All business people know there’s a lot of risk-taking that goes into hiring associates and other professional folks. Alvin Roth, author of Who Gets What – and Why, goes to great lengths to reveal this in his 2015 book, cautioning against jumping the gun on job candidates. That expression, reports Roth, comes from the 19th century Oklahoma Land Rush during which, at the sound of a cannon shot, tens of thousands of people would manically sprint to stake out unclaimed territory. One sucker, likely confused by a nearby pistol shot, jumped the ol’ cannon in 1893 and was ridden down and shot dead by the appointed cavalry right in front of the horrified throngs. Twas serious business, this divvying up of the land, surely at least as serious as making a key hire at your firm. And while we’re not likely to be drawn and quartered by our colleagues when we hastily bring aboard Lazy Susan or Worthless Walt, we do take quite the chance when we rely on too much art and not enough science in making important personnel selections.
Roth delves deep into what are known as “exploding offers,” or those of a take-it-or-leave-it nature “of such short duration that they didn’t leave enough time for another firm to jump in and compete” – or for a candidate to look elsewhere. Judges and law firms have used this approach for years; perhaps not surprisingly, when competition is fierce, accepted rules of engagement get badly bent. Federal appellate judges scramble to attract top students at elite law schools to accept their clerkships, even though there are far fewer openings than there are talented future lawyers seeking work. Chalk it up to ego. The author includes a hilarious anecdote through which we learn of a law student who, while on a flight, received three voice mails from a federal appeals court judge: the first was to make an offer, the second seeking acceptance, and the third to rescind it. And lest you think this was some transatlantic journey the student was on, far from it; it was during a 35-minute puddle jump from Boston to New York. Now that’s some kind of impatience, no?
Reason must prevail. Yes, we all suffer some form of FOMO – fear of missing out – but making job offers before students complete – or even begin! – their advanced education is absurdly risky business, especially when it comes to lilypad-hopping millennials known for seeking balance and fit over commitment to a particular organization. In situations such as these, Roth warns that “nobody has enough information to make an optimal decision.” The book isn’t exactly loaded with solutions as much as it is with commercials for Roth’s complex algorithms and “game theory” (whatever the hell that is). I’m sure stroking him a check for tens of thousands of dollars to construct a job-matching machine is one way to go, but short of that you can simply slow down. As the saying goes, hire slow and fire fast. Have a Plan B, C, and even D (i.e. a talent bench). And let’s all remember that if the fit is apparent and both employer and candidate(s) seem meant for each other, it’s good for all to carefully navigate a well-thought-out selection process. Unless of course you’re an omniscient federal judge. If that’s the case, you do you, pal.