Your hiring team needs specialised knowledge about how and where to source key hires, it is very different from the traditional non-executive hiring – you need to think how you are going to attract top talent and where from. It’s a lot more than posting a job on the obvious: Indeed, jobsite and Reed job boards. Specialist skills and experience are likely to speed up your executive hiring process, and we all know that time kills all deals, you need to be snappy if you’re going to get highly sought after talent on board.
Calculating the cost of in house executive search is a key decision factor when building teams, as cost is one of the main reasons a company may keep search in house. Weigh up the costs and the realistic abilities of the in house hiring team. If mistakes are made and the wrong person is chosen the hiring process then starts over again, the same mistakes could then be made second time around – resulting in more spend. Executive search specialists work thoroughly to understand your business and the talent to ensure a perfect fit is obtained, maximising retention rate in employees. It’s their business to know where to source amongst your competitors.
With their extensive network, search consultants are more than likely to have a network of contacts which may be suitable for the role, they also have the tools and specialised skills to find passive candidates – ones that aren’t looking but have all the skills and expertise who might make them perfect for the position. Search consultant have the experience and independence which enables them to be objective when calling passive candidates – allowing them to engage with people who internal recruiters can’t. Initial interviews can also be conducted by the executive search firm, saving you time sifting through hundreds of CVs and interviewing more people that necessary.
There are many occasions where a company will need to keep a new hire confidential. Getting an executive search firm on board in this case will ensure things remain private until new talent is ready to step into their position.
If you choose to go ahead with an executive search firm you need to make sure you are picking the right one, of course, not all executive search firms are equal. Look through testimonials and case studies of people or companies you may recognise that feature on the search firms website. This will provide you with first hand evidence of successful placements and relationships between the firm and their clients. Also, take note of the types of companies they work with and whether the executive search firm specialise in one industry – this will ensure their expertise, making them more likely to understand exactly what you are looking for. Search firms should be shouting about their achievements – so you should know whether they have the experience and results that your business wants. Visiting other platforms such as social media will also allow you to understand the search firms business, giving you an insight into their culture, values and consultants, enabling you to make a decision on whether they fit to work with your business. Cultural Synergy is often overlooked but makes working with external partner easier.
Choosing an executive search firm is not easy. For more information on the best way to source candidates for your company, download our free easy to use ‘Sourcing Candidates’ guide, which is suitable for every company looking to hire 1-100 people