Whether it’s because of retirements, resignations, growth, mergers and acquisitions, marketplace issues, new products or new service or market expansion, at some point every business deals with changes in its management team.
As a result, the addition or replacement of a key management person in your organization can be very difficult. Even in the current employment market it is still very difficult to find the right leader who will fit in your organization. Furthermore, the impact of making the wrong hire can make a huge impact on the success of your company.
Generally speaking, because senior level hires are not needed on a frequent basis, most companies are not prepared to adequately address the need when it arises. Their internal recruiting departments or HR personnel may be very good at handling the company’s lower level recurring needs, but these same internal resources are usually not experienced in handling the recruitment of senior level positions. In such a situation, many companies engage an executive search firm to assist them in identifying and attracting the appropriate candidates for these roles.
Unfortunately, the myth exists that the executive search process is only available to large companies. Most of the stories you read about executive search involve assignments for very well known Fortune 500 Companies and their very high priced executives.
In fact, it is the mid size and smaller company which can benefit most from engaging the services of an executive search firm. Generally, a single senior level hire will have a much greater impact on the success of a smaller company, so the hiring of the wrong person in a key role at a smaller company can be disastrous. Furthermore, most smaller companies have fewer available internal resources and less experience in identifying and attracting viable candidates for new management roles. Thus, they often rely on informal networks, job boards, and other indirect methods to select that new key person for their organization.
Recently, our company was engaged by a $10 million (yes, ten million dollars in revenues) manufacturing company to assist it in finding and attracting a new Vice President of Sales. The President and his management team had exhausted their recruiting resources, and they did not have any more time to spare to look for a person to fill this position. The position was critical to the success of the company, and they wanted to make sure they brought in the right person for this role.
The hire of a key management person is very important to any size organization. Hiring the wrong person results in lost revenues, reduced income, a negative impact on customer and vendor goodwill, and a significant detriment to company morale. The price is too high to make this mistake.
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