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As you grow your business, you will eventually feel the need for people to fill prominent executive positions. However, searching for executive personnel is not straightforward. You’ll have to create specialized criteria to judge highly qualified individuals for senior-level posts. During this phase, it is crucial that you also enlist the services of an executive recruitment firm to help you through complicated selection procedures.
Why Would You Hire an Executive Recruitment Firm?
Hiring a senior-level executive is not an everyday task but an episodic one. It does not require continued services. No company needs a dedicated in-house administrative recruitment expert for their employees.
Given the crucial nature of the hiring process, most companies utilize the services of external consultants. Executive recruitment firms research the availability of suitable candidates for their positions. As job seekers and companies try to find the best match for themselves, they need access to an extensive network that these recruitment firms can provide.
The Responsibilities of Executive Recruitment Firms
Executive recruitment firms are responsible for shortlisting qualified candidates who match the requirements of their clients. They then act as intermediaries between the hiring firms and the shortlisted individuals. Their responsibilities also include an initial screening of potential candidates, negotiations about remuneration and benefits, and managing the employment contract.
The Benefits of Hiring an Executive Recruiter
While looking to hire suitable firms to recruit executives for your company, looking for existing firms around you is always the best idea. For example, companies based in Toronto should keep an eye out for executive recruiters Toronto. Countless benefits come with hiring an executive recruitment firm, such as the following:
1. Turning to an Executive Recruiter Saves Time
Looking for qualified individuals to fill in senior posts in your company is a demanding task. A single job posting can often receive countless responses. Your HR department will need quite a bit of time to review every application you receive. Then they will need to shortlist the candidates for an initial phone call.
The initial screening is where the services of an executive recruitment firm and headhunter are required the most. Executive recruiters are specialized. They have experience with shortlisting talented and suitable individuals from among many applicants. They have access to their own wide network, too. This increases their chances of finding the right person for you.
2. Your Business Will Have Reduced Turnover Costs
The idea of paying someone to reduce the costs of executive recruitment seems counterintuitive. However, it is accurate.
An executive recruiter typically charges the business twenty-five to thirty percent of the employee’s salary. When you want the firm to look for possible candidates for a six-figure job, you typically pay them in five figures. Nonetheless, you save money in the long run.
The overall cost of replacing employees, including hiring and training costs, is a lot larger than the service fees of an executive recruiter.
Additionally, new employees cannot deliver their maximum productive potential from day one. Therefore, it takes them some time to repay the company through their work. This is especially true for senior-level positions that have to overtake administrative roles. If their turnover rate is high, your company will be riddled with administrative problems in the absence of an executive.
Hiring a recruitment firm reduces the risk of employee turnover and saves you money in the long run. The candidates selected and shortlisted by a hiring expert will be well-vetted, more qualified, and better suited to your organization. This is because they hold expertise in assessing the needs of their clients and potential candidates.
3. An Executive Recruiter Will Provide Confidentiality
It can be a significant blow to your plans if your competition knows about large organizational changes in your company. These changes can be anything from hiring replacements for critical individuals in your organization to when your company needs to start a new business venture or project.
In these scenarios, an executive recruiter can provide you with an extra layer of confidentiality which advertisements won’t grant you. By subletting the selection process to a recruitment agency, you can even hide specific details from the internal hiring staff of your company.
Executive recruiters who interview potential candidates (some of which may even be from competitor companies) will keep the details of their clients confidential. This prevents the leakage of information regarding your company’s internal affairs.
4. You Will Have the Benefit of a Recruiter’s Expertise
If yours is a smaller business with a small HR team, your in-house team may not be able to meet your hiring needs. This can be especially true when they are already busy managing your employees. Even when you have a large team, they may not be qualified to hire personnel for senior-level positions. As you look for candidates to fill individual posts and functions, your internal hiring staff can misjudge candidates’ suitability for the job.
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The need for executive recruitment firms arises because they are the best at what they do. Additionally, there are many consultants and firms that specialize in niche fields, like technology and PR. These specialized firms can be an even better judge of whether a candidate is suitable for your job than your internal recruiters.
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5. Take Advantage of the Recruitment Firm’s Existing Networks
Executive recruitment firms are naturally better at finding talented individuals than most internal hiring teams, as they are built on the principle of finding talent. Since all the resources of an executive recruitment firm are focused on researching and screening talented individuals, they are highly well-informed and connected.
Even if they do not have some person in their immediate network, they do have all the resources to reach out and establish more connections for you. As a client, you have the advantage of indirectly using the contacts of your recruitment firm to find competent individuals for your job openings.
Endnote
As your business grows and you feel the need to create more executive positions in your company, you will need the expertise of an executive recruitment expert, consultant, or headhunter. These qualified professionals are experts at hiring individuals with the right skills in your industry. They can save you time and get the best results for you.
From saving you money in the long run to shortlisting candidates, executive recruitment firms handle all the grunt work for you. Aside from their added expertise in the hiring process, they also provide you with the added confidentiality you need to keep up with your competitors.
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