Executive Search - the benefits of hiring a recruitment agency
Why do companies hire external executive search agencies? Organizations should have an effective human resource recruitment process. 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. Consulting firms have played a key role in the development of the Executive Search market in Europe and Poland, bringing in both international and Polish firms that have contributed to its growth over the years.
The Executive Search method has many advantages, such as effective Direct Search, the use of additional selection tools by specialized headhunting companies, and maintaining full confidentiality of the recruitment project.
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?
Costs include:
- Training
- 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 management positions within a company can receive hundreds of resumes for a vacant position. Recruitment processes for these positions require a high level of accountability and confidentiality, which is crucial when recruiting top management candidates. 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.
Executive search firms may be paid based on whether a candidate is hired by a client.
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. A 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 want to fill.
When it comes to headhunting, companies of all types and sizes can benefit from Executive Search or Direct Search. Experienced consultants and a well-developed networking approach are key to conducting effective recruitment processes.
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.
What's more, you should know that qualified candidates have been on the market for a while. 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. Convincing passive candidates to consider a job change is a challenge that requires extensive market knowledge and strong interpersonal 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 the functions of the position, audit internal talent and search for the right candidate for the job, while creating a competency profile in the context of the job requirements. 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.
Enlisting the help of an executive search firm will increase the chances of hiring the right person for the job. An experienced recruitment firm will actively search for talented individuals for your company, conducting tests according to the chosen methodology and supporting its clients in preparing and presenting offers to selected candidates. Hiring an executive search firm will result in time and cost savings compared to in-house recruitment efforts.
Reaching out to passive candidates using the 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 have to invest resources in convincing a passive candidate to switch jobs. The Direct Search method, which recruits potential candidates who are currently working in similar positions, offers high efficiency, the possibility of using additional selection tools and full confidentiality of the recruitment project.
In the recruitment process, it is also important to meet with selected candidates to assess their competence and fit with the requirements of the position and the organization.
For this reason, consider hiring executive search and direct search agencies to attract 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 for specialized positions 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. For specialized positions, recruiting candidates requires a precise analysis of the candidate's profile in terms of knowledge and personality. If they do this through an executive search agency, it will increase the chances of getting a qualified candidate in a shorter period of time.
The executive search firm will compile a list of candidates suitable for a position that requires technical skills and help the company quickly fill the vacancy.
Ensure transparency in the recruitment process by an external executive search firm
Another key advantage of hiring an executive search firm to fill vacancies is that it will lead to a transparent recruitment process. This will prevent your company from having to be held responsible for any biases during the recruitment process. In addition, the chosen methodology in conducting tests and providing reports is an integral part of evaluating candidates.
Professional search firms treat every application with equal attention. No candidate is rejected because of the aforementioned protected characteristics. They follow a strict procedure to ensure a level playing field in the search process. Thus, enlisting the help of an executive search firm to fill 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 in the resume to ensure that it is accurate and does not contain any factual inaccuracies. Managers with extensive experience in handling demanding recruitment projects discuss the needs and profile of the candidate sought before the project begins.
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 the right candidate is hired, but also prevent liability issues for some companies. For example, a public transportation company will be held liable if it hires a driver who has been convicted of multiple driving under the influence (DUI) 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 hiring 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. In an executive environment, good relations and discretion are crucial to a successful recruitment process.
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 recruitment firm, thanks to its high level 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 because candidates will already have the skills and requirements necessary for the job.
In addition, offering personalized recruitment services tailored to the client's wishes, such as conducting tests, collecting references, supporting the client in candidate integration and creating competency profiles based on the client's needs, is crucial to recruitment success.
Applications
Companies that do not hire through recruitment agencies face various risks. These can include prolonging 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, projects and other duties. In short, an executive recruitment agency can help companies make the "right choice" every time. It is important to understand the client's needs and create a detailed profile of the candidate sought before starting the recruitment process.
Fast Forward Solutions is a specialized Executive Search agency that through the Direct Search method and helps companies to get the best talent. We deprive you of the risk and reduce the 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.
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