The Cost of an Opening
AND the cost of a search . . . . .
But first - a sub-title to add to the topic:
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Calendars kill candidates.
Search is expensive! We hear that on occasion in many forms. Most commonly, we hear it in relationship to retained versus contingent search 'pricing.'
Why do organizations use search?
We are still waiting for the call - an easy position to fill and a large fee . . . . . . . . . . still waiting! Organizations utilize the services of a retained executive search firm for a variety of reasons.
- Organizations lack the time and focused expertise to really pursue candidates from across the market for a critical position.
- Access to candidates that are not looking - according to Lou Adler, 82% of currently employed workers are not looking at position postings.
- Previous internal efforts (by internal talent acquisition staff) have not yielded the candidate needed to fill the position.
There are countless others, from the confidential nature of an opening to the unique attributes that are being sought.
How long should a leadership role go unfilled?
The difference in cost between retained and contingent search can be zero to just a few percent. The feeling received, when working with a contingent firm, is that you as the organization with the need will receive resumes immediately. The reality - these are resumes that are already in 'inventory' - not candidates that are selected for your specific situation. If the immediate blast of resumes does not yield the candidate sought, the search process becomes exponentially longer.
What is the cost of an unfilled, yet critical position?
- The sales territory is not covered . . . . . new and expanded revenue opportunities are lost.
- People in current roles are spread thin covering their own role and the role of others.
- Employee issues that should be addressed by a functional leader are going unaddressed and unresolved.
Let's help lower the cost of the opening and speed up the actual search process.
Steps to the most effective search process include:
- Give your search consultant access to all those who participate in the selection process, and encourage them to provide full disclosure.
- Allow the search consultant to partner with the hiring manager (in addition to human resources).
- RECRUIT, RECRUIT, RECRUIT!
- We are in a very competitive job market. The candidates we talk with are receiving calls from multiple search firms. They need to be assessed as part of the hiring process, but they also need to be recruited.
- Expedite the interview process to keep candidates engaged.
- We hear this all the time - we will move our appointments to accommodate candidates. The reality - the hiring manager isn't available for 2 (or more) weeks - their calendar is full. The impact - candidates wonder if the position (and their candidacy) is really a priority.
- The end product - the candidate starts to feel interview burnout based on the length of the process and, often times, the number of trips they have to make. They, as a result, will often withdraw or worse - accept another offer from an organization that moved more quickly.