Why do companies hire external executive search agencies? Organizations should have an effective process for recruiting human resources. This process must be cost-effective - and also time-effective. An effective recruitment process will not only reduce the cost of hiring employees, but also reduce employee turnover.
The recruitment process should result in hiring personnel who meet the required skills and complement the organization's culture and values. In addition, the process should result in hiring top performers. This is important because, according to McKinsey & Co. top performers are about 400 percent more productive than average performers.
Did you know that the cost of a bad recruitment, especially at managerial level, is around 200,000 PLN?
- Reduced efficiency
- Announcements for new position
- Hours spent vetting every candidate who applies for the position
- Interviewing potential candidates for the post
- Shorten the list and re-review potential candidates for the position
- Correct verification of employment history
Companies that screen and interview every potential candidate for company management positions can receive hundreds of resumes for a vacancy. Sifting through each candidate takes a significant amount of time. Let's do some math here:
- You need to hire 10 employees.
- You get about 30 CVs for each position, which equals 300 CVs.
- You spend 5 minutes going through each CV and cover letter.
- That's more than 25 hours spent just reviewing resumes.
The shocking part - 78% of internal recruiters said that half of the resumes they received belonged to unqualified candidates.
Instead of wasting valuable hours screening qualified candidates for interviews, consider hiring an executive search recruitment agency. They can reduce the workload associated with the recruitment process, allowing your company's HR staff to spend their time managing other important functions, such as creating effective policies to reduce employee turnover. Headhunter will search for the best candidate on behalf of your company and provide you with a list of the most qualified candidates for the position you wish to fill.
When it comes to headhunting, companies of all types and sizes can benefit from hiring an executive search or direct search firm. Here are some of your companies that can benefit from a company that specializes in recruiting professionals.
Filling vacancies quickly
The typical protracted process of hiring in-house can lead to reduced revenues. This is because vacancies have a negative impact on a company's net productivity. Some managers mistakenly believe that keeping positions vacant for an extended period of time will result in labour cost savings.
Moreover, it is important to know that qualified candidates are in the market for a short time. According to a study conducted by Office Vibe, the best candidates stay on the market for about 10 days. So, you need to hire quickly especially for positions that require technical skills.
Another cost of vacant posts for companies is that it creates a burden on existing staff. Until the position is filled, employees must take on additional responsibilities. This, combined with excess overtime, can lead to employee burnout and performance issues.
Experienced headhunting companies focus on recruiting the best talent in the shortest possible time. They know the techniques to find qualified people for a position in a short period of time. The companies screen candidates en masse and pin down the right candidates for the job.
Employ experienced staff
Finding the best candidates for a position is not only a time-consuming but also a costly process. Hiring managers must assess job functions, conduct an internal talent audit and search for the right candidate for the position. These tasks place an additional burden on human resources staff.
All the effort and money involved in recruiting employees will go to waste if inexperienced candidates are hired for the jobs. The cost of hiring the wrong people will be high for the company due to the additional training required to perform the tasks.
Using an executive search firm will increase your chances of hiring the right person for the job. An experienced human resources consulting firm will actively search for talented individuals for your company. Hiring an executive search firm will result in time and cost savings compared to in-house recruitment efforts.
Reaching out to passive candidates through direct search method
Passive candidates are those who are not actively looking for a job because they already hold senior positions in a reputable company. Companies need to look for these candidates, but it takes time, effort, resources and skills. They need to invest resources in convincing a passive candidate to switch jobs...
For this reason, it is better to consider hiring an executive search agency to source top-notch passive candidates. Make them aware of the opportunity and convince them to join the company. Companies can trust an executive search agency to filter out candidates, both active and passive, and arrange interviews with the company.
Filling roles that require specific technical skills
Companies with specific technical requirements for a position may find it difficult to hire a candidate who meets all their requirements. If they do so through an executive recruitment agency, it will increase the chances of securing a qualified candidate in a shorter period of time.
An executive search firm will shortlist candidates suitable for a position that requires technical skills and help the company fill the vacancy quickly.
Ensure transparency in the recruitment process by an external executive search firm
Another key advantage of hiring an executive search firm to fill your vacancies is that it will lead to a transparent recruitment process. This will avoid your company having to be responsible for any bias during the recruitment process.
Professional search firms treat every application with equal attention. No candidate is rejected because of the protected characteristics mentioned above. They follow a strict procedure to ensure equal opportunity in the search process. Thus, enlisting the help of an executive search firm to fill your staffing gaps will avoid liabilities arising from discrimination during the recruitment process.
Executive search firm's efforts to vet candidate
An experienced executive search firm can schedule suitable candidates for interviews after comprehensive preparation. The headhunting firm will verify the information on your resume to ensure that it is accurate and does not contain any factual inaccuracies.
The executive search agency will conduct a background check on the candidate to verify the degrees listed on the resume. In addition, the company will confirm information about the work experience listed in the job application. This is an invaluable service, since a survey showed that about 46 percent of resumes submitted for a position contained some false information. What's more, nearly 85 percent of employers caught candidates lying on their applications or resumes, according to the 2017 Employment Benchmarking Report.
These checks will not only make sure that the right candidate is hired, but will also prevent liability issues for some companies. For example, a public transportation company will be held liable if they hire a driver who has been convicted of multiple DUIs or has a poor safety record. Enlisting the help of a professional headhunting firm will prevent costly lawsuits for failing to perform a background check when hiring.
Preventing the downgrading of the corporate brand image
Relying on internal recruiters generally results in slow hiring. According to LinkedIn's 2020 Global Hiring Outlook Report, the recruitment process can take up to four months. In addition to the costs associated with the aforementioned protracted recruitment processes, such as lost productivity, increased employee stress and reduced profitability, this can also have a negative impact on a company's image
When a position remains unfilled for a long time and appears repeatedly in search results on job sites, it will present a negative image of the company. Potential employees will think that the company is not an attractive place to work.
A positive company image is important for effective hiring. You lose the chance to hire the best candidates because of a negative company image. This will result in fewer quality applications for the position.
In today's digital world of social media and review sites, your company cannot afford a long hiring process. A long hiring process will also frustrate potential candidates who have applied for a job with your company. They may leave negative comments on job review sites or social media, reducing your chances of attracting top talent
Other benefits of using an Executive Search Agency
Here are some other benefits of using a recruitment agency for all your recruitment needs:
- No need to search through countless job applications
- External executive search firm, thanks to a high degree of confidentiality, can carry out "secret" projects for the Board of Directors
- There is no need to deal with administrative issues such as communication with potential candidates, including informing unsuccessful candidates and offering feedback and confirming candidate information such as references and qualifications.
- Eliminates costs associated with posting jobs on the Internet in various media
- Eliminates the impact on internal staff who can fulfil their roles, duties and responsibilities more effectively.
- Eliminates overtime costs associated with employing an internal team to conduct direct searches for a position, especially during busy periods.
- Eliminates the likelihood of costs such as poor performance, re-employment and training.
- It eliminates training costs as they will already have the skills and requirements needed for the job.
Companies that do not hire through an executive search agency are exposed to various risks. These can include lengthening the recruitment process or hiring the wrong candidate for the job. If companies hire through an executive search agency, they will benefit from the employee's ability to successfully complete projects, tasks, assignments and other duties. In short, an executive recruitment agency can help companies make the 'right choice' every time.
Fast Forward Solutions is a specialized executive search agency that, through the direct search method, helps companies acquire the best talent. We take away the risks and costs associated with finding the right employees for various positions with full confidentiality.
Our corporate clients are at the center of what we do. We actively seek out the best talent, engage with them and present a list of potential candidates who are ideal for the position. Our staff first learns about your industry, company and its culture, and then recommends a range of candidates who best fit your needs. We provide executive search services for companies belonging to various sectors, including IT, finance, venture capital, renewable energy, and sales and marketing. Contact us today if you would like to learn more about our professional headhunting services.