WHY AN EXECUTIVE SEARCH FIRM IS STILL A GREAT VALUE
We are obviously in the age of Social Media, Job Boards, Chat Rooms, and Online Recruiting. You may think that avoiding the cost of Executive Search Firms is the ticket to lowering your hiring costs and secure top talent that will drive revenues and provide much-needed skill sets. On paper, it may seem that way. And while many Human Resource Departments and hiring managers are hamstrung by hiring budgets, that philosophy may not be the best strategy in the long run.
On average, the cost of hiring can exceed $40,000 -$50,000 per employee. Much of that expense is attributed to training a new employee, relocation fees, travel expenses, loss of productivity of hiring managers as they take time away from their essential responsibilities, screening, multiple interviews, and background checks. Then companies have to figure the ramp-up time before the candidate actually gets productive. These hidden costs bite into bottom line revenues, and this is where the use of an Executive Search Firm can help mitigate those costs. If we are talking about the cost of hiring to come close to $50,000, companies need to weigh that cost versus using an Executive Search Firm for maybe half that amount. Many Human Resource Directors act as a pre-screening mechanism for all departments and, often enough, miss the “it factor’ that separates a great candidate from a marginal one. And many HR Directors, using the above-mentioned sources, will put a received resume into a recruitment software that will pick out ‘ buzz words’ on the resume. Using that criteria, decisions are made to pre-screen candidates based on the buzzwords and not the overall piece of work. It is a bad strategy. And then an HR Manager conducts a phone screen with predetermined questions from an elaborate list. And if the candidate passes- it is on to the hiring manager where 75-80% of the candidates fail. And then the process starts all over again. With more costs.
So why use an Established Executive Search Firm? Here are several reasons:
1.) The BEST candidates for YOUR COMPANY are not looking for you
That is why we are called Executive SEARCH Firms. We find the most appropriate candidates who are highly successful in their careers, have a consistent pattern of success, have demonstrated the ability to drive revenues, bring additional business and can be productive far quicker than other candidates. We SEARCH for them based on your criteria and specifications.
2.)Some of the best candidates out there have the WORST resumes.
You know why? Because they are productive in their current job and are not looking to make a change. Remember, you are not hiring a resume, you are hiring an individual with skill sets to match your needs. So if you are basing your decision to bring a candidate in because of a resume, you may be wasting your time. We can offload some of your time by doing the prescreening and make our recommendation based on the skill sets and not just on a piece of paper
3.)Job boards generally yield the best of the unemployed, the best of the unproductive, and the best of the unhappy
Sure, you might strike gold. But at what price? 15-20 interviews? A 2-3 month search? Loss of productivity? Hidden interview costs? Travel expenses? The position being open longer than you want it to be? So you have saved $20,000 in Search Firm fees, but your overall expenditure for this hire just exceeded $50,000. Does that make sense?
4.) A Good Executive Search Firm will be your eyes and ears
When we meet with potential clients, we take pride in presenting our services as a “Strategic Partnership.” This means that in addition to our recruitment services, we will provide industry information, trends, leads, competitive information, and recommendations. This information has proven time and again to be a valuable source that will help you make the right decisions as to whom you should hire. And you cannot put a price tag on that!
5.) An Honorable Search Firm will provide protection and a guarantee.
If you hire someone from a search firm and within a 60 day period you have discovered something in that person’s past that was previously undisclosed, you have the option of terminating that person. In that case, it is the SEARCH FIRM that will replace the candidate at no cost to you, and THEY will start the search over. Your chances of finding an exceptional candidate with no skeletons are far greater than if you hire a person from an “Online Recruiter’ as advertised on TV.
Executive Search Firms can and will take control of the highly complex hiring process while saving thousands of dollars in the long run. It is a service that is well worth the investment!