Finding the top talent in any industry vertical is a tough task to accomplish. The quality of talent you hire decides the fate of your business in the long term. While businesses are mostly busy in strategizing their current and future growth plans, and preparing to launch or better their products and services, the hiring part often gets neglected.
Or simply put, businesses don’t find time to devote to hiring and recruitment amid their intensely busy schedule.
Besides, there are certain positions in mid-senior, senior, and top management in the corporate hierarchy that is really difficult to fill in, as they demand a considerably big skillset, which is hard to find!
Besides, you need a lot of time to search for professionals that can fulfil those highly-coveted positions.
Some Hard-Hitting & Eye-Opening Facts Related to Executive Hiring
- Poor picks in hiring result in 80% of employee turnover
- The minimum price of a bad hire is estimated to be about 30% of his first-year compensation as per a study conducted by the Harvard Business Review
- As per other researches made in the similar niche, the capital loss a company bears on a bad hire, considering his annual salary to be $95,000, is $211,000
5 Reasons to Consult an Executive Recruitment Company for Intelligent Hiring
Time Spent on Hiring Is Basically Business Opportunity Lost
If a business is allocating its internal resources for hiring purposes, it simply means that work-yielding employees are being deployed at hiring talent, which invariably means loss of valuable work that would ultimately affect the business, in totality.
Remember the famous saying – “Time is Money”, and in fact, it certainly is.
The Role Demands Recruiting Skills Beyond Internal Resource’s Capabilities
With challenges pertaining to finding a suitable fit for a leadership role, the capabilities of your internal resource can fall short in terms of assessing talent, as the position demands specific parameters to be met related to skill possession.
If your internal resource is lacking the comprehensive knowledge of the domain, he might settle for a bad, or inefficient hire, which would eventually prove detrimental to your future growth as a business.
Internal Teams Consist of a Limited Number of People
Not every company is equipped with a dedicated headhunting team. Even if it is, it lacks the number of people required to perform this highly-critical task that affects the business in a more number of ways than you can ever imagine.
The shortcomings of not having a comprehensive HR team comprise:
- Company misses building relations with its employees.
- Employee benefits and preferences get neglected.
- Firms find it hard to make employees understand and comply with company policies
- Employee-development activities such as soft-skill training, and promotional opportunities within the company, are not taken care of.
Role to be Filled is Unconventional, or Entirely New
Unconventional roles, or those, which are particularly new, and demand for a unique set of skills, are difficult to fill in. Or, in case, the predecessor had failed to perform the job, and the job profile is required to be redefined, the expertise of executive recruiting firms come into play.
These companies are experts at finding talent, even for a role that demands skillset which is not standard, and rare to find.
Confidentiality – Internal & External
Another big benefit of taking services of a professional talent-search firm is that your hiring efforts and initiatives are always confidential to internal staff, as well as the external world.
It is only possible with having an executive recruitment company at your disposal, that you can hire a potential candidate working at a competitor firm, as your identity is never revealed in the entire recruitment process.
All the communication happens via the hired talent recruitment firm.