Executive searches are challenging. It takes a lot of work to find the right executive for a business. More specifically, lengthy processes, regular communication and meetings consume a lot of time. Overall, executive searches are a resource-intensive work. So should an internal recruitment team take on this work or outsource it to an external executive firm? There’s no clear answer to this question. However, there are multiple factors that can be accounted for, while deciding this.
Following are some of the factors which should be considered–
- Executive search procedure
Executive searches have a clear procedure, which includes employer branding, straight-forward application process, and regular communication throughout the process. HR teams at new companies, generally, lack this procedure. Building this into a robust procedure also takes time. If your company doesn’t have this procedure, it is better to go with an external executive firm. The knowledge to source executive talent is also important here. If your team doesn’t know where to source talent from, you should rather go to an executive firm.
2. Cost
As explained in the above part of this post, executive searches are time consuming processes. First, sourcing these talents is extremely hard. On top of that, employer branding activities such as website building, social media presence, etc. can take up a lot of time and resource. Labors hours invested in preparation of these activities should also be taken into consideration for this.
If all this costs less than hiring an executive search firm go for it.
Other than considering the cost involved, companies should also consider other aspects such as employer branding, social media, etc. Why? Companies may have other reasons for employer branding, building social media presence, and other things, and not necessary just a procedure for executive searches. If your company has resources to take care of this, go with internal team.
3. Connection to passive candidates
Executive firms have a large connection with passive candidates. These are candidates who are not actively for job switches. However, executive firms can utilize their network to connect with candidates who are looking to switch jobs. Tapping into this network comes easily to executive search firms, given their experience of working with them.
Further, it is also important how an opportunity is presented to them, such that they are more likely to consider them.
4. Keeping searches confidential
Sometimes it might be required to replace an executive without drawing the attention of the industry or public. In such cases, executive search firms will be very helpful to keep things quiet, and bring in a new executive, before old executive leaves.
5. Time to hire
If an executive search takes too much time to hire, a potential candidate may slip out. This will be a waste of time and resources. Executive search firms can do hiring quickly and save companies from investing resources and time unnecessarily. Still if companies want to do this in-house, streamlining their in-house recruitment process is an option. It would require a little change to hire executive level employees on time.
