There are many reasons why companies are hesitant to engage an executive search firm to help them hire leadership talent.
Whether it’s because they think they can hire an executive leader on their own, they don’t want to pay the cost of retaining a firm, or they’re just skeptical of the process, these companies are ultimately missing out on an opportunity to hire the best leader for their company.
Find out the advantages of using an executive search firm for tough to fill leadership roles and increase your odds of hiring the right person the first time around.
Expertise
A
s mentioned above, many companies believe they have the resources and skills to hire an executive on their own. However, simply posting the opening on job boards or your website is not going to be enough to hire a talented executive.
Top executives are not scouring job boards for new openings. They’re employed, passive, and busy leaders who are accustomed to finding new job opportunities through their network, connections, and referrals.
If you ask an HR professional or another employee to reach out to these top leaders, they’re most likely not going to get a response, let alone get past the gatekeeper. Executive recruiters, on the other hand, have built up connections with top executives over the years and have access to these very inaccessible people and their networks.
Save Time and Money
Taking on the responsibility of attracting, recruiting, and hiring an executive is not something that can be done passively. Recruiting and reaching out to top candidates is a strategic, and time-consuming effort that is oftentimes performed by multiple people.
Having employees who are inexperienced with hiring executives will be a waste of energy and time that can be spent more effectively working on other projects.
Also, having people who are inexperienced with recruiting executives will increase the chances of hiring the wrong person for the position. The costs associated with hiring the wrong person for an executive position are extremely high and turnover can even bring down employee morale and productivity. The cost of hiring an executive search firm is actually more cost-effective in the long run.
Only Interview the Best of the Best
Posting an ad for a senior level position on a job board or on your company website means that you will be bombarded with hundreds of applicants, mostly from candidates who are not qualified for the role. It can take a lot of time to sort through all of these applies only to find that none of the applicants is a fit for the position.
Executive search firms take all of the legwork out of recruiting and pre-qualifying candidates. Instead of sorting through and interviewing dozens of candidates, an executive search firm will narrow this candidate pool down to a more manageable number that only includes the best of the best. This process helps to streamline interviews and save time.
Find out more about our Executive Search Services, our process, and the our expertise.
Quickly Fill Difficult Roles
Today’s leadership roles often require a professional with a unique mix of skills. For example, top copywriters or designers used to be promoted into leadership and executive roles. Today, Chief Marketing Officers not only need to excel at their core skillset, but they also need to be analytical, creative and possess leadership abilities.
Finding a professional who possesses all of the qualities is not an easy task and this person may not even come from within your company.
Executive search firms have the resources and processes to find candidates to fill difficult roles. They have databases built with pre-qualified candidates and know how to perform searches for technical positions that may require a mix of skills.
Get Guidance On a Newly Created Executive Role
Many growing, small businesses that need to add executive leadership may have only ever had the founders or owner on their leadership team. There are many things to consider when hiring for a newly created role such as compensation structure, experience, and how to handle this new hire internally. If you’ve never had this role at your company before, it can be difficult to find answers for these questions.
When using an executive search firm, this relationship is very consultative and like a partnership. If you have questions about compensation, they can advise you on a reasonable comp plan based on their knowledge of the job market and role expectations.
Confidentiality
Sometimes you may need to replace an underperforming executive while they’re still in their current role. This type of search requires confidentiality and trust to get the job done.
An executive search firm will be able to discuss what traits and qualities were lacking in the current executive and work to find a candidate that meets all of your requirements.
These are just some of the advantages of using an executive search firm when looking to hire a new leader. If you use a professional to find you the best talent, the return on investment can be much higher and have a greater impact on your business.
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