Hiring executive talent is a significant pain point for businesses across all industries, markets, and sectors. This level of recruitment is especially challenging if your organization doesn't have the resources of an internal talent acquisition team or struggles to find the time to complete a fully comprehensive search. Fortunately, there is a solution. Executive recruiting is a service that can make any company's higher-level recruitment strategy seamless, and in this article, we'll explain how as we explore 8 reasons why your business should use executive recruiting.
Before we dive into the 8 reasons, let's first cover what executive recruiting is and how executive recruiting works.
What is executive recruiting?
Executive recruitment, also referred to as executive search or headhunting, is a service utilized by businesses looking to source senior-level and highly experienced talent. Organizations invest in this recruitment process for various reasons. For example, they don’t have the time or resources in-house to find executive-level talent, or their internal talent acquisition team needs support in sourcing people with the specific skills and seniority the company needs.
Often executive search firms will specialize in a specific area of an industry or sector, and some will work exclusively for particular clients who utilize their services more frequently. This form of recruitment to find highly-qualified candidates is far from simple, which is why so many corporations turn to specialist executive recruiters to source the best executive-level talent that can transform their business.
How does executive recruiting work?
Organizations needing executive recruiting services will reach out to a firm to start the process. But, of course, executive recruitment agencies can’t solely rely on businesses coming to them. So executive recruiters will also look into the market to see if they can support any companies via their services - often following up with clients they’ve previously worked with or have an exclusive partnership with. These conversations begin through various channels, from traditional cold calling to email, via a web search, or more modern methods like social media.
Initial conversations will consist of the executive recruiter getting to know the client, their goals and objectives, the role or roles they need to fill, and the type of executive-level talent they need - from the skill set required to the characteristics and personal traits that align with the company culture. From here, the recruitment firm will scope the market and utilize its existing network of candidates to find the best match for the client, in line with the talent brief provided by the client. Once the top potentials have been sourced, the agency will provide a shortlist of talent for the client.
Throughout the end-to-end executive recruiting process, consultants will support the client, assisting with the various candidate screening and interview stages to the negotiating stages, where the executive recruiter will draw up the best deal for the talent and the client - be it a temporary contract position or a permanent placement.
Different executive recruitment agencies will provide different service levels and may have their own methods to achieve the results you're looking to achieve. But ultimately, when you partner with an executive recruitment firm, the challenges of sourcing executive-level talent will be significantly reduced - if not eliminated entirely.
8 reasons your business should use executive recruiting
Now that we've covered what executive recruitment is and how the process works let's delve into why your business should consider using the service to find executive-level talent to take your business to new heights. We've created a list of the top 8 reasons why your business should use executive recruiting to give you a better understanding of how the service can benefit your organization.
1. Executive recruitment can source passive candidates
Within your market, there will be passive candidates already in executive-level positions and not actively seeking a new career opportunity. Regardless of whether this talent already has a secured role in another company, it doesn’t mean they’re unreachable. Of course, pursuing these types of passive candidates is not a simple task and involves a lot of persuading and convincing, which can be time-consuming.
Thankfully, passive candidates are something executive recruiting firms specialize in sourcing. Executive recruiters can tap into this market area and attract top talent already in high-ranking positions. In addition, they have the ability to persuade and sell your company to talent who may have already heard of your brand but were unaware their credentials were needed. With support from an executive recruitment agency, you will soon attract passive candidates you once believed were out of your reach, set up interviews with them and hopefully onboard them into your business.
2. Reduce staff turnover costs
Poor recruitment and staff turnover can lead to high financial costs for your business. For example, replacing an employee who didn’t meet your expectations can cost you as much as double their annual salary, with rehiring, training costs, and paying internal hiring teams more for the overtime they complete to find replacements. Additionally, other studies have shown that 80% of employee turnover results from misjudged recruitment choices.
These issues can be avoided, and you can reduce staff turnover costs with support from executive recruiting firms. As executive recruiters are experts in finding top talent, they are more likely to find the perfect fit for your business. They can acquire an executive-level professional you can trust will be part of your organization long-term or for the duration you require them.
As a result, the fear of letting the talent go or worrying about them being unloyal to your brand will be reduced, and you will be reassured knowing you have gained a senior-level talent you won’t have to replace anytime soon and someone who can help take your business forward.
3. You’ll fill executive-level vacancies more quickly
Hiring talent is never easy and can take time, especially if you have limited resources or don’t know where to look. In addition, you may find the role you’ve posted has remained vacant and unfilled for quite some time, or the candidates who have applied for the position are unqualified or not the type of person you want to hire and bring into your business.
Executive recruiters can remove this pain point and help you fill your executive-level vacancies more quickly than you thought possible. Due to their deep knowledge of the market and extensive network of top candidates, executive search consultants know what they’re looking for and where to find it.
They can seamlessly deliver the best talent that meets your hiring needs and specialize in finding the people you require in the shortest time possible - leaving no stone unturned - significantly reducing your typical hiring times so that you can reach your goals quicker with the additional headcount and skill sets you need to do so.
4. Executive recruiters can source specific skill sets
Often there will be times when you need to not only hire an executive-level talent but will require someone with a specific skill set to support a project you need to deliver. Unfortunately, sourcing for particular skill sets is a challenge many organizations face. Finding the niche talent you need can sometimes feel like looking for a needle in a haystack.
Due to their expertise, executive search recruiters have an increased chance of sourcing people with the specific skill sets you need to amplify your organization. Based on the credentials you’re looking for in your next hire, an executive recruiter will qualify the best candidates in the market until they find precisely what you’re seeking to acquire. Alternatively, suppose the niche skills are almost impossible to access. In that case, an executive search consultant will present you with candidates that have the transferable skills to allow them to fit into the role you’re looking to fill seamlessly.
5. Gain access to a broader pool of executive talent
When you begin your talent search and scope the landscape of your industry for the best talent, it can be challenging to find a broad range of diverse talent. From searching for specific skill sets to considering things like gender, ethnicity, and other demographics, finding a diverse group of candidates suitable for your executive-level role is difficult when you lack the resources or internal expertise.
Another reason your business should use executive recruiting services is that consultants in this space can gain access to a broader and more diverse pool of executive talent because of their knowledge and connections within your industry. Many businesses try to prioritize diverse and inclusive recruitment, but this is more challenging to achieve internally. Sometimes it helps to get outside and unbiased perspectives. An executive recruitment agency can provide this and assist with broadening and diversifying your talent pool for your next executive talent search.
6. Executive search consultants know the market
It's easy to lose sight of the state of the market or miss out on current trends and future projections, especially regarding recruitment and the range of talent available in your industry when you're prioritizing other aspects of your business - ultimately, it's impossible to keep up with everything within your niche. However, as you've noticed, executive search consultants will know your market. In addition, they can assist you by othering additional expertise and being another set of eyes your business can have on the market - another reason why you should utilize their services.
Additionally, they can provide expertise and a range of perspectives your internal team would not be exposed to due to a lack of time and resources. From things we've mentioned, like accessing passive candidates, sourcing specific skill sets, and broadening your talent pool, executive recruiters know how to enhance your talent search due to their experience in the market.
7. Executive recruiting reduces risk
As mentioned, failing to make the right hire can be costly to your business - so why continue to risk making the same recruitment mistakes when a solution in the form of executive recruitment is at your fingertips?
Executive recruiting reduces the risk of you making poor onboarding decisions, which often occurs if the hiring process is rushed due to a lack of time or is less extensive due to a lack of resources and expertise. In addition, consultants within an executive recruitment agency will go out of their way to ensure they have found the best possible candidate to fill your vacant position, leaving you safe in the comfort of knowing they have your talent search covered.
Ultimately, executive recruiters want you to keep returning to them to use their services, so you can rest assured they will do everything they can to bring the top talent into your business. From running background checks, screening, interviews, and assessments, executive recruiters cover every base of the hiring process, ensuring you gain the senior professionals your competitors wish they’d have acquired.
8. A reliable recruitment partner for your business
Once you begin utilizing the services of executive recruiters and they start to deliver the results you desire, hitting some of the points we've mentioned above, the potential for a long-term partnership is very much a possibility. In addition, as time goes on, the more time you spend working with your executive search provider, their understanding of your business will strengthen, making the process more seamless whenever you need to make future executive-level hires.
When a long-term partnership is established and continues to develop, you will feel more at ease about approaching your chosen executive recruitment firm for support. Moreover, the longer the relationship lasts, you'll realize that an executive search is more than a recruitment solution. You'll discover how executive consultants can provide expert insights into the industry that go beyond recruitment and advice on your future hires. Ultimately, partnering with an executive recruitment firm is a logical move for any business looking to grow, transform and realize its potential.
Discover Pareto’s executive recruiting solution
Now that you understand what executive recruiting is and would like to introduce it into your business, whether to support your existing talent acquisition team or as a recruitment partner, we can help. At Pareto, we have over 25 years of partnering globally with organizations to realize their potential by assessing, placing, training, and retaining top executive-level talent. Discover how we can support your business by exploring our executive recruitment search solution or getting in touch with our team today.