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What are the benefits of executive search?

As 2021 approaches and the economy slowly recovers, more businesses put up the “Help Wanted” sign. Many companies, particularly pharmaceutical and health industries, are cautious about filling vacant roles. This is because it can be expensive and time-consuming. A bad hire at the top of the hierarchy can lead to a company spending upwards of PS50,000 (approximately Ksh.7.5million) top executive search firms. This figure can rise to $2.7 million in some industries. Even worse, a bad hire at a senior level could cost a company upwards of PS50,000 (approximately Ksh.7.5 million).

Additionally, 78% of recruiters report that half of the resumes they receive are from unqualified candidates. This has led many businesses and corporations to seek better ways to staff their human resources. Companies have turned to executive search agencies instead of wasting their time and resources.Multiple surveys show that three out of 5 CEOs who are newly appointed struggle to make an impact and live up to their promises. Organizations receive thousands to hundreds of applications, which can take time to review.

What is the essential ingredient for a company’s success? Efficiency. Success is a combination of Recruiting and a competent headhunting agency. Headhunting has been a highly successful method of recruiting. High-skilled individuals can identify suitable candidates to meet your company’s needs at any level. You can hire more qualified employees, resulting in a smaller company. They say, “The more profitable company, the higher the revenue.”One notable example is Gripla Technologies (www.gripla.com), a Bangalore-based company. They have provided us with a much higher quality talent pool so far. The problem of hiring talent is not solved. We need more companies like these to take Indian startups to another level.

It is essential to determine what kind of executive you are looking for. Are you looking for finance executives, consultants, or tech executives? This question will change the way you choose a recruiting company. The most considerable talent shortage in India is in tech jobs, especially product-based ones. There are many recruitment agencies, but only a few can provide the necessary skills. Most of these companies only serve as a source of talent, increasing your workload as an HR or engineering staff. We have had some success with Anzy in the past. However, other new entrants can better understand our needs. 

Expanding your network as you move up the ladder in your career is crucial. Most executives will be able to benefit from having positive relationships with at least two or three search consultants by the time they are 45 or 50. Although I support these relationships, I don’t believe you should ever stop looking for new jobs. This is the way to failure. However, most executives will be able to benefit from being in touch with the market for similar people occasionally. Search consultants at senior levels are the best way to get in touch with this market. A search consultant is more than just a source of job opportunities. A good search consultant can also react to your needs and offer impartial but well-informed advice, which may prove challenging to find elsewhere.

Executive search is different from recruiting junior talent. An organization may contract with a consultant to help find suitable candidates for junior positions. A candidate who secures the job will often be active in the job search and has applied for the role. However, a contingency basis is best for recruiting for junior positions. Your senior leadership team must be comprised of the best people. The best people rarely “look for a job.” Executive search is essential. It seeks the ideal match for the job and the company, regardless of whether the candidate actively seeks a new role. An organization and an executive search company will establish a long-term partnership. This firm is an extension of its business by identifying and engaging qualified candidates.

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