Finding the right candidate for your executive management team is challenging and the stakes are high as the cost of a single failed executive can be as high as $2.7 million! Fortunately, with the help of an executive search firm, organizations can ensure that they hire the best possible candidate for the position the first time around without having to spend an excessive amount of time and resources on recruiting.
Executive search firms have extensive knowledge of the labor market and the experience needed to execute an exhaustive search on your organization's behalf. Below are just a few of the benefits an executive search firm can provide your organization.
Recruitment Expertise & A Rigorous Search Process
Recruiting for an executive level position is difficult, hands on work. Simply posting the opening on job boards or your organization's website is not enough to hire a talented leader. Top executives are employed, passive, and busy leaders who are accustomed to finding new opportunities through their professional network and referrals, not through job boards.
Recruitment professionals within your firm may not be able to successfully reach out to these top leaders without a referral. However, executive recruiters often have built strong relationships with executives and have the access to upper level professional networks you need to find your ideal executive.
Time & Cost Savings
Attracting, recruiting, and hiring an executive is a very demanding process. Reaching out to top candidates is a strategic and time consuming activity that often takes up multiple recruiters' time.
Having in-house recruiters who may be inexperienced with hiring executives conduct the search is not efficient and increases the chance of hiring the wrong person for the position. In the long run, the cost of hiring an executive search firm is actually more cost effective as the risk of turnover and its effects are greatly reduced.
Discretion & Confidentiality
Often times, the best candidate for an executive level position is already employed at another organization (perhaps even at a competitor). In addition, an organization may be seeking to replace an executive that isn't meeting performance standards.
In both cases, working with an executive search firm guarantees that the search process remains confidential and is conducted with the upmost discretion. This allows for a clean transition that keeps your organization's important business relationship safe.