As the year 2021 begins and the economy slowly recovers, more and more businesses are displaying a “help wanted” sign. However, it’s understandable that many businesses, particularly those in the healthcare and pharmaceutical sectors, are wary about filling open positions.
Recruiting staff members can be a time-consuming and expensive process. A “bad” hire, for instance, can cost a business upwards of £50,000 (approximately Ksh.7.5 million) at a senior level. This figure could reach $2.7 million in some industries.
Far more terrible, recruiting a President for the long run could end up being a hazardous move. Multiple surveys indicate that three out of every five newly appointed CEOs struggle to have an impact or live up to their expectations.
With each passing year, it is becoming increasingly difficult to recruit top talent in numerous ways. Additionally, businesses receive hundreds or thousands of applications, each of which necessitates a lengthy screening process. In addition, research indicates that 78% of recruiters claim that half of the resumes they receive are from candidates who are not qualified.
Numerous businesses and corporations alike have looked for better and longer-lasting approaches to human resource staffing as a result of these factors. Companies have chosen to employ executive search recruitment agencies as an alternative to wasting time and resources.
These kinds of services are very good at helping businesses meet their needs for human capital. Additionally, Blue Rock Search assists businesses in selecting the ideal candidates or prospects from a predetermined pool.
In 2021, using an executive search firm has three advantages.
Advantages of Executive Search Firms
They Aid in Securing Top Talent
A lot of businesses think they can hire an executive on their own because they have the resources and expertise. However, this is not the case because scheduling appointments can be challenging. To attract top talent, the company cannot simply advertise open positions on its website.
In fact, top executives rarely spend time looking for open positions on job portals. Flexi Personnel is one of many leading executive search firms with a large and extensive database of highly skilled individuals. With the assistance of executive search firms, which have specialized in such areas, it is therefore easier to find a talented senior.
Moreover, top chief hunt firms like Flexi Work force approach significant level contacts in numerous ventures. They are able to target candidates that no one else would have considered because of this.
According to a report that was published by Linked in, 48% of businesses got high-quality hires from referrals. It’s possible that traditional hiring methods won’t be enough to compensate for the talent shortage.
Manpower Group estimates that 45 percent of businesses have trouble finding workers with the necessary skills. Since 2006, studies have shown that it is becoming increasingly difficult for businesses to fill positions that require top talent.
Companies and organizations have turned to executive search firms as a result of these factors. These services not only help you find the best employees, but they will also save you a lot of time and money.
You’ll save time and money
Making money requires money. This is especially true when it comes to hiring and keeping employees. One of the most expensive aspects of running a business is hiring employees. Additionally, the screening and hiring of new employees takes a long time.
According to Toggle Hire, hiring is one activity that small business owners spend approximately 40% of their time on. According to the same study, it takes approximately 42 days to fill an employee’s vacancy. A senior position can be filled in as little as six months in some instances.
According to a study conducted by the National Association of Colleges and Employers, hiring an employee costs businesses with fewer than 500 employees approximately $7,645. According to other studies, this amount is around $4000.
It doesn’t stop there. Companies frequently offer training programs to new hires. The Manpower group found that 54% of businesses offer additional training programs to make up for a lack of talent. Additionally, such training programs are costly.
Hiring is a time- and money-consuming process. Using executive search firms would be in a company’s best interest for these reasons. When it comes to hiring, executive search firms help you save time and money.
Executive Search Firms Help with Securing Experienced Personnel
With each passing business year, it gets harder and harder to find experienced candidates to hire. Executive search firms can help.
The procedure can be costly and time-consuming, as previously mentioned.
The current employment rate in the United States was approximately 3% prior to COVID-19. The current employment rate increased to 6.7% in response to recent events. This indicates that businesses in this industry are constantly competing for skilled and experienced workers.
In contrast to other nations with high unemployment rates, it is extremely difficult to find experienced and skilled workers in these markets. However, in such a competitive market, the chances of landing an experienced candidate are high with the assistance of an executive firm like Flexi Personnel.
In conclusion,
Executive search firms are becoming increasingly popular, which is not surprising. When it comes to hiring, businesses that don’t use search firms run the risk of making bad hires, which can be costly for the business.
You could also think about hiring an interim manager. In the short term, putting these people on a small retainer may solve your managerial issues. They also play a crucial role in business transformation and filling managerial vacancies. Here, you can learn more about interim managers and what they do.
Employing executive search services can provide many advantages. They include making hires on time, using processes that save money, and employing top talent. So, should you hire executive search firms for recruitment assistance? Absolutely!
