Executives who need to fill senior-leadership positions often find themselves pulled in too many directions. Taking on additional work to cover for a missing executive or unfilled role increases their already heavy workload and leaves less time to focus on their core responsibilities. Due to the current period known as “the Great Resignation”, this challenge is being felt more than ever before.
C-Suite Musical Chairs
Recent surveys by the Society for Human Resource Management (SHRM) reveal that the Great Resignation has been more of a reshuffling, with most people who left their jobs moving on to new ones, rather than permanently leaving the workforce.
Senior-executive ranks have not escaped the turbulence in the employment market. Gertsburg Licata Talent has seen movement among top leadership in all sectors across both the business and non-profit worlds. There are also factors driving the most recent changes in work environments, which include cultural disruption such as the #MeToo and social-justice movements, as well as a sudden influx of technology-driven startups. These startups have considerably more financial backing than the ad-hoc home offices we associated with tech startups just a few years ago and are succeeding at luring executives to fill senior leadership roles.
An executive search firm provides business decision-makers with guidance, expertise, and a formal process of hiring their next executive employee. Here are 6 benefits of hiring an executive search firm to find your next senior leader.
1. Access to Hiring Tools and Industry Connections
Recruitment specialists have deep knowledge, tools, and connections only known to those whose primary professional focus is executive recruitment.
HR experts say that typical corporate-recruitment strategies routinely miss top-notch executives who might be right for the position. The best prospects may not be scouring job boards or actively job-hunting—but they might be open to a lateral move. Some of them may be working for another company in a related field, or even for a competitor. Executive-search consultants use a wide range of tools to find such hidden gems including AI-powered software, search-industry associations, and their personal contacts—among other resources. They can discreetly investigate potential candidates’ interests and availability without identifying the hiring company.
If your company believes it may need to fill a top spot, Gertsburg Licata’s executive-search team can help.
2. Confidentiality
The need for discretion in conducting an executive search can come into play on both sides of the process. An executive may be looking for a new position but does not want their employer to find out, or a company may need to replace an executive who is not up to the task, but doesn’t want this information to reach the individual or spread throughout the rest of the company. Experienced executive recruiters have processes and training to preserve the necessary confidentiality.
3. Less Use of Employee Resources
It takes 36 days on average to fill a vacancy, according to the SHRM. During this time, key staff members must devote several hours a day to the project, which diverts them from their job responsibilities. An executive-search consultant can take that workload off their shoulders, allowing them to continue performing to the high standards of excellence that attract strong candidates to a company.
- An executive-search consultant will start the process by meeting with key company stakeholders to learn the organizational culture, the job requirements, and what key team members’ main priorities are for the role.
- Next, the executive-search consultant will handle preliminary screening, carrying out the time-consuming work of locating, interviewing, and evaluating candidates. This allows your search team to meet with only the cream of the crop.
- Once your search team has cut down the field, an executive-search consultant handles the due-diligence requirements of verifying resume accuracy, contacting references, and connecting with some of the candidate’s past industry colleagues who may not have been listed by the candidate.
4. Become More Cost-Effective
Some companies may balk at the cost of bringing in an executive-search consultant. They fail to realize that making the wrong hire can be far more costly and perhaps even disastrous to the bottom line. To attract top talent, employment contracts for C-suite jobs provide handsome payouts if the candidate does not work out. Such a payment will be an additional financial burden, on top of the cost of repairing whatever damage was done while the executive held the position.
5. Diversify and Strengthen Boards of Directors
Executive-search consultants don’t just help fill senior management positions, they also assist companies looking to diversify and strengthen their boards of directors. A consultant does more than listen to senior management’s wishes; they also serve as an objective third party, analyzing the board’s talent gaps and reaching into their extensive database of executive talent for individuals who can help fill those gaps.
Companies know that diversity among their employees can lead to more innovation and higher revenue, but they may not know how to find high-caliber candidates from a wide variety of backgrounds. An executive-search consultant has access to many different talent pools and can readily present candidates to a company looking to increase diversity on the board or in top management.
6. Improve Strategic Planning
It’s common these days for companies whose top executives will be retiring in the next few years to bring in executive-search consultants to help with long-term planning for executive succession. The idea is to give a new talent a few years to adjust and fit in, before moving into a top spot.
Executive-search consultants do not restrict their search to external talent; they may also be able to identify internal employees who have been under the radar and were not previously considered.
In today’s competitive hiring market, many organizations that previously used only in-house staff to carry out their executive searches are discovering how useful it can be to retain expert assistance from Gertsburg Licata Talent. Gertsburg Licata is a national, full-service business law and strategic advisory firm offering a full range of legal services. Call 216-573-6000 or contact us here.
Tiffany Sacasas is the executive recruiter of Gertsburg Licata Talent. She can be reached at [email protected] or (216) 435-5800.
Gertsburg Licata is a full-service, strategic growth firm, specializing in business law, M&A advisory and executive talent solutions for entrepreneurs and executives of start-up and middle-market enterprises. Our proven process ensures time and resources are dedicated to identifying the goals of your organization and how your executive talent needs align with that vision. Our expert recruiters partner with you to build your dream management team, securing the best talent to help drive value for your employees and customers. Contact us today to discuss how we can help you secure your next competitive advantage.
Disclaimer: Note that Gertsburg Licata Co., LPA (the “Firm”) is a law firm. Although Gertsburg Licata Talent and Gertsburg Licata Acquisitions are affiliates of the Firm, they are NOT law firms and neither they nor their representatives can provide you with legal advice. Nothing in this website should be deemed as soliciting any legal business by the law firm or any attorney in it, nor as an advertisement of legal services to individuals who have no prior relationship with the law firm or its attorneys. No legal advice will be given except by an attorney, after an engagement letter with the law firm is executed, or in anticipation thereof after speaking with an attorney. If applicable, then to the extent required by Rule 7.3 of the Ohio Rules of Professional Conduct, please note that parts of this document may contain ADVERTISING MATERIAL.
