40% of all executive searches fail to place an executive in the needed vacancy, why? Today, with so many technological solutions to the obstacles commonly faced during the job search process, it may seem easy to find and hire the right applicant for the job, but this is not the whole story. Too often executive searches are mishandled and sabotaged by the very company trying to make the hire. Some common mistakes include:
- Delayed start or inefficiency during the hiring process
- Eliminating viable applicants due to incorrect education or experience standards
- Staffing changes affecting the leadership of the executive search
- Little to no buy-in from other executives
What it comes down to is efficiency and dedication, dedicated leadership who will make sure to set an accurate threshold for applicants and adequately consider every candidate who surpasses it. A goal of efficiency substantially reduces the cost of the process and ensures productive decisions are made. While an executive search necessitates caution (it is very dangerous to fill a vacancy with an improper hire) it is an extraordinarily, expensive process with the ability to waste vast amounts of time and so speed is of the essence. “Research by Gallup estimates that actively disengaged employees in the United States cost businesses anywhere from $450 billion to $550 billion in lost productivity each year.” This is a staggering amount of money that can be easily avoided by hiring the correct executive for the position, a feat which is directly affected by a company’s cohesion, engagement, and familiarity with the executive search process.
Chilmark Advisors seek to help both the hiring companies and the applicants by cutting down on wasted time and resources. By matching companies with their most fitting applicants, we essentially provide a filtering service for hiring companies as well as holistic job search help to searching executives. Executive search firms help to minimize the wasted time and money that so often results from failed, or simply inefficient, executive searches and therefore chip away at that 40% of executive searches which fail.
The unreliability of executive searches is a product of mistakes made by both the hiring company and the applicant. By reducing the errors made by both parties, executive search firms help to streamline and simplify the process and make it easy for both the business and the executive. As is so often the case, a third party (such as an executive search firm) can provide the perspective lacking from a transaction between the first two parties; but it is still up to you to utilize that power effectively.
by Stella B.