Hiring for an executive position isn't something to be taken lightly. In fact, making the wrong hire could cost your company a significant percentage of that employee’s first-year earnings.
But there’s good news: Working with a top executive search firm can help you find the best talent while freeing up valuable time and resources.
Still not convinced? Here are nine of the top reasons to work with a reputable search firm to find your future executive.
Table of contents:
- They Have Access to Exclusive (and Elusive) Candidates and Networks
- You Can Rely on Them For Expert Guidance and Evaluation
- They Bring Industry Insights and Market Knowledge To Every Unique Search
- They Maintain Confidentiality and Discretion in the Search Process
- They Provide Negotiation Support During Critical Times
- They Possess Extensive Candidate Assessments and Screening Tools
- They’re Better Positioned To Pre-Vet Candidates Through Network Recruiting
- They Excel In Long-Term Relationship Building
- They Can Help You Save Time and Costs
1. They Have Access to Exclusive (and Elusive) Candidates and Networks
Recruiting for an executive role isn't the same as recruiting for just any everyday position within your company.
The top candidates for an executive-level job probably aren't scouring job boards or actively looking for a job.
Instead, finding great candidates often requires access to lots of industry connections, exclusive candidate databases, and other resources that go beyond your typical job board.
By working with an executive search firm, you'll have access to exclusive opportunities, networks, and candidates that can power your executive talent search. That's because these recruiters specialize in developing industry connections, giving them access to the highest-level contacts and candidates in your industry.
2. You Can Rely on Them For Expert Guidance and Evaluation
Whether this is your company's first time hiring for an executive position or you've done it before, the process can be complex and tasking.
Working with the best executive search firms means that you'll always have a qualified and experienced professional to turn to for guidance and answers to your questions.
This allows you to move through the executive recruitment process with a greater sense of confidence and data-driven insights to help inform your hiring decisions. You might rely on them to help you determine:
- Competitive benefits and compensation packages.
- Need-to-have vs. nice-to-have skills and qualifications.
- Cultural fit and candidates’ alignment with company mission.
Meanwhile, top executive search firms can also sometimes act as a business consulting firm. They’ll have consultative services or expert consultants on-hand who will have an in-depth evaluation and assessment process to hand-pick only the best executive talent for your open position.
3. They Bring Industry Insights and Market Knowledge to Every Unique Search
You don't want to rely on just any recruiter when it comes to finding the right executive for your company. Whether you're hiring a Vice President or CEO, you need a recruitment team who truly understands what you're looking for and what your company's unique needs are.
Your executive recruiting needs may also vary depending on your business growth stage.
Startups, for example, may be looking for executives with strong relationship-building and visionary leadership skills. Meanwhile, an enterprise-level company may be looking for executives with a proven track record for running smooth operations and building a legacy.
Working with an experienced executive recruiting firm means that your recruiters will have the industry insights and market knowledge needed to find the right candidate for the job, at the exact right time.
4. They Maintain Confidentiality and Discretion in the Search Process
Many executive-level positions come with the inherent need for some confidentiality and discretion.
This is especially true when a current executive is being replaced due to poor performance or when an organization is preparing for a merger that has yet to be announced.
Unfortunately, using an in-house team to carry out these kinds of hiring processes can sometimes make maintaining confidentiality a challenge.
If word gets out that the organization is replacing an executive or preparing for another major change, it could lead to conflicts, feelings of unrest, and morale issues.
By working with executive recruiting firms, you can maintain total discretion and confidentiality in the recruitment process.
That's because a search firm operates as a third party and can carry out the executive hiring process as discreetly and strategically as possible.
The right executive search services will have worked with organizations in complex situations that require a great deal of care and tact — so you can rest assured that everything is kept confidential for as long as needed.
5. They Provide Negotiation Support During Critical Times
Even once you've found the ideal candidate for the job, it's not a done deal. You still need to get your job offer accepted — and in today's job market, that can be easier said than done.
In fact, according to a recent Glassdoor study, 17.3% of job offers are rejected in the United States.
Likewise, if you're recruiting for a C-suite position (such as CEO), you'll need to make sure your salary and benefits are top-tier to attract and retain the best talent.
The last thing your company needs is to go through the executive recruiting process, pinpoint the perfect candidate for the role, and end up losing out on the candidate due to a lowball offer or failed negotiations.
This is where having the right executive search firm on your side can make all the difference.
Specifically, a team of talent acquisition professionals will be incredibly familiar with the recruitment and negotiation process, especially as they relate to hiring for senior-level executive roles.
They'll know what kind of salary and benefits are typical for the particular position for which you're hiring, so they can help you build a competitive offer.
From there, your search consultants and executive search team can tackle negotiations professionally and strategically so you can close the deal, saving your team time and stress.
6. They Possess Extensive Candidate Assessments and Screening Tools
Unfortunately, many job seekers and candidates may look good on paper, but can lack the practical skills to serve your growing business. Likewise, even a highly skilled and experienced executive may still be a bad fit if their values don't align with your company’s.
Experienced recruitment agencies understand that even if a candidate looks good on paper, it's important to ensure that they're a good cultural fit and that they have all the qualities and skills needed to join your leadership team.
A top executive search firm can help narrow down executive candidates, identifying those who may not be the right fit for any number of reasons. These firms have the resources and tools that help source candidates, like:
- Industry-specific skills assessments
- Current, relevant interview questions
- Background check tools
- Knowledge of current industry trends
- Candidate score cards
- And so much more
An experienced executive recruiter will also have the in-depth knowledge and understanding of your industry and your organization's unique needs to objectively assess each candidate in ways that an in-house search group might not be able to.
7. They’re Better Positioned To Pre-Vet Candidates Through Network Recruiting
Likewise, top executive search firms like Hunt Club utilize proprietary technology to effectively identify and screen candidates based on their merits — so you can be sure that the shortlist you receive reflects only the best candidates who have undergone meticulous screening and assessment.
All the candidates you receive through Hunt Club are pre-vetted because they come to us as warm leads through our Expert Network. Through network recruiting, Hunt Club’s Talent Advisors can access an expansive network of industry leaders with strong relationships with qualified, world-class candidates.
8. They Excel In Long-Term Relationship Building
The recruitment process for C-level executives isn't just about closing the deal and making a one-time hire (though that is important).
It's also about establishing and building long-term relationships that can serve your company later on.
A great executive search team works to find the best candidate for the job and focuses on building relationships with potential candidates for future staffing needs.
With this kind of foresight, your organization can always have candidates in the pipeline and accelerate future hires.
9. They Can Help You Save Time and Costs
Working with a top executive search firm also tends to be the most cost-effective option for growing businesses.
At first, it may seem like it would make more financial sense to handle executive recruiting in-house; however, when you consider the amount of time and resources needed to recruit, screen, and hire the right candidate for the job, the costs of in-house executive recruitment can be extensive.
Not only are you likely to spend money on advertising and job board fees, but your hiring team may also need to invest in costly screening tools and other software to carry out the recruitment process.
Now, combine this with the sheer amount of time it can take your human resources team to find, screen, and interview candidates — as well as the sunken opportunity costs associated with that. It's easy to see how quickly the costs of in-house recruiting can add up.
Of course, these costs are further exacerbated if you end up hiring the wrong executive for the job and need to start from scratch a few months down the road.
For reference, studies find that the cost to replace an executive-level employee can average up to nine months’ worth of their annual salary.
When you work with a top executive recruiter, you'll enjoy a more cost-effective hiring process with predictable expenses based on the fee structure(s) offered by the agency.
You’ll also free up your own hiring team's valuable time and resources while enjoying access to a larger pool of quality clients.
Hunt Club: The Top Executive Search Firm For Your Unique Hiring Needs
There's no such thing as a quick and easy executive hiring process.
At Hunt Club, we've helped thousands of the fastest-growing companies identify and hire top talent for critical roles.