Leading Through Difficult Times: Reducing The Workforce
Great leadership isn't always defined by smooth sailing and clear...
Building a robust executive and leadership team is crucial for any organisation’s success. For larger and growing businesses this may result in the need for several senior roles to be filled on an ongoing basis. In this pursuit, some companies consider bringing in an internal executive search specialist – a dedicated professional tasked with sourcing and vetting high-calibre candidates for key leadership roles – rather than utilising the services of a professional executive search consultancy. While this may seem like a strategic move, it’s not without its (significant) drawbacks.
Before venturing down this path, it’s essential to fully consider the potential pitfalls against the perceived benefits.
Utilising an executive search firm comes with a very significant benefit that many companies don’t consider and that is a confidential platform for potentially interested candidates to discuss the role without exposing their identity to the client in the first instance. The use of a professional firm also indicates that the company is taking the role seriously and that it is not just a “fishing exercise”.
Optics of a “Fishing Exercise”
In place of a single individual being employed internally (even if experienced), by partnering with a reputable executive search firm you can leverage their extensive networks and have access to a full team of experts for each search. Additionally, executive search fees are split into milestones/deliverables meaning that you both incentivise the right outcome, together with sharing the risk.
Most critically, your search for the best talent becomes borderless and strategic, in the hands of a firm that directs search and selection for strategic leaders every day. This comes with wider industry knowledge and access to an entire wealth of data, compensation research and in-house research teams which would not be feasible to replicate in-house.
The decision to hire an internal executive search specialist requires very careful consideration. Ultimately, there is a reason why even the biggest companies with the largest in-house talent teams use professional executive search consultants.
If you would like to read more about the risks of trying senior leadership hiring yourself versus the cost of partnering with an executive search firm, you can read our article here.
This post has been published by the CJPI Insights Editorial Team, compiling the best insights and research from our experts.
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