The CEO of an American online retailer, Zappos.com estimated that a wrong leadership hire could cost well over $100 million. Have you ever wondered what the cost of a wrong leadership hire looks like in your business?
You've got to consider final paychecks, company time, costs of interim solutions, loss in production, negative impact on team morale, financial loss and more.
Is it something you can afford to get wrong?
If you're recruiting a senior leader, specifically one within HR, People, or Culture teams, it is a critical decision that can, and will, impact your business.
The right candidate can bring new ideas, drive innovation and lead your team to achieve strategic HR goals. However, this is not always easy. It can be time-consuming and challenging and any mistakes can be costly in terms of productivity, morale, and that bottom line.
Many organisations tackle this by seeking support from an executive search consultant and are much better off for it.
Here's why you could be too.
1. Access to a wider talent pool
One of the biggest advantages of using an Executive Search Consultant when hiring senior HR leaders is reaching ideal candidates who may not have seen you're even hiring!
Consider engaging with an independent recruiter or search agency with a vast network of contacts in the HR and Recruitment industries who can tap into passive candidates who may not be actively seeking new opportunities. They can reach out to professionals who aren't actively looking for a new role but could be persuaded by the right opportunity.
Not to mention, ensuring that your company's diversity, equality and inclusion objectives are reflected within the hiring process– especially in HR! They will tailor your search, to ensure the pool of candidates to select from is experienced, skilled, and diverse in their backgrounds.
With access to job boards, professional networks, and reliable assessment tools, they will be best placed to make the process smoother and relevant to the role, leading to better quality candidates coming through the door – your options won't be limited by applications and referrals.
2. Specialised expertise
It's quite possible that if you're hiring an HR, People or Recruitment leader, they'd be the one to get the job done – but what do you do when you don't have them yet? Engaging with a Recruitment Consultant with experience in Senior and Executive Search, to hire for these roles is often the most sensible solution.
An experienced consultant will have in-depth knowledge of the industry, and the latest trends, challenges, and opportunities. This allows them to understand the specific skills, experience, and qualifications required for senior-level HR positions. They can help you define your requirements and create compelling and inclusive adverts that attract the right candidates.
They also have a trained eye for talent and can identify candidates who may not meet all the job requirements but have the potential to succeed in the role. An experienced consultant will work with you to design an inclusive hiring process that works for everyone by ensuring candidate experience is at the heart of it.
3. Save time and resources
Recruitment is a time-consuming process that can distract you from other critical business activities and is something you can easily delegate to a consultant.
An executive consultant will dedicate their time to sourcing candidates, screening applications, conducting interviews, providing feedback, and negotiating job offers on your behalf.
They can identify the best candidates for you to select at the final interview stage, saving you hours and even days of sifting through applications and conducting interviews.
By the time you've calculated your own time or your team's time recruiting, and advertising the position – it's highly likely hiring an experienced consultant would have cost you the same or less in time and money.
4. Reduce risk
The biggest risk for recruiting a new position, particularly at an executive level, and even more so within HR and People teams, is making a 'bad hire'.
When we say 'bad hire', we're talking about going through the whole process of recruitment, paying the costs associated, and onboarding a new team member – to realise they're not the right fit, or, have them decide the role isn't right for them.
What a waste!
Executive Recruitment Consultants can't ensure this does not happen, but we reduce that risk!
They will work with you to understand your requirements, your culture and values to design a robust and inclusive hiring process. Their process will provide you with valuable insights so you can make your final hiring decision with confidence. They will also ensure your candidates get a good feel for what the role will involve through their briefs and the selection process which they will co-create with you.
We recommend working with a consultant with experience in assessing people not just sourcing the candidates. This will ensure your candidates at the senior level, experience a selection process that is reflective of your values and culture. A consultant with experience in assessments will be confident to recommend the use of legally defensible, reliable and valid assessments ensuring the hiring process works for everyone by avoiding the overreliance on interviews alone.
Finally, we know that confidentiality and discretion are important in all recruitment processes, but this can be particularly the case for executive-level positions. To protect your company's reputation and sensitive information, check that the Executive Search provider upholds the strictest processes to ensure confidentiality when working with potential candidates. Alongside this, and the ability to handle sensitive negotiations and discussions on your behalf – your company's interests are protected at all times.
In conclusion, seeking advice and consultancy from a recruitment specialist can provide numerous benefits for you, your team, and the whole organisation.
Renu Gundala, is the Director of Talent Grader, an Executive Search provider for HR. Renu has a wealth of experience in recruiting senior and C-Suite leaders by identifying, engaging and assessing talent that enhances the values and culture of your organisation. She advocates the use of inclusive recruitment and selection process that works for everyone, be it executive or entry-level recruitment.
Looking for your next HR leader? Get in touch with Renu for a chat.
What do our clients say about us? Read our testimonials.