Finding the best talent to fill a recently-vacated executive level, C-Suite or senior management position isn’t easy. These are the people that are likely to be the face of the company and responsible for most major decisions that will shape your company’s journey moving forward. Deciding to let your in-house HR team handle the hiring process for a position with so much at stake isn’t always the best decision.
In addition to the skillsets they possess, the right candidate will have a personality that fits the overall culture of the company, is invested in the long-term benefit of the organisation and is empathetic yet responsible, intelligent and boasts superior moral values. Finding a candidate that fits all of these requirements is difficult, which is why many corporate businesses and established organisations turn to executive search firms to fill such high-level positions.
Executive search firms have wide access to a global network of contacts and use a context-driven approach and a tailored search strategy to source relevant senior-level talent. Here are a few reasons why working with an executive search firm may be the best option for your corporation.
Superior Industry Experience
In-house HR teams often don’t have an in-depth understanding of the role of high-level executives, which can often lead to bad hiring decisions. On the other hand, an executive search firm bases its entire business model around knowing the ins and outs of leadership roles, the right personality traits a candidate must have and how to detect genuine, qualified candidates from those that aren’t such a good fit. As such, they are well placed to design and conduct an executive search strategy that is specially tailored to meet the requirements of your business and organisation based on their wealth of industry experience.
Access to the Best Executive Talent
While your in-house HR team will only be able to evaluate and interview candidates who are actively looking for a position and send their resumes in to fill an open position, executive search firms also have access to more passive candidates. These may be people who are not actively searching for a new position but are the most qualified to be in the senior-level position.
Lower and mid-level positions are relatively easy to fill just with job advertisements, but executive-level positions require very specific skill sets and talents that can be difficult to find. Executive search firms establish and maintain close, long-lasting relationships with their previous clients and candidates, giving them a vast pool of highly qualified, top-level professionals to approach for an open position, regardless of location or industry.
Tailored Search Strategy
Experienced and well-established executive search firms often tailor their search strategies to the exact needs and long-term goals of an organisation. They will take the time to understand your business, its needs, culture, challenges and issues and come up with a strategy based on all their findings.
These findings will then be used to assess potential candidates and discover their suitability for the position. In addition to their qualifications and skillsets, the researchers from the executive search firm will also analyse the motivations, previous industry experience and personality of the candidates.
Save Time and Money
Often, when trying to fill a high-level position in the company, several in-house resources are utilised. This takes these valuable resources away from their own jobs, costing the organisation both time and money that could have been better spent on growing the business. By outsourcing the hiring process to an executive search firm, businesses can free up valuable time and resources to focus on other aspects of the business.
Fill Positions Faster
The longer your top-tier position stays empty, the more the loss, both in terms of finances and decision-making power. Teams will lack leadership and direction, resulting in reduced productivity and increased chances of errors. Employees may also have to take on additional tasks to make up for the gap until a suitable replacement is found, resulting in high-stress levels and decreased employee satisfaction.
Executive headhunters are masters at filling open positions fast. Not only do they already have a pool of resources to choose from, but they also specialise in sourcing, assessing and presenting top-performing candidates to a company in a short time. This speed is a direct result of the years they have spent building industry connections.
Confidentiality
Filling in a C-Suite position is a risky task, and is often not openly advertised. The reasons for this are several; the current person in the position may not have left the role yet, or the organisation may not want to alarm the employees. Change in senior management also leaves an organisation open to attacks from competitors, which is why it is important for this task to be conducted in secrecy.
Executive headhunters have a legal responsibility to keep the affairs of their clients private and confidential until the business has made an official announcement.
Outsourcing the hiring process of high-level positions to an established executive search firm has several benefits, including reducing the risk of bad hiring, saving money, time and resources and increased confidentiality.
