As of 2020, there are over 1.26 million registered companies across India. However, if you ask if there are as many executive positions available, the answer is unfortunately a huge no! A top executive heading the management can make or break a company, and when they break it, there is no other go but to source a formidable person to bring about phenomenal changes to make your company stay afloat. However, finding a c-suite candidate can be more daunting than it actually seems.
Here are the top three challenges faced while looking for a prospective c-suite candidate.
1. Competition
When a person has reached a certain level of height in their career with mountains of experience, they know that they can add immense value to any organization they might be a part of, and they have the luxury of choosing companies as opposed to the companies choosing them. With many companies providing the prospective candidate with lucrative offers and incentives, how can you stand out from the clutter?
2. The Rise of Passive Candidates
When hiring especially for C-suite and Senior Management positions, almost 97% of the candidates actually want to be found rather than actively looking out for opportunities. So, the pressure falls on the organization to keep their eyes open to source leaders with resilience.
3. Sourcing the Right Culture Fit
With many resilient leaders spread across the country, finding the right candidate who possesses the leadership skill as well as fit right into the organization’s culture seamlessly might be as similar as finding a needle in the haystack.
Why Should You Hire An Executive Search Firm
Executive recruiters are skilled professionals who help you maneuver through the haystack and find not just a needle, but the exact needle that you want! While one can have an in-house HR Management Team to source C-suite leads, it is always wise to hire an experienced and adept Executive Search Firm, which would ultimately prove to be more fruitful. With their world-class recruitment strategies and years of expertise, executive search firms are always your go-to so you can add immense value to your organization’s top management.
Here are four compelling reasons that you should consider hiring an Executive Search Firm
Confidentiality
Filling an executive position is pinnacle to an organization’s growth and at times, it is crucial to maintain the hush-hush especially when hiring for the upper management. Experienced Leadership Hiring Agencies maintain stringent confidentiality and the consultants associated with them take this seriously and safeguard any sensitive information in terms of the hiring process. It is advisable to maintain this confidentiality as it protects breach of information to your close competition, and at times it is wise to remain silent even within the company’s employees and stakeholders.
Their Networks Are Unmatched
Even though you have a strong HR Management team in place, the network of contacts play a vital role in narrowing down to the very best of candidates, and who better than an executive search firm would have a wider range of connections? Furthermore, third party search providers share an excellent rapport with almost all their candidates in their database and also, the candidates respect the confidentiality and professionalism of the consulting firm. In short, hiring for top-ranking positions is quite an intricate and niche process and is best performed with executive search firms with a plethora of contacts.
They Spend Quality Time In Sourcing Just The Right Candidate
With the advent of COVID-19, the hiring process has become much more stringent than before. Even for junior roles, organizations spend a great deal of time in assessing candidates before they are onboarded, and you can imagine the acid tests that the upper management candidate has to pass through. To cut a long story short, it is a strenuous and time-consuming process.
In the case of hiring an Executive Search Firm, a dedicated team or an experienced consultant is allocated to take up the project for you and they spend ample time with your HR team and top management to assess your company culture, the nature and responsibilities of the role before they begin their search process. They also help clients evaluate their expectations while also setting the bars for more realistic profiles and compensation structures. Furthermore, through their exhaustive database, they conduct rigorous referential checks before bringing only the top shortlisted candidates to the table.
They Are Cost-Effective
As opposed to the common misconception that hiring executive firms cost a fortune, they actually cost much less than conducting the search in-house. Imagine this. You decide to do an exhaustive executive search by yourself and you will need an in-house advertising team onboard to conduct recruitment campaigns and in-depth candidate screenings. Also, the costs involved from the preparation stage to the execution stage is often much higher than the cost of getting associated with an executive search firm. Furthermore, even after having conducted the drill, there are still chances that you hired the wrong candidate.
Hiring an experienced executive search firm is an investment you make to ensure that you hire not just the best, but the perfect-fit candidate tailored for your organization. One must not take it lightly and risk hiring the wrong candidate for an executive role that might render serious repercussions in the future.
Want one of India’s Leading Executive Search Firm to hire for your organization’s C-suite and Senior Management Roles? Let’s talk!