Why Do So Many Companies Overspend on Execcutive Search
More than ever before, employee searches for top executives are complex undertakings. The normal “competitive” job market is more multi-faceted than ever which makes controlling search costs (time and dollars) an unforeseen challenge. But there are clear actions you can take to ensure an efficient search process.
Nail down your position description: Starting with an old job description or boilerplate outline can waste time and money; make sure the job description is current and relevant.
Define search budget and deliverables early: What kind of search contract are you after – contingency or retained. Set a budget, work with your search partner to establish timelines, utilize a process that takes into account the time and effort of candidates. Know all the fees associated with the effort; be aware that some search firms charge a minimum fee for any project or a monthly fee during the duration of the project.
Commit to an interview timeline: Clearly organizing the interview process will save you time and money through multiple candidate visits or involvement of internal staff.
Use a competent salary negotiator: You need someone that understands the executive marketplace for your specific hiring category to educate both you and the candidate when the best deal is being made. This avoids losing a great person and delaying the hiring process.
Companies that take an active role in the executive search process will spend less and get better results. For help with your executive search reach out to HRG Search or send a message to Brenda Snyder or Jerica Pacifico via LinkedIn.