Recruiting executives is a costly and time-consuming endeavour. According to research by Jobvite, recruiting executives can take up to 71 days. That’s a whopping 40% longer than the average time taken to fill more junior roles across industries, which stands at 43 days.
Your company will likely have previous experience in recruiting executives, so you’ll be acutely aware of why this time discrepancy exists.
Employers want to find the very best candidate – and as a result, they’ll need to work from the largest talent pool possible. That means broadening the search beyond active candidates.
Due to cost implications, employers will also want to ensure they get the hire right on the first effort. As research from the Center for American Progress shows, the average cost of replacing an executive-level employee is 213% of their annual salary. That spending will hurt any employer’s bottom line.
So to mitigate a costly risk, and maximise the scope of an executive search, employers often opt to use an executive search specialist.
Executive search firms: Their value and limitations
Executive search firms hunt for the best candidates by employing specialist researchers to draw up a long list of potential candidates.
Their value is in their research-led approach and their extensive knowledge of and access to board directors and senior executives across industries and functions, allowing them to build a large pool of top executive talent.
According to research from recruitment software company Talentis, executive search firms account for 26.3% of all C-level hires – that’s second only to candidates utilising their personal networks to find a job.
But even specialist executive search firms have their limitations. According to executive talent sourcing consultants Hoffman Reed, on average only 40% of candidates put forward are appointed to the role.
Despite this concerning statistic, technology can elevate your hiring processes.
How do you gain a competitive advantage?
Use technology for a faster, more in-depth, and less costly solution.
PitchMe’s smart recruitment solution includes a feature called Look-A-Like that can run an executive search of the entire internet using the data from an existing C-level CV or profile, or an employer’s ‘ideal’ profile.
Our technology processes 400 profiles per hour and the ready-to-call shortlist of candidates that you get matches the original profile for hard and soft skills, experience and qualifications.
To find out more, book a demo by clicking the button below.