Getting hiring wrong at executive level can be extremely damaging for an organisation. The financial cost of a bad hire at senior level is estimated to be £50,000 (source). But sadly, we know that the real cost is much higher with a ripple effect across all aspects of a business – commercially, strategically, culturally. With an executive search firm, chances of getting this right increase significantly.
But before we dive into some of the reasons why an organisation would choose to work with an executive search firm, let’s first have a quick look at how they differ from a traditional recruitment firm.
On both sides of the equation, an executive search firm is different; from their relationship with the client to how they source candidates.
At NSCG we work with clients on a ‘retained’ basis which means we work extremely closely with organisations to understand not just the assignment at hand, but the organisation, its culture and the wider business. Our experts have deep sector knowledge which means we’re able to advise and consult giving real added value around what success would look like.
The approach to finding potential candidates is entirely different, looking beyond ‘the best active candidates’ who are actively looking for a role to ‘the best candidates’ full stop.
In short, it’s more consultative and less transactional meaning heaps of added value for the client. Here’s five reasons you should work with an executive search firm for your next senior appointment….
Free up your in-house resources
One of the great benefits of working with an executive search firm is that your internal team’s time can be freed up. In-house recruitment can be arduous, less fruitful and take more time to get an outcome. An executive search firm is set up to deal with the process from start to finish in the most efficient and effective way possible – whilst also giving potential candidates a seamless experience. You’ll get to a better outcome quicker, whilst minimising the internal resource required. This means the team is free to focus on other priorities.
Fill a role quickly
Speed is often of the essence. Every day that a role remains unfilled is an opportunity missed. And in senior roles where you’re typically dealing with long notice periods, getting the search going, and going fast is crucial. An executive search firm is primed and ready to hit the ground running. With dedicated teams, tools and networks at their fingertips, the ability to get a long, then shortlist prepared is unrivalled.
Maintain total confidentiality and discretion
There are many reasons an organisation may want discretion on their executive search. There may be sensitivities if there’s an existing party in the role or perhaps the best candidate is employed at a competitor. Either way, an executive search firm can handle this confidentially.
Ensure the hiring process is diverse and inclusive
An executive search firm can help level the playing field when it comes to diversity and inclusion. A firm will be able to dig into wider talent pools whilst also adding a step to remove any unconscious biases that may be at play. Read more about this here.
Improve your chances of getting it right
As well as access to a wider and deeper talent pool, a good executive search firm will have the expertise to provide insights on who can drive success in the role which may be beyond the scope of the profile you had in mind.
Some of our most successful placements have come from when we’ve challenged a client’s original brief or what they believed the profile of the individual they were looking for was. We will dig beyond a sector, or in some cases past the job title, to really understand the capabilities required to drive success in the role.
At NSCG we can take this even further thanks to our in-house research, assessments and psychometrics capability drawing on a range of tools, including job profiling instruments for new job roles. Psychometric assessments also provide the extra level of detail and assurance that clients want. And our in-house research capability enables us to provide deep, objective executive evaluations on shortlisted candidates. Onboarding, post-appointment integration and coaching are other added-value services we can offer.
Need help with your next executive appointment? Get in touch.