Working with executive search firms is one of the best investments a company can make. The C-level recruitment process is often stressful and time-consuming, with the result of a bad hire often running into the six figures.
By utilizing a recruiting firm for executive recruiting, companies can eliminate turnover, increase the quality of candidates, and fill positions quickly and discreetly.
The Real Cost of a Bad Hire
Before we dive into the benefits of executive search firms, let’s first look at the actual value of a bad hire, which many companies vastly underestimate. Many estimate that recruiting, hiring and onboarding a new executive employee costs around $215,000.
Not only does rehiring incur onboarding costs again, but there
are also training fees, loss of output, negative impact on team performance, and the cost of manager’s time. Because companies don’t evaluate the real cost of turnover, they fail to invest adequately in recruitment in the first place.
Learn more: The True Cost of Employee Turnover
Benefits of Executive Search Firms
Hiring a poor performing executive employee is time consuming, expensive, and can negatively impact your company both internally and externally. Choosing to partner with an executive recruitment firm offers several clear advantages:
Higher Quality Candidates
When hiring executives, the quality of the candidate is imperative. Good is not good enough. You need exceptional, but sometimes the very best aren’t looking for a job; their services are already secured. Executive recruiting companies headhunt both active and passive candidates, providing you with a vast pool of the most skilled and experienced individuals.
Eliminate Turnover
An executive recruitment firm is an investment. In return for the placement or retainer fee, they will ensure that your requirements match with an ideal candidate to eliminate turnover. They not only headhunt passive candidates to ensure that you have the best pool of applicants, but they also provide extensive vetting to ensure that they align with your company culture and values.
Recruitment Can Be Discreet
When looking for a C-level employee, you may not want to announce to your employees or the public that you are hiring. Not only may the incumbent still be in the role, but it can also be bad for your reputation and bad for business. By using an executive recruiting firm, rest assured that your job search is kept as discreet as possible so that you only need to announce once hired.
Save Time and Quickly Fill Rolls
Even the biggest and most well-run HR department would struggle to devote the necessary time and expertise required to hire at the executive level. Executive search firms not only have a network of suitable candidates ready to put forward, but a recruiting firm can also dedicate the full working hours of several employees to your company’s search. A dedicated search team results in better and quicker hires than could ever be completed in-house.
Read More: 5 Questions to Ask When Selecting an Executive Recruiting Firm
Working with an experienced executive recruiting firm, like Sparks Group, is the recruitment strategy your organization needs to recruit top executive talent. With a network of highly-skilled and experienced active and passive candidates, and executive recruitment firm can connect you with the industry experts your C-level team needs to improve business strategies, reduce turnover, and quickly fill crucial roles.
Read More:5 Ways HR Departments Can Leverage An Executive Recruiting Firm
For more information on how Sparks Group can help you in your executive search, request a consultation with one of our staffing and recruiting experts today.
Sources:
https://www.peoplekeep.com/blog/bid/312123/employee-retention-the-real-cost-of-losing-an-employee
