Are executive search firms worth it? Every person working with an executive search firm/consultant for the first time asks this question. It’s no surprise, given the costs involved. So is executive search good? Is it really worth it?… Of course, it is, but let’s see what it can save your business and the opportunities it makes available to you.
Before we get started maybe you would like to know what does an executive search firm do? how to hire a c-level executive or how to hire a CEO?
The cost of conducting an executive search can depend on several factors. Where will the role need to be staffed? Can the talent be located domestically, or is an international search required? What will the compensation be for this new executive? Feel free to contact me if you would like to get a quote for your business.
How executive search firms improve your search
Qualified executive search consultants are experts. For example, I have 25+ years of experience and have filled 400+ senior and C-level roles. This includes:
- finding leaders for businesses expanding into other continents
- building whole leadership teams
- leading full search teams using our search firms’ global network to do in-depth global searches.
- Conducting a confidential executive search, what is confidential executive search?
What does this mean for you? This means you get an expert to take on the burden of the task. Not only that you have access to a global network of experts who can scale up and down at a moment’s notice to meet your business needs.
In a large executive search firm like Boyden, where I am a Managing Partner, we have members in our team experienced in all industries and working with businesses of all sizes from local family-owned businesses to global Fortune 500 companies.
Given this, we know how to find top talent in all industries worldwide. We can help you draft a powerful job description that will convincingly sell the opportunity to executives considering a change. Our proven search process will find you more top-quality candidates faster, from areas you may never have considered looking.
How executive search firms reduce the risk in the process
Executive search is a long and demanding process for any business. In an emergency such as an unexpected loss of a CEO, it takes a business on average 75.6 days to find a replacement. This is an emergency situation that would most likely be performed as fast as possible for most businesses. Given this could your leadership afford to lead the process? Taking 75-90 days away from their normal tasks in managing the business to find a range of suitable candidates? Most likely not.
Partnering with an executive search firm removes this workload from your leadership. To an expert, or a team of experts, depending on your needs, allowing your leadership to focus on their core duties of maintaining and growing the business. This is one of the main things which makes executive search a sound investment for most businesses as they can’t afford their CEO, CHRO, etc. to be distracted with this task.
Working with executive Search firms also enables the process of confidential executive search to be done, easier. The main reason, many businesses carry out confidential executive searches is to maintain stability in their company. Even if a current standing CMO is underperforming, it is better for most businesses to have that leadership in place while you look for a replacement. Given most c-level executives leave with only 3-4 days notice period. Many businesses don’t want to and can’t operate without this leadership for 75+ days.
This means executive search consultants can do a confidential executive search in the background, without giving it away to the incumbent leader. Something which extremely difficult to execute when the search is being managed internally.
Could Executive Search Benefit your Business?
How executive search firms create more opportunities for your business
As mentioned previously, with a partnership with someone like myself at Boyden , you would have access to a network of professionals who can tell you how much it would likely cost for you to build that new business team in another country or continent. They can also help find you find talent, in ways and at speeds that you couldn’t have without them.
The capability to rapidly scale your business up, find a niche talented leader for your business or replace talent confidentially. This enables your leadership to be more agile and more ambitious with their planning.
The need to find a new leader is infrequent for most businesses. Due to the temporary nature of the work, it ma not make sense to spend the money to develop the skills internally.
Additionally, working with a search firm enables you to find top-quality leaders no matter the region, industry, or role. As you have access to highly specialized and experienced search consultants, in each one of these niches. Addressing your business needs faster with better insight. So even if you internally hire a top headhunter permanently, their individual capacity and knowledge will not compare to a search firm’s network and team.
So is Executive Search good or worth it?
Yes, executive search is good for the majority of businesses. It expedites the search process while finding a wider range of talent for you to choose from. Outsourcing the workload to the search consultants also allows your leadership to focus on their core responsibilities of growing and maintaining the business.
If you need help with your executive search please contact me. Still not sure if a partnership with an executive search firm is right for your business? Take my questionnaire to find out!