When it comes to filling executive roles, organizations often face the crucial decision of whether to manage the recruitment process internally through their HR department or to partner with an executive search firm. While internal resources offer familiarity with the company’s culture and processes, relying solely on them may not always be the most effective approach.
Here are the key scenarios in which retaining an executive search firm should be seriously considered:
1. You are looking for a senior executive.
When your organization needs to fill C-suite or senior executive roles, a good executive search firm can leverage its extensive network and database of highly qualified candidates, many of whom are not actively seeking new opportunities but may be open to the right offer. For instance, 20/20 Foresight boasts a proprietary database with 100,000+ real estate and financial services industry executives that allows us to source the most qualified candidates in the market. This provides access to a pool of top talent that is not reachable through the traditional hiring methods of an internal HR professional.
2. You require a rare candidate.
If you have an important search where you are seeking the proverbial needle in a haystack, an executive search firm is your best option. Various factors can make a candidate “rare.” You might be looking for a unique combination of skills and experience, or the location of the position might make it challenging to attract the right candidate. Perhaps the role demands specific industry expertise or a particular cultural fit that is hard to find. Whatever the reason, an experienced executive search firm like 20/20 Foresight has the resources, networks, and expertise to identify and secure the ideal match for your organization’s needs. Despite their best efforts, internal resources typically cannot access these rare candidates and ultimately, this leads to a fruitless expenditure of effort and time.
3. Your company lacks senior executive diversity.
Executive search firms like 20/20 Foresight with a commitment to diversity and inclusion can help you identify and attract a diverse range of candidates, which is crucial for fostering innovation and growth in your organization. Internal HR professionals will struggle to access such a large pool of diverse talent.
4. You need to maintain confidentiality.
Conducting a confidential search is often crucial for senior roles, especially if the position is currently occupied. Executive search firms can discreetly approach potential candidates without revealing the identity of the hiring organization until necessary. Ensuring confidentiality helps avoid disruptions within the company and maintains stability in operations.
5. You need to fill the position expeditiously.
When senior level positions are left open for too long, it can result in gaps in your organization’s ability to conduct business effectively. This means that in many instances you need to fill the role with the right individual as soon as possible. The challenge is that the recruitment process for senior-level positions can be time-consuming. The best option is often to retain an executive recruiter. Executive search firms have perfected a streamlined process of sourcing, evaluating, and interviewing candidates. With their established processes and networks, search firms can usually fill positions faster than internal recruitment efforts. On average, 20/20 Foresight can fill an executive position within 100 days and can even expedite this process in urgent cases to 45-60 days.
6. Your internal team lacks the resources or expertise.
In many cases, an internal HR team is stretched thin handling training, onboarding and a host of other day-to-day HR issues. They may not have the time and resources to devote to executive recruitment. Additionally, your internal HR resources may lack the expertise to effectively recruit for very senior level roles within the organization.
In these circumstances, an executive search firm can be a welcome solution, especially those that specialize in specific industries like 20/20 Foresight. 20/20’s deep understanding of the real estate and financial services sectors, key players, and market dynamics can help you find candidates with the right expertise and cultural fit, allowing your HR team to focus on other priorities.
7. You would like expert guidance on compensation and negotiations.
Setting the right compensation for a position is one of the most important aspects of recruiting. However, many companies are uncertain about what the optimal compensation is for a particle role. Are you too low? Too high? If your organization needs strategic advice on setting compensation for an important executive role, then you should consider retaining an executive firm.
As executive recruiters that specialize in real estate and financial services, 20/20 Foresight is uniquely positioned to provide accurate industry-specific compensation data. We have direct contact with actual candidates occupying similar roles at similar companies, facilitated by our proprietary database comprised of 100,000+ profiles. As a result, we can help you set compensation (base, bonus, and long-term incentive compensation) for a role that is accurate, competitive, and not inflated. Additionally, we can assist firms in the delicate negotiation process, ensuring that both parties are satisfied with the terms.
8. It is important for your firm to mitigate hiring risks.
Making an unsuccessful hire, particularly at the senior level, can be infinitely damaging to an organization – harming its reputation, brand, internal morale, and bottom line.
By leveraging their expertise, networks, and thorough vetting processes, executive search firms reduce the likelihood of hiring candidates who do not meet the organization’s expectations or fail to fit into its culture. For example, 20/20 Foresight conducts a proprietary evaluation process called a “Deep Dive” that includes in-depth 20/20 interview sessions, detailed candidate work history, skills questionnaire, aptitude and personality test, and reference checks. This comprehensive vetting process helps to ensure that you hire the right candidate.
Moreover, to provide extra peace of mind, be sure to engage a firm like 20/20 Foresight that offers a guarantee on placements. 20/20 promises to find a replacement at no extra cost if the hired executive leaves (or you choose to replace them) within 1-2 years.
Do one of more of the foregoing factors apply to your organization?
If so, it may be time to engage with a qualified and experienced executive search firm like 20/20 Foresight.
To discuss your talent needs, please connect with us at foresight@2020-4.com.