Recruiting during high unemployment can be an extreme exercise in patience. Not only are candidates relentlessly persistent with their follow-up but they are often overqualified for the position for which they are applying. An overqualified candidate can be a good thing-but it can be a bad thing too.

BAD reasons to hire an overqualified applicant: 

• You feel sorry for them. As tempting as it is to just "give the gal a break" it is a bad idea to hire someone you feel sorry for-even if they do deserve a break. If they have managed to make you feel pity or guilt they are likely to elicit the same emotions from their co-workers AND your customers. Give them a referral or a quality connection-not a job.
• The applicant has an answer to overcome your every objection. Job applicants have access to all kinds of resources to help them prepare answers to the tough questions-including those pertaining to legitimate issues you may have about hiring an overqualified candidate. If it feels too good to be true but you are compelled to proceed anyway, then greed might be making your decision here. Look more closely.

GOOD reasons to hire an overqualified applicant:

• Everything makes sense. Not only can the applicant sincerely address your objections, but everything else makes sense: the industry, the timing, and the candidate's experience. There is a certain congruence there. It's NOT too good to be true. It just makes sense for the applicant and especially for your company. 
• They are willing to share some of the risks. If you are re-locating the new hire, perhaps there is a clause committing them to three years before their moving expenses are fully vested. Or perhaps you hire them on a contract basis for six to nine months, limiting your exposure while you make sure it is a good fit. During the salary negotiation, see if they are willing to split the risks over time with a smaller start now and a bump at the six-month mark.