The Benefits of Retained Executive Search in 2023's Economic Environment
40% of CEOs today believe their business will not be economically feasible in a decade without significant change.
Economic and wider global instability, alongside the ongoing cost of living crisis pave a challenging path for leaders over the year ahead. Driving business transformation and innovating new, more diverse product and service offerings across the wider STEM industries will require the right leadership and talent to fuel success across this time of change.
Labour and skills shortages remain major disruptors to long-term profitability, according to PwC’s recent CEO survey. However, bridging talent gaps at senior and executive levels is not without its risks.
In this article, we’ll explore three benefits behind retained search for executive hires and provide actionable solutions and advice to support your hiring strategy.
Read on to learn more about:
- Avoiding making a mis-hire
- Building a persuasive candidate experience
- Cultural fit and retention
Benefit 1: Avoiding making a mis-hire
The cost of recruitment can spiral when mis-hired employees enter the workforce, particularly at senior levels – such as those that we hire in our team at Search By SRG.
Business disruption and hampered team productivity can erode continuity and organisational profitability, inevitably leading to a repeat recruitment process and additional costs of interim recruitment or extra pressure on team members while the recruitment process takes place.
According to research, mis-hires are most often made due to the following five factors:
1) Pressure to quickly fill a position
2) Difficulty finding qualified candidates
3) A focus on skills over attitude
4) Lack of tools to find the right person
5) Incomplete background check
Solution: Invest in hiring accuracy
Hiring accuracy is crucial when engaging with any recruitment partner. Take the time to assess your recruitment partners’ fill-rate, as well as their time-to-fill. This will help demonstrate the reliability of their approach and the breadth of their candidate network.
Retained executive search solutions like those provided by Search by SRG help organisations in STEM achieve a high standard of hiring accuracy due to each consultant’s dedicated approach to every client. At Search by SRG, our talent consultants go beyond drawing from our candidate pools, to actively headhunting for the perfect hire.
Successful and accurate hires are made when organisations are well-equipped with the right network, resources, and expertise to build a comprehensive and informed talent process.
Benefit 2: Building a persuasive candidate experience
Candidate experience describes the way your company processes applications and connects with candidates across the recruitment process. It can also involve ‘employee value propositions’ or EVPs, where organisations presents reasons for candidates to consider your organisation.
Building out an EVP means investing time and resources into your recruitment brand identity and communicating this out across channels like social media to reach your candidates.
However, mapping out a holistic candidate experience with an accurate and aligned EVP strategy for your roles can be challenging when internal resources are already allocated and time is limited.
Solution: Collaborate to build your candidate experience
Working with a trusted recruitment partner who can invest the time to collaborate with you and tailor a targeted recruitment strategy and EVP offering can mean gaining access to more passive talent.
In senior and technical positions such as those that Search By SRG specialise in, the active candidate market can be limiting. We work collaboratively with our clients to headhunt ideal candidates and win them over with tailored and meaningful candidate experiences. (https://www.srgtalent.com/clients/our-services/search-by-srg)
Benefit 3: Cultural fit and retention
Finding a candidate who not only fits in with your wider team but is willing to stay is particularly challenging given the volatility of the overall recruitment market.
SRG and New Scientist’s STEM global survey shows that the after-effects of the great resignation continue to echo, as 35% of UK and US STEM employees, and 39% of Europe STEM employees say they plan to leave their organisations this year.
Meanwhile, skills shortages mean that top talent with niche skills is in high demand, and attrition is high.
Solution: Use the right tools to find the right person
Research into mis-hires indicates that both a focus on skills over attitude and a lack of tools to find the right person is a key driver behind hiring the wrong person.
Overcoming this means using the right tools, such as reliable psychometric assessments and objective interview processes, to determine cultural fit and attitude as well as ability.
At Search by SRG, we hire using psychometric assessments, video interviewing technology and specialist consultants who are dedicated to specific projects and fully invested in achieving hiring success.
Latest News, Events & Insights
Why is Diverse Leadership in STEM Important?
Jacob Midwinter, Director of Sales and Search by SRG, discusses the key success factors behind driving diversity in leadership, as well as the challenges and opportunities leaders in STEM can expect to encounter along the way, with senior leaders Julia Buckler - QIAGEN, Dr. Amy Smith - CPI, Rich McLean - GPAS, Dr. Garry Pairaudeau - Exscientia, and Professor Charlotte Deane - Exscientia.