If you’re hiring for an executive position, the stakes are high. Vacant executive-level positions are urgent and the hiring process becomes more complex the higher up the ladder you go.
When you choose to hire an executive search firm, there are several reasons why this is the best option for you:
1. You don’t have the internal resources
Properly assessing candidate resumes takes time. This can mean you miss some important details.
Executive search firms deal with resume assessments every day, so know what to look for in a strong candidate.
Engaging with recruitment firms focused entirely on executive search is more effective than starting from scratch internally.
Executive searches are often of sensitive nature. There can be many reasons why discretion is key:
- You could be hiring a replacement when an executive is still in the role.
- Your organization could be making a strategic move and doesn’t want competition, partners, or even suppliers to learn about it yet.
- Your organization could be in the middle of a transaction, such as an acquisition, and it’s important for the search to not be made public.
Regardless of what your reason might be, by outsourcing the task, you’re relieved of work while still having all the control.
3. Cultural Fit
Evaluating and selecting a candidate’s cultural fit is critical. A right fit should share a similar set of values, expectations, and behaviors with your organization.
When you hire leadership that has complementary beliefs, this creates a positive and collaborative work environment for team members.
Making the right choice can lead to a lower turnover, an increase in productivity, and even profitability.
Working with an executive recruiting firm provides an approach to evaluating culture fit that can add significant value to the hiring process.
4. Defining the requirements of the ideal candidate.
A job description is just the starting point for defining the characteristics of an ideal candidate.
The role expectations need to be attractive not only to the company but also to professionals seeking to advance their career paths.
An executive search firm can help you develop the job description and define the role in more detail, and in a way that’s appealing to potential candidates.
5. Talent scarcity and access to a high-quality network.
Executive search firms have access to larger, more exclusive, and higher-quality networks.
This becomes even more important when available candidates are scarce. Scarcity can occur when:
- The educational background, skills, and experience requirements are more specific.
- The age range is rather small.
- Candidates are not willing to relocate.
- The compensation requirements are more specific.
Using an executive search firm can be very valuable in this instance.
6. The position has been newly created.
If you’re hiring for a position that isn’t within your area of expertise or has been just created, recruitment specialists have skills that can help you fill that knowledge gap.
7. You are looking for long-term employees.
A high retention rate can save companies money since they don’t have to continuously fund hiring and training processes. An executive firm will be able to tell which candidate has the right potential for long-term success.
8. Negotiating with the candidate.
Successfully selling an employment opportunity to a candidate is critically important.
Executive search experts often develop strong relationships with candidates and support them through the hiring process.
Having a consultant to support the negotiation of compensation and benefits with a candidate can be very valuable.