Hiring the right people is the aim of every level of organization. This makes recruiting an integral part of a business since it decides the destiny of the organization.
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However, there are times when the internal HR practitioners of your firm are not able to fill certain roles and that is where an executive recruitment company comes into the picture. Partnering with a search firm can turn out to be extremely valuable for organizations wanting to recruit the best of the best professionals for their high-degree roles.
A bad hiring choice can cost a fortune to an organizations and there is data to prove it. 80 percent of employee turnover is due to unwise choices made at the time of recruitment, as stated by The Harvard Business Review. Moreover, a similar study made by the US Department of Labor reveals that an unsatisfactory hire can cost a firm 30 percent of a worker’s 1st year’s earning. In addition to this, a research was conducted by the Search Solution Group which disclosed the price of an inferior hire to be as high as $211,000, on the basis of a 95,000 Dollars salary.
These figures are a genuine reason of worry for companies who are yearning to have a perfect internal recruitment process, but are not close to getting that.
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Not every can afford a bad hire, especially if the same thing happens over and over again. On that account, executive search companies are high-in-demand as a plethora of organizations look for expertise when it comes to welcoming someone into their workforce.
Here are the top three reasons why linking your firm with an Executive Search Company can be beneficial.
1). It Enables Business Leaders to put their Time to Better use:
By allocating most of your organization’s resources in conducting an employee search can prevent your business from growing. Rather than spending precious time in arranging a high profile search, business leaders can focus on operations, managing employee relations, fabricating partnerships with other businesses, fostering effectiveness into several systems and so on. As they say, Time is money. So, you can imagine how valuable it is to be spent on the right tasks.
2). Sometimes, the role cannot be filled through internal expertise:
Leadership roles are crucial to any business and they are the most difficult to comprehend. It is possible for your internal HR practitioners to not have a sound knowledge of the requirements of a top-grade position and until a full understanding of the challenges and parameters of a role are grasped, it is not possible to make a smart decision when recruiting talent. Hence, executive search and recruitment organizations are highly important.
3). There is a possibility for internal resources to be limited:
Not every organization has a proper talent acquisition division and even if they possess one, it is necessary for it to be expansive. As a matter of fact, HR departments are responsible for a variety of tasks besides hiring, from handling employee relations to training to compliances, there is bunch of duties in the hand of HR professionals which can keep them occupied and let good talent slip through the cracks. Therefore, there is a huge demand for executive search companies out there.