When Andrew Cohan is hiring for a full-time role, he might spend an hour on the phone with each of a candidate’s references — and call as many as eight.
“There’s never a bad reference,” said Cohan, founder and managing partner at the private equity firm Halmos Capital. “But there are good references and great references, and we’re looking for great references.”
Cohan said hiring processes can stretch across several months, with dozens of candidates considered before one gets the offer.
“When you hire the right people, you create more value and you make your life easier,” Cohan said.
Cohan isn’t the only executive taking his time to greenlight new hires. In October 2024, fewer than half of job postings on Russell 3000 company websites were filled within six months, down from 91% in the same month in 2019, according to Revelio Labs data. Economic uncertainty, including the impact of tariffs and AI adoption, has led some companies to scale back job postings and delay hiring decisions. Excluding a brief pandemic dip, the US hiring rate is near its lowest point since 2014, per Bureau of Labor Statistics data.
This hiring slowdown is affecting many job seekers: Since last fall, Business Insider has heard from more than 800 people who say they’re struggling to find work. In response, successful candidates, career experts, and company leaders have shared their top advice for those trying to land a job.
Cohan explained how he evaluates candidates — and what makes someone stand out enough to get hired, from well-prepared references to honest interviews.
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Coaching your references could help you stand out from the crowd
Over the past two years, Cohan said he’s overseen 15 full-time hires across Halmos Capital and its six portfolio companies, which together employ hundreds of people. He’s also played a direct role in selecting nine C-suite executives or board members. At the firm itself, which employs eight professionals, Cohan is involved in everything from summer intern interviews to executive placements.
For nearly every full-time role, the firm aims to speak with five to eight references. Cohan said he conducts many of the reference calls, asking for detailed feedback, both positive and negative. He looks for specifics — not vague endorsements — and consistency across what the candidate, résumé, and references are saying.
“If you get references who just say, ‘Hey, he’s a good person, she’s a good worker, I like them,’ that’s just filler,” he said. “It’s what they’re not saying that we listen to.”
Cohan said the firm spent nearly a year filling a senior associate role and evaluated over a dozen candidates before making an offer. The candidate who was ultimately hired had strong and detailed references.
He thinks candidates should consider “coaching” their references — reaching out before the company calls — to help them provide detailed, authentic feedback about their skills and accomplishments.
“Coaching references to give a great in-depth description of who they are — it’s not going to backfire,” he said. “If they’re positive, get into the details, and give a little bit of negative so that it sounds authentic, it’s only going to set you apart.”
Cohan acknowledged that his firm might value references more than some employers, but said he thinks thoughtful, detailed endorsements can help candidates stand out in any industry.
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Cohan recalled a candidate for a CEO role who had the right credentials but raised questions his team couldn’t fully answer — including why he’d left previous roles.
“There was nothing bad per se,” Cohan said. “But there were just too many unknowns.”
In another instance, Cohan said a candidate had a sensitive issue in their background. Rather than trying to hide it, he said the candidate was direct, explained what happened, and offered references who could back up their story. After several calls revealed a consistent narrative, Cohan said he made the hire.
“We all know what our negatives are,” he said. “Feel free to tell the potential employer the negatives. It’s going to set you apart.”
Recruiters and career coaches previously told BI that candidates should generally disclose if they were laid off — and that if addressed properly, it won’t necessarily hurt their chances.
Connecting with recruiters could help you find positions that are the best fit
Cohan said his firm relies on specialized executive recruiters to source candidates for positions like associates and VPs. These recruiters might sift through hundreds of résumés before presenting Cohan with a shortlist of around a dozen.
“People in investment funds are very busy,” Cohan said. “If we get hit with a résumé randomly, we may not have time to look at it. We certainly don’t have time to read a cover letter.”
Cohan recommended that job seekers connect with recruiters who specialize in their niche — whether that’s private equity or another sector.
Once the applicants are narrowed down, Cohan said his firm looks closely at candidates’ culture fit, communication skills, and analytical skills. He said candidates for certain roles are asked to complete a four-hour case study over Zoom.
“Sometimes people will talk their way into a job that they’re not qualified for,” Cohan said. “There is a technical aspect of the job that I think is helpful to test.”
Cohan said the firm typically brings on interns for nine-week roles. These hires are made after a couple of interviews and don’t involve reference checks.
Whether he’s hiring an intern or a CEO, Cohan said his team works hard to find the right fit.
“These are people-driven businesses,” he said. “When you get the right people in the right role, it really enhances value — and it’s worth putting the time in.”
