Executive Search Services: What are the Benefits?
- January 8, 2019
Recruiting and hiring top talent continues as a critical function in high performing organizations. While there are talented internal recruiting departments to do this work, the decision to engage an executive search firm may be beneficial. The primary obstacles for in-house searches are lack of expertise, access to networks of talent, shortage of time, skills for administering assessment tools, onboarding, and coaching. Other weaknesses may be in matching background, skills, and experience. When considering your strategy to recruit executive level talent, factor in the following advantages of hiring an executive search firm.
- Search firms have seasoned, experienced consultants with years of experience in a specific industry, such as healthcare, along with a vast national network within hospitals, medical practice groups, and healthcare systems. These networks are understandably much broader and deeper than those within the client organization.
- Executive or senior level leadership positions may require a level of knowledge in recruiting that is absent internally. Executive search consultants are skillful at identifying and sourcing senior level executives and in soliciting them to consider a position they were not seeking.
- Search firms only do searches, and they spend all their time recruiting your ideal candidate. Internal recruiting departments are stretched thin and often charged with other responsibilities besides hiring. They may not have the time or proficiency for the complex and time-consuming work it takes to identify and recruit top talent for specific positions. Search firms have the industry knowledge, networks, and access to talent pools to complete this critical work in a reasonable time.
- Search firms can administer assessment tools and evaluate leadership competencies, typically through a PhD-trained person on the search team. This individual also can offer onboarding and personal coaching for the newly-hired senior executive to expedite their assimilation into the culture.
- Search firms qualify and vet candidates based on their background, skills, and experience that matches the position requirements, and, importantly, they confirm that the final candidates are a good cultural fit for the organization. The hired candidate, therefore, will be suitable over the long term for the organization and the work team.
- Search firms provide a comprehensive dossier on each finalist that includes an in-depth interview summary, written references, answers to interview questions, and more. This report gives the interview team a detailed profile on each candidate before the on-site interviews.
- Background and reference checks are a critical function of recruiting and hiring. Professional firms conduct thorough investigations and verifications, which include criminal history, educational and professional credentials, motor vehicle reports, and OIG exclusion and SEC database searches.
- Confidentiality is a vital issue in an organization that needs to replace an underperforming leader still in the role, and a search firm can manage that discretion.
- Placing the wrong person at the senior level can cost two-to-ten times the salary of that position. Professional search executives bring value to an organization by increasing the chances of a well-vetted and qualified candidate who will be with the organization for the long term. Many search firms guarantee the new hire for one year or more.
- When an organization has insufficient internal bench strength or a dry talent pipeline, a search firm can identify and recruit for specific roles to augment your resources.
- If your organization lacks diversity in certain areas or departments or leadership roles, a search firm can actively recruit a diverse candidate pool.
Executive search firms pride themselves as being consultants with a high level of capability in a specific industry or field, who will partner with the client organization to bring the highest level of qualified leaders to consider for the position. Utilizing an executive search firm for filling senior leadership positions that will add value to the organization is a sound strategy and long-term investment.
Contact us today to learn more about how executive search could benefit your organization.