Why Executive Search Still Matters
Cost versus Value
Disruptive technologies and services appear in every market vertical, and the internet is awash with propositions that signal the replacement of Executive Search and Contingent Recruiters, squarely targeting the cost of the former. Once employers start recruiting executives for the C-suite, that cost can easily run into the hundreds of thousands of dollars. But the cost of not filling the role with just the right candidate may be significantly higher than the cost of the search.
Internal HR departments now leverage employee referrals, job postings and LinkedIn amid a myriad of other services but business success is dependent on appointing thoroughly vetted, interested and qualified A-players. That is why executive recruiters are still relevant.
Executive search firms are perpetually in the market, undertaking mandates and will be effective in recognizing who the top performers are and what they look like. For employers, their exposure to the market tends to be event driven – only being exposed to the market for talent when there is a specific need or opening within their organisation. Executive search firms consistently interview and assess top performers and, as a result, they are much more experienced at assessing and identifying top performers since this is what they do, day in and day out
Time is Money
Time-to-hire is a critical metric for HR teams and for challenging searches, taking too long can leave a business badly exposed. Executive Search Firms have detailed knowledge and expertise of the discipline and the sector in which they work, and that means they can quickly interpret client requirements. By utilising a firm that is well connecting within the sector, they will have cultivated an extensive network of exceptional talent. It also means they will be able to undertake a comprehensive and rigorous search, at speed, delivering the challenging talent within a compressed timeline.
For smaller HR teams with no internal search function, they are likely to have too much to do and too little time already. Taking on an important executive level search can quickly become its own full time job. That is what search firms do, full time, day in and day out, all year long.
For businesses with grand plans or investors to placate, searches for C-level positions are just too important to fail. Executives at this level often make or break a company. A well connected search firm’s searches can be completed thoroughly, expeditiously and with a much reduced possibility of an accidental, or bad, hire. They will not only deliver a slate of candidates with the right mix of knowledge, skills and abilities, but also things like culture fit, ambition and emotional intelligence.