When it comes to finding a suitable candidate for a senior position at your company, time is of the essence. Leave the position vacant for too long, and you risk unnecessary disruptions in operations. Fill it with an incompetent candidate, and the long-term cost will weigh heavily on the overall budget of the company. This is primarily why it is a common practice for employers to rely on the expertise of an executive search firm to find and recruit a top performer who can guide the company back to success.
A retained executive search firm helps speed up the hiring process by providing top candidates quickly. The average time to fill a C-suite position is 76 days, while the general time-to-fill by an executive search firm averages 30 days. Here are another eleven reasons why hiring professionals to fill your next executive position is the way to go.
Why settle for good when you can get great?
An executive search firm commits to pulling your company out of mediocrity and pushing it towards excellence. If you are in search of a senior manager who wouldn’t just hit the basic performance goals but would aspire to go above and beyond, an executive search firm will be your best bet.
The stakes are high
You know what they say – it’s the C-level positions that make your company. But they can just as easily break your company if you settle for mediocrity. A retained search firm ensures that the top management of your company comprises of the best market performers who will devise an effective strategy for long-term growth and profitability.
Your company needs a particular skillset
More often than not, a senior position at your company will require a rare combination of skills, abilities, experiences, and knowledge, that you aren’t likely to find via LinkedIn, job postings, or personal referrals. Under search circumstances, it makes sense for you to leave the tedious task of finding that needle in the haystack to a retained executive search firm.
Finding a suitable candidate for a newly created position
Companies create new senior positions more often than you think. The novelty renders your expertise inapplicable when it comes to hiring such an executive. With years of experience in your domain, however, an executive search firm will help fill the knowledge gap and carve a perfect candidate for the new position at your company.
Replace an average executive with an outperformer
Perhaps a senior position is not yet vacant at your company, but you are not satisfied with the performance of your current executive. While seeking a replacement, an executive search firm brings you in contact with an outperformer all the while prioritizing the element of confidentiality.
Enticing an executive into coming on board from a partner firm
Remember the time you wished an executive of a partner company could come work for you, but you had to give up the idea on a risk that it might end up hurting your business with the other firm? A retained executive search firm commits to absolute confidentiality and enables you to explore the option without ruffling feathers.
Enhance diversity in your senior management
For a business in 2020, diversity is the key to success. If the top management represents similar backgrounds only, the prospects of the company will remain limited in the long run. With original research, executive search firms create a universal platform where candidates with diverse backgrounds gain access to equal opportunities.
None of the internal candidates are suitable to succeed a senior executive
The hard truth is that yours is not the only company in search of top performers. One of your executives may as well leave to join a different firm in pursuit of a better career. Or maybe you’d like to promote a senior executive that creates a vacancy for his ex-position, but none of the internal candidates is suitable to fill the position. An executive search firm comes in handy at such times as it brings a well-matched external candidate to take over the role.
You are low on time and resources
Keep in mind that looking for a suitable senior executive for your company is a full-time job. If you are too busy handling other aspects of your business and lack the time and resources to go on a headhunt, the task can be served impeccably by a retained executive search firm.
Referrals did not work out for you
Who wouldn’t like to fill the senior executive positions via personal referrals or tapping into the company networks? It’s convenient and time-effective. But when referrals fail you, you should know that the matter is now above your pay-grade and you would be better off relying on the services of an executive search firm.
You need to hire a senior executive urgently
Do LinkedIn, job postings, and referrals work for hiring senior executives? Yes. Do they work if you need to fill the position urgently? Usually NOT. If time is your priority, relying on a retained executive search firm will certainly not be a decision that you’ll have to regret.
Cowen Partners is a national executive search and consulting firm. Our clients are both small and large, publicly traded, private, and non-profit organizations. Clients are typically $50 million to multi-billion dollar revenue Fortune 100 companies or have assets between $500 million to $15 billion. Successful placements span the entire C-Suite and include director and manager level leadership roles. Cowen Partners Executive Search has particular expertise in the following areas: accounting and finance, IPO preparation, SEC reporting, corporate tax, financial institutions (banks and credit unions), enterprise software sales including technology, SaaS, and managed services, and rapid growth private equity/venture capital backed deals.