For many organizations, finding quality talent can be challenging—and finding quality executive talent can be even tougher. While you may have confidence that your company can recruit your next C-suite leader without help from a dedicated search firm, the potential ramifications of making a poor hire can be disastrous. In fact, the average cost of a bad hire can be as high as $240,000. That’s why engaging with an executive search partner presents the optimal solution to sourcing and hiring the right-fit candidate.
Here are some of the most compelling reasons why your company should engage with a reputable executive search firm:
Rather than spending money posting your leadership vacancy on job boards or advertisements, why not have your executive search partner execute everything on your behalf? While sites like LinkedIn are helpful when looking to fill entry-level and mid-tier job openings, many executive search firms maintain large-scale networks comprised entirely of C-suite candidates that can be leveraged during times of need. By tapping into these communities of qualified professionals, you’ll boost your odds of finding the right leader for your executive opening. Without having to reach out to candidates and sell them on the open opportunity, your organization will spend more time accomplishing its day-to-day objectives, resulting in significant cost savings.
Due to current economic challenges, human resources professionals are being laid off as organizations slow hiring and scale back on training programs. In today’s business world, the majority of internal HR departments have become stretched too thin. They simply can’t afford to take on more responsibilities—much less conduct a comprehensive leadership search. By partnering with an executive search firm, your organization will alleviate these burdensome recruitment duties from the shoulders of your HR team, allowing them to focus their attention on other pressing business concerns.
Broader candidate pool
While active job candidates may be qualified for your executive position, they ultimately could be lacking the skills or qualifications that your organization needs most in its next leadership fill. But when engaging with a dedicated search firm, this partnership will expose your organization to an entirely new segment of the candidate market: passive candidates. These individuals are currently employed but would consider a new job opportunity if it was presented to them. If your executive search firm can get in front of these passive candidates and “sell” them on the compelling reasons to take on the role, you may be well on your way to finding your newest executive hire.
The recruitment, interview, and contract offer stages can sometimes take several weeks—or even months—to complete. That’s why it’s important to leverage a dedicated search partner to guide you on the “dos” and “don’ts” during these critical moments in the process. From initial sourcing and screening efforts to the candidate’s eventual onboarding, your chosen executive search firm will offer comprehensive support to ensure that your organization operates properly.
Experience and expertise
By aligning your organization with the right executive search firm, you can use their industry knowledge to your advantage. Your search partner will leverage advanced recruitment tools and platforms to deepen your understanding of the candidate market. They’ll enhance your employer brand and better define your company’s differentiators. They’ll conduct talent assessments on your downselected candidates to ensure alignment with the role and your organizational culture. And they’ll guide you when formalizing your competitive compensation offer for your candidate.
Whether your company is looking to add an executive to round out your C-suite or replace a departing leader, leveraging an experienced executive search firm can make a world of difference. Working with a search partner will provide access to a wider candidate pool and enable your organization to make a smarter and more informed hiring decision in significantly less time. Ultimately, the choice has never been easier—engaging with an executive search partner is the right move to make.
Interested in connecting with our TalentRise team to discuss executive search opportunities within your organization? Contact us to learn how we can connect you with your next leader of the future.