Turnover rates for most industries are pretty high these days. Employees do not think twice before jumping ship if they find a good opportunity. This is why it is important for businesses to learn to retain and find talent.
In this article, we’ll talk about how executive search services can help you find employees.
Let’s get started:
What Does an Executive Search Services Provider Do?
Executive search firms are recruitment agencies that identify and find top-level candidates for executive, senior, and specialized positions.
Companies usually work with consultants to get access to valuable candidates that can be hard to identify and find in the market due to stiff competition and high demand.
Such candidates do not always “apply” for jobs and businesses have to find and reach them if they are interested in hiring their services.
What Are the Benefits of Hiring Consultants?
Here are some of the main benefits of letting a top executive search firm handle your recruiting process:
- Search Services Help You Save Time
This is one of the biggest benefits of working with a recruitment agency. According to reports, it can take businesses up to six weeks to fill a position. However, this varies by industry and can take up to two months in some cases, especially when we consider the time it takes an employee to get used to a new organization.Leaving a position for such a long period of time can turn out to be very bad. Working with a talent acquisition firm can make the job easier as they usually have access to candidates willing to start right away. This is a major reason why many businesses work with search agencies when they need contingent search services.
- Recruitment Firms Can Be a Money Saver
You will have to pay a fee or commission to your executive search consulting firm for their services, yet it will still turn out to be a profitable option when compared to the cost of hiring an employee on your own.Here’s how working with an agency can save you money:
- Always the Right Candidate
According to a CareerBuilder survey, businesses lose almost $15,000 on every bad hire, and it’s surprisingly a common issue — nearly 74 percent of employers say they have hired an unsuitable candidate for a position in the last year.The best way to reduce the risk is to outsource the hiring process. They will give you a chance to successfully complete the process by looking at each candidate profile they’ve handpicked for you.
- The Right Salary
Search agencies may not always negotiate for you but they can make sure to find candidates within your budget so that you don’t have to end up paying more.According to reports, about 42 percent of props are not comfortable negotiating salaries. This mistake can end up costing a business a lot of money. By hiring a professional firm to fill senior level positions, you can have better control over your budget.
- Vacant Positions Can be Costly
In-house hiring can be very costly, especially when you consider the cost of a “vacant” position. Economic damage to vacancies in IT in sales and information technology can cost a company over $5,000 per day.An uncovered position is a lost opportunity that you cannot recover. Unfilled positions are believed to cost businesses in the United Kingdom over $18 billion per year and the scenario is not very different in the US.
- Always the Right Candidate
- Working With Search Consultants Ensures Safety and Security
A professional search company can perform background checks and identify risky candidates. The headhunter will verify the details in the resume to ensure all the information is correct and true.In addition to degrees, we can confirm work experience and judge clients based on past performance. This service is very important because about 85 percent of businesses have found employees lying on their resume.
In addition to this, most reliable headhunters perform a detailed executive assessment on each profile and check data against government agencies to ensure the person hasn’t been involved in criminal activities. Moreover, they can also verify documents to remove the risk of identity theft and other such issues.
- Hiring Through an Agency Gives You Access to Skilled Employees
Skilled candidates do not sit long and most get hired within 10 days. You need to be quick if you want to convince a candidate to get on board and be a part of your company.The hiring process can be very slow when you have in-house recruiters performing the job. This can be problematic because 60 percent of applicants will quit the hiring process if they find it too long.
This can be a major concern since 64 percent of job seekers share negative experiences with others and about 27 percent would discourage friends and family members from applying.
Working with a professional firm can improve the job search process as they take time very seriously.
- Choosing the Right Executive Hiring Company Can Benefit Your Image
This may come as a surprise to some but working with leadership consultants can help your company image.A vacant position can leave a very bad impression on your clients, especially if it is a senior level position such as the vice president. By hiring skilled employees for leadership roles can improve your private equity and improve your image.
- Executive Recruitment Firm Makes the Job Easier
It can be very difficult to find top talent as the search process can end up being very taxing and time-consuming. Leadership consultants can take care of everything from drawing advertisements to interviewing candidates. As a result, your staff members including operations officers will have more time to concentrate on other tasks and be productive.About 78 percent of in-house recruiters agree that more than 50 percent of all resumes they receive are useless or irrelevant. Since the average position receives about 118 applications and only 22 percent of them receive an interview call, it can end up being very tiring.
Going through all the resumes, shortlisting candidates, and sending interview mails and calls can be very taxing. Plus, since the average interview lasts up to 40 minutes, the hiring manager has to spend about 20 hours interviewing candidates for a single vacancy. Imagine the horror when you have to hire multiple candidates in a month.
The hiring manager ends up wasting all hours on the recruitment process resulting in other important tasks getting neglected, which can have a negative impact on employee morale.
By outsourcing the process, you can motivate your employees to concentrate on important tasks and be productive.
How Do You Conduct an Executive Search?
The job of an executive recruitment firm is to help you find the right candidate. Companies utilize a variety of techniques including personal contacts to find reliable candidates.
At Fortra Search, we use the latest technology, including AI and Machine Learning to find skilled and suitable talent in the field of engineering, product, and design on a retained basis.
We’re among the best executive headhunters and want you to have the best experience. In addition to searching for suitable candidates, we can also help develop enticing and accurate job descriptions to attract qualified candidates.
This is a very important part of a search because candidates will not show interest in your job opening if it isn’t clearly defined and nicely written. Your potential employee needs to know why he or she should consider working for you. Plus, a job description is also important for us because it tells our human resources experts exactly what you are looking for.
We pay attention to a variety of factors including salary expectations, past experience, qualifications, and passion to find the most suitable person for a position.
For us, it’s not only about matching resumes to openings, it’s about matching individuals to cultures. Our search consultants select the best of the best and present top candidates for consideration.
Choosing Executive Search Service Providers: Conclusion
Give your human resources expert a break and work with executive search consulting firms to handle executive hiring. We’re among the best contingent search companies out there and can make your job search process easier by helping you hire your next vice president, life sciences expert, information technology officer, or top executive.
Get in touch with us today to know more about how our industry specialization senior leadership teams can help your business. We are a well-known retained executive search firm in the US and can help you save time and money.