Why Hire an Executive Recruiting Firm?
If you’re struggling to place the right executive in your organization, you’ve probably wondered about the merits of hiring an Executive recruiting firm. Is it worth the investment? Shouldn’t my internal HR staff, who knows and understands the needs of my organization, be able to handle the hire? The painful truth that we often remind our clients of is that it takes additional skill and proven experience to attract the top talent.
Of course, you need to aim for the best possible candidates you can get, but it’s equally important that you steer clear of wrong candidates. And while the time honored method of relying on referrals from acquaintances and colleagues seems to be the instinctive reaction when you’re trying to fill an executive role, the current business climate and the natural rate of executive turnover are both too quick so that you’re going to need assistance if you hope to stay competitive. But, that’s not all. Here are other reasons you should hire an executive recruiting firm.
You Can’t Afford Not To
It’s estimated that the wrong hire can cost your company around 15x that employee’s salary once all is said and done. As we’ve covered in another post, if you hire the wrong person at 100,000, that could wind up costing your company 1.5 million! But that’s not all. The truth is that the cost of hiring the wrong candidate for an executive position can have all sorts of consequences aside from the financial sort, especially when you take into consideration the fact that only half of all CEOs make it past 18 months in a given position.
According to a study from CareerBuildier, the direct and indirect costs of hiring the wrong candidate actually affect your current roster much more than you would have thought:
- 41% lost worker productivity
- 40%lost time due to recruiting and training a new hire
- 36% negative impact on employee morale
- 22% impact on client solutions
Consider the investment you’ll make to find the right hire, and then consider the cost you’d incur from the wrong hire. This simple cost benefit analysis of whether or not to hire an executive recruiting firm can yield particularly helpful insights.
We’re not here to fill a position, we’re here to find you the best candidate
When you hire an executive search firm, you pay for us to conduct the search, not to fill the role. Contingency recruiters are those that are paid only once arole has been filled. You might think that that route sounds like a smarter investment, but contingency recruiters are paid to find a hire, not necessarily the best hire, which could wind up hurting you.
Retained, executive search firms charge for their connections, their research, candidate vetting, their handholding and their deep understanding of your personality, company culture and even the indescribable needs of your organization and the role you’re filling.
At Herd Freed Hartz, we work with your organization to find you the best candidate that we can. We are flexible in payments and in our payment milestones, each of which are connected to the satisfaction of our client. We know your satisfaction is our number performance indicator, and nearly 90% of our work comes from repeat or referral business.
Our Time to Candidate Metric is Unbeatable
As we’ve touched on earlier, success in executive recruiting comes down to both finding the right candidate and finding them fast. At Herd Freed Hartz our average time to candidate is 37 days, which means that in that time, we will present you with the candidate that is ultimately hired for the position.
It might seem counterintuitive, but outsourcing recruiting is in fact the best way to expedite the process of filling an executive role. Why? Because it’s our only focus. Your HR team has internal tasks to manage, and you’ve other things to focus on, but we’re solely concerned with finding, and vetting the best possible candidates. We do this by first working with you to understand the needs of your organization, and then leverage our experience, networks, and connections to put together a pool of candidates that are perfectly tailored for your organization.
Peace of Mind
This is the foremost benefit that the executive search consultants at Herd Freed Hartz provide for our clients. Working for a large organization can be stressful enough and most of those that are looking to hire an executive have separate responsibilities they have to keep up with as well. We work with you, we listen to the story of your business and we do a deep dive into your operations, your team, and the skill needed for a candidate’s sucess int he given role. We also identify key goals and outcomes. Through all of this, we’ve developed a time-teste approach for targeting the ideal candidate for some of the Northwest’s largest organizations – from Zillow to Starbucks to REI to Les Schwab Tires.
An executive search partner focuses solely on offering the most value for the business during the search, reducing stress on both parties, so that by the time the first highly-qualified candidate is considered, the client and candidate are prepared equally to understand the probability of landing a successful offer.
A keyword search is no way to judge if a candidate is a good cultural fit for your organization. At Herd Freed Hartz, we go beyond the resume to find the right candidate for your organization by taking the appropriate responsibility to accurately represent your brand in the market place. We provide job descriptions that truly sizzle, helping you stand out from the competition.
So why do you need an executive search firm?
A keyword search is no way to judge if a candidate is a good cultural fit for your organization. At Herd Freed Hartz, we go beyond the resume to find the right candidate for your organization by taking the appropriate responsibility to accurately represent your brand in the market place. We provide job descriptions that truly sizzle, helping you stand out from the competition.