Why would you pay candidates for interviews?
The current talent pool seems very close to drying out for some hiring managers, and this has led some companies to come up with innovative ways to grab the attention of potential workers. One of the most interesting approaches is the idea of paying candidates to turn up for an interview.
This might seem like an outrageous idea on the surface, but to some recruitment specialists and UK companies with jobs to fill, it is a forward-thinking idea that might just land them the type of talent they need and want.
There are few hiring experts out there in fields such as sales or media production who would advocate throwing money away by paying out for submitted CV’s or first job interviews attended, but what about offering a cash incentive to those graduate candidates or career-minded experts who could be a major asset to their team?
One could argue that candidates would simply turn up for an interview and do very little else just to get their hands on the cash. However, if the incentive was only on offer at a final interview, it is unlikely that many people would go through a complete recruitment process for a small financial gain.
Who has done this?
In a manner that has made the firm a UK trailblazer within the recruitment world, digital marketing company Midas Media is offering candidates £1,000 if they make it to a final interview. The interview itself is far from an easy option because candidates must present their own performance marketing strategy.
Midas Media’s Ed Leake initially announced that the company would pay five candidates who reached the final interview. He said that the firm was inspired by a firm that had offered the same sort of opportunity to candidates in America.
Before the interviews were carried out, Leake said the tactic was aimed at securing a “quality person” to fill the job vacancy, adding that he would not work for free, nor would he expect others to do the same.
The role in question was a digital marketing job focusing on the management of pay-per-click (PPC) search marketing. The successful candidate was to be tasked with creating, delivering, and managing strategies to allow Midas Media to market itself and to facilitate the company’s aims of boosting client accounts.
The candidates who reached the final interview stage had to develop and present their performance marketing strategy. All five candidates were promised the payment even if they were not chosen for the role.
As an added incentive, Midas Media was also offering a £1,000 bonus for the successful candidate in his or her first pay packet. Whilst there are some people who will undoubtedly question whether such cash incentives would really succeed in filling a role in the long run, Leake was confident that it was a good way to find a team member who had the required knowledge and could also fit in with the company’s play-hard, work-hard ethos. Many other hiring managers are now trying out this technique to lure new talent.