3 Ways Hiring Managers Can Nail the Executive Search04/29/2021
Finding a top-tier candidate for an executive role is always a challenge for organizations, especially given the difficulty of doing so — 40% of all executive searches fail to place a candidate in the needed position. How is this possible? For one, executive positions are not frequently vacant, resulting in a smaller talent pool. For recruiters, this means finding that one, a perfect fit is like finding a needle in a haystack. The pressure is on to fill these high visibility roles, as leaders are an integral part of any company.
However, there are steps organizations can take to improve their success rate by finding their next top executive. Here are the 3 ways hiring managers can get the executive talent they need:
Identify your company’s greatest needs
Whether you’re revisiting a current opening or creating a new executive role, executive search often involves multiple decision-makers, from co-founders to CEOs to board members. This can complicate decision-making if there’s a difference of opinion in the required experiences and skills the executive should have. The first step in resolving these differences is to create a cohesive job profile. Identify what your organization is looking for and what this role can help achieve. Conduct multiple meetings with various members of upper management and important stakeholders within the company. Identify the 3-6 objectives you want this executive to achieve in the next 6 months. From there, you can nail down the specifics. For example, is there an immediate need for revenue generation vs. a long-term, down-the-road need for an operational/leadership talent? Our Addison Group team works directly with company leadership to identify these business needs to help find an executive that can provide value from the start.
Use data to your advantage
The reality is that executive search practices haven’t changed much in the last 50 years. However, the recruiting space has changed, and technology can now be utilized to identify top executive candidates. Modern executive recruiting software automates the most time-consuming and error-prone functions and can help get a role filled quicker. This technology captures and updates data automatically with every search, taking the candidate experience from start to finish along with it. Even basic candidate tracking tools allow recruiters to manage candidate records; and capture interview details, emails, reference checks, client notes, compensation, and offers. As the database fills up with candidates over time, connections can be made that are essential for executive search. And when you need to find the diamond in the rough, your organization will need all available resources to find it. Top recruiting firms like Addison Group use recruiting software to the fullest extent to find our clients the executive talent they need to lead their organizations, without the time spent on outdated processes.
Don’t rush the process
When an executive position becomes available at your company, there’s often a rush to get it filled. The reality is that while they are some of the most important roles to staff, they often take the longest to fill. You may want to act quickly, but the wrong person will have a big impact on your company and employees. While the costs of losing individual contributors and managers are already high, “the cost of losing an executive is astronomical – up to 213 percent of the employee’s salary,” according to CBS News. The solution? Do your due diligence. Identify core competencies the executive needs to have to be successful, be clear with your hiring team about expectations, and create a roadmap for both you and your future executive. Addison Group partners with clients to build out these roles from the discovery phase to the final hire, ensuring organizations find the talent needed to lead their organization.
Whether you need a CMO with a digital background in change management or a Vice President of Engineering with a people-first mentality that rivals their technical acumen, we can find you the perfect fit. Learn more about our executive search services and partner with us today.