Success begins with hiring the right leader!

When should you hire an executive search firm?

You need to consider both the strength and resources available of your organization and the importance of the specific role you are hiring for when making this determination. The fact is that an executive search for a key role is a full time job and you only get one shot at it. Once you have your finalists in place, and you make your hire, your new leader will be with your company for some time and will put their mark on your company culture and bottom line. It is absolutely critical to get this correct the first time to avoid the many negative consequences of hiring the wrong leader for your company.

Five Reasons Why You Should Hire an Executive Search Firm

1 – Not enough time to focus

Conducting an effective search and recruiting talent requires a significant time investment, defining the role and the ideal candidate, to sourcing and evaluating candidates, to facilitating the evaluation and hiring process and bringing the new hire home with effective negotiation. Many hiring managers underestimate the actual time it takes to perform a search. If your organization lacks dedicated resources for recruiting, it often makes more sense to engage an executive recruiting firm.

2 -Don’t have the expertise internally

Regardless of resource and time availability, organizations may not have sufficient experience in recruiting, including for higher-level executive roles that aren’t often vacant. As is the case when outsourcing any service, engaging search firms focused entirely on executive acquisition is more effective than starting from scratch internally. The fee paid to a reputable search firm is offset by a more comprehensive search, better productively, and an eventual a hire who’s fit for the role—all in a shorter time frame than if managed by internal recruiters.

3 – Ensure confidentiality

High-level hires often demand a level of confidentiality due to the sensitive nature of executive positions and their bearing on the organization. There are several situations when a third-party is necessary to facilitate an executive search:

·        When an underperforming executive is being replaced without their knowledge. This also safeguards against the default to prematurely promote from within. Not only could using underqualified team members result in similar struggles, it can disrupt internal teams.

·        When an organization is making a strategic move and doesn’t want competition, suppliers, or partners to know about it (e.g., entering a new territory, business, or vertically integrating).

·        When an organization is in the midst of a transaction (e.g., merger, acquisition, IPO, etc.) and it’s critical that the search and hire is not made public until the position has been filled with top talent.

·        When an organization is making major changes and wants to manage the timing of the communication to the current employees. This can reduce potential employee turnover and reinforce confidence among internal staff, as well as other prospects.

In these situations, it’s a necessity for companies to engage a third-party executive search firm that is experienced in confidential searches. The executive recruiter can operate under its own name and mask the identity of the hiring company until absolutely necessary. There’s virtually no other way to execute a confidential search effectively.

4. Get it right, the first time!

You only get one shot at hiring the right person. If not, you will start all over while having wasted valuable time and resources, not to mention the impact on the existing team and cost of potential turnover as a result of hiring the wrong person.

Having an expert search firm manage your search will help you succeed in finding the right person the first time.

The following matrix describes how the role can determine when and when not to use an executive recruiting firm.