The Benefits of Retaining an Executive Search Firm
With the tight job market making it harder to find senior-level leaders, many organizations are turning to executive search firms to assist with sourcing and hiring top talent. Though these relationships can sometimes be short-term projects, choosing to engage a retained executive search firm can drive even better results for your company in both the short and long term. Simply put, retaining an executive search firm contributes to a better search by enabling a more thorough search of qualified candidates and a more rigorous evaluation of them. But beyond this overarching benefit, there are many other reasons that retaining a search firm can have a dramatic impact on your company's bottom line and corporate culture.
- A "deeper dive" into company culture
Any contingent search firm can generate a list of potential employees to fill the open positions in your organization. However, opting to retain an executive search firm allows the firm to obtain a much richer picture of your organization's culture, mission, and values, allowing a greater understanding of the unique aspects of your company and its people. This process takes time and allows the firm to adopt a more hands-on approach that will directly address your company's specific needs.
- An increased chance of finding the perfect fit
A direct result of being familiar with company culture and position requirements is that a retained executive search firm will be able to more deeply understand the position your company needs to fill, including the particular skills and qualifications that will lead a candidate to being successful in those roles. As a result, the firm will be able to better locate talented leaders who are truly an ideal fit for the position. In addition, many top-tier candidates will only respond to retained recruiters because they know their confidentiality will be protected throughout the process.
- Enhanced hiring processes
By spending time with your organization, the executive search firm will be able to learn more about the hiring processes within your company, including how position profiles and job descriptions are created. Good executive search firms will be honest and candid with you, providing feedback on ways to enhance your hiring processes to recruit and retain top-tier job prospects.
- Increased brand prestige
Retaining an executive search firm reflects positively on your employer brand--something that cannot be said for relying on multiple contingent recruiters to fill the same positions. This "halo effect" increases the prestige of your employer brand, giving your company a competitive advantage that can positively impact recruitment efforts.
- A commitment to getting the job done right
In today's fast-paced business environment, retaining an executive search firm provides your organization with an invaluable degree of consistency. The reality of living in our hyper-connected world is that most potential employees are now "findable" as long as you know where to look, which eliminates the advantage of using multiple contingency firms. Retaining an executive search firm ensures it is committed to working with your organization at all times and remains dedicated to finding the perfect candidate--no matter how long it takes. Given the "war for talent" in today's candidate-driven market, it is impossible to overstate the importance of having a robust process in place for filling critical positions within your organization. And by using a retained firm, your organization increases its chances of locating and recruiting top-tier leaders.