Choosing the right candidate for your executive management team can be challenging. It can cost as much as $2.7 million if that candidate fails. When organizations hire executive search firm, they are able to ensure that they hire the best possible candidate the first time without having to waste a lot of time or resources on recruiting.
An Human Resources executive search firm has extensive knowledge of the labor market and can conduct an extensive job search on your behalf. An executive search company can provide your business with a number of benefits.
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Expertise in Recruiting & a Rigorous Search Process
It is a difficult, hands-on process to hire for a position at the executive level. You cannot hire a talented leader by posting the opening on job boards or your organization’s website. It’s not uncommon for top executives to find new opportunities through their network and referrals, not through job boards, because they’re employed, passive, and busy.
Without a referral, recruitment professionals within your firm may not be able to successfully approach these top leaders. However, executive recruiters often have built strong relationships with executives and have access to upper level professional networks that can help you locate your ideal executive.
Savings in Time & Cost
The process of attracting, recruiting, and hiring an executive is a very demanding one. Getting in touch with top candidates is a strategic. And time consuming activity that often takes the time of multiple recruiters.
Conducting the search by in-house recruiters who may have little experience in hiring executives is not efficient. Increases the risk of hiring the wrong person for the job. It is actually more cost effective to hire an executive search firm in the long run, since turnover and its effects are greatly reduced.
Disregard & Confidentiality
The best candidate for an executive level position may already work for another organization (perhaps even at a competitor). Additionally, an organization may want to replace a manager who isn’t meeting performance standards.
In both cases, working with an executive search firm ensures that the search process remains confidential. And is handled with the utmost discretion. This ensures a smooth transition and protects your organization’s important business relationships.