7 Reasons Why You’d Hire A Retained Executive Search Firm
A significant executive-level hire might represent the difference between success and failure during times of change. The previous time, your business may have conducted this important search internally, using its own network, or through a contingency recruiter. However, errors were made, and you now know that a poor hire for a key job can have negative effects that can take a long time and a lot of money to recover from. So, how do you make a successful hire? How can you be certain that you possess the necessary skills to propel the changes you need to make?
Because of the uncertainty, companies are deciding to take advantage of a retained executive search firm to find candidates for executive level positions. As opposed to a contingency recruitment, where an employment agency is hired to simply go through resumes and send possibly matching applicants to the client company, top retained executive search firms in India are involved in all aspects of the talent acquisition and hiring process, right from defining the search to candidate onboarding and integration. But, that’s not all. There are a number of reasons why a company ties up with an executive search firm to help with all the necessary groundwork for game-changing recruitment at the senior level. There are instances when the benefits of a retained executive search surpass all other possibilities.
You're looking for a candidate with a unique mix of skills.
Not everyone with a compatible degree is apt for a role. You need to find a candidate who not only has the degrees and certificates, but also a mix of the soft skills and competencies required for the post. Contingency firms may or may not be able to bring such a candidate as they’re only going to search from the applicants who are actively seeking employment. Retained executive search firms, on the other hand, will approach skilled senior candidates who are already employed and successful at target organizations, luring them for the job posting, irrelevant of whether or not they’re looking for a job change.
You want to hire the most “qualified” candidate possible.
Only a retained executive search firm will find and influence leaders who are not searching, or not "on the market," and will only provide candidates who have the ideal combination of experience, abilities, and knowledge, as well as the necessary cultural fit. A contingency firm has minimal possibility of discovering the most suitable, most successful executives because they only search from active job-seekers, and bring up individuals who are likely in their database or who have replied to an advertisement, and do not care to approach passive candidates who may be indeed better.
You want to use smarter hiring to give your business a competitive edge.
Top performers are what retained search firms specialize on – the 20% of candidates who are successful enough to be responsible for 80% of the outcomes of the profitable companies they are already working with. Retained executive search consulting firms operate exclusively for their clients, focus on a small number of tasks at once, and frequently have extensive knowledge of the industries they serve. Because of this, they are in the ideal position to assist you in trading up to a top performer who generates results.
You want to increase the diversity of the senior leadership team.
There is a lack of diversity among senior management levels. A retained executive search firm can help level the playing field. A retained search consultant will make every effort to diversify the applicant pool for a position by identifying, approaching, and persuading candidates who are typically gainfully employed, but possess the necessary skills, and will add the desired diversity to your leadership team.
You are searching for a recently created executive position.
When conducting an executive search outside of your area of expertise, it's critical to fill the knowledge gap with a leader who is well-versed in the relevant field. Before beginning the search, a retained search consultant will put in time and effort to learn about your company, its culture, and the duties and demands of the position. To ensure the long-term success of the new hiring, they collaborate with you on the necessary skill set and offer advice on the ideal applicant profile.
You want things to be kept confidential
A hiring process may have loads of sensitive information to handle. It is rational to withhold this information from the client's rivals, while being careful not to alienate customers and shareholders. Retained executive search firms are skilled at keeping all such important information confidential, exposing the client's identity only at the last possible time in the process. This confidentiality is appreciated by both the clients and applicants.
You lack the time and resources to conduct your own leadership search.
An executive search can easily turn into its own full-time job if you already have too much to do on your list. A retained firm hired takes great care in evaluating the candidates after they have been found and presented, frequently using quite complex procedures including referencing, psychometric testing, and broader assessments. They assist with the candidate's integration and on-boarding, and ensure the hire will be successful in the long run. All of this drastically cuts down on the amount of time you and your team must devote to the hiring process, allowing you to concentrate on other strategic projects.
No post is easy to fill, be it a senior executive role or a vacant spot on the board. The search needs to be focused and discreet, yet broad and specific at the same time. The best applicant is probably not even seeking for a new job and is wary of approaching people they do not know. This is where retained executive search firms can significantly help. WalkWater Talent Advisors is one of the top retained executive search firms in India who brings a unique mix of strengths and a start-up drive to excel, resulting in an unparalleled experience for every client company. So, whether it is CEO and Board search, or talent advisory, or any other relevant entrepreneurial services, you now know where to go!
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