivations align with the role and the firm's needs.
Sources: Most badass way to decline an offer?, Took an Associate job at a tiny firm, how screwed am I?, Why are banks hiring less qualified candidates?, https://www.wallstreetoasis.com/forum/investment-banking/how-do-you-handle-an-exploding-offer?customgpt=1, 7 Tips on Reneging
Applied to many jobs below my level when doing cancer treatment, watching the rejections come in no matter what level of seniority I applied to felt worse. The way forward is to either make an offer or move on to another candidate. I consider the risk of a renege a fixed cost.
If this happens to you a lot how are openings usually promoted? Are you being transparent about compensation bands in advance?
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