3 Reasons You Need to Outsource Recruitment When Hiring at the Executive Level
Recruiting the very best high-level executives is labor-intensive and complicated, and requires a very particular set of skills and understanding of the business world. Even so, many companies attempt to take a stab at it by themselves, spending lots of money and lots of time searching for the right candidate. Unfortunately, employee turnover is often high even at the executive level, and when companies try to conduct their own HR executive search and recruitment, they often make a number of costly mistakes.
According to the U.S. Department of Labor, the average cost of a poor hiring decision can equal about 30% of the company’s first year’s potential earnings. That is why executive search consultant services exist. Executive search consultants work with companies to seek out the best talent for those high-level positions.
Smart companies are hiring executive HR search firms and consultant services for any number of the following reasons:
- Positions at the senior executive level are incredibly important. Searches for positions that report to the Chief Executive Officer are usually too important to handle without the right experience and knowledge. In reality, these executives can make or break a company. While your in-house HR team may not have the skills and background to take on that kind of risk, executive search consultant services do.
- You are looking for a candidate with a unique set of skills. You may be looking for a needle-in-the-haystack kind of candidate, and with your tools and limited network, it is unlikely you will have success on your own. Executive search firms can dig deeper and deliver a slate of candidates you never knew existed. These candidates will have the mix of knowledge, skills, and background you’ve been looking for all along but didn’t know where to look.
- Your leadership team lacks diversity. Again, your HR team may have a limited scope when it comes to networking at such a high level. An executive search consultant service will have the tools necessary to cast a wide net, bringing in candidates from every demographic. Female, black, and Latino candidates are poorly represented at the senior executive levels, but search firms can help level the playing field and help you diversify your team.
These are just three of the many reasons companies outsource their executive recruiting to qualified search firms and reach out for help from consultant services. Why else might a business use these types of services? Feel free to share your thoughts and questions in the comments section below.