When a company can build an effective in-house executive search process, it can have many advantages including cost, culture, and creativity. But those advantages depend upon having the right team, the right attitudes, and the right tools and resources to carry out this monumental task.
Rather than using an executive search firm that may not have a good idea of the company’s specific needs and may have many other clients to service, an in-house team can be just what your company needs to find the right executive talent. Here’s how in-house search has advantages in terms of cost, culture, and creativity.
Cost Considerations for Executive Search
For small companies who may only conduct one executive search every few years, it may not be cost-effective to form an in-house search team with at least one dedicated recruitment expert, but if your company conducts multiple executive searches each year, it could easily cover the salary of an in-house recruiter or even come out ahead in many cases. After all, the average fee paid to an outside recruiter is about 30 percent of the average executive’s salary of about $250,000, or about $75,000 per executive.
You might be tempted to form your executive search team with just representation from your HR department and existing company leadership, but executive recruiting generally requires more. Dedicated expertise is typically needed to conduct a search that uses best practices in executive recruiting and can unearth the top talent the company most needs.
What About Your Culture?
Company culture is often difficult for outsiders to pin down, but those inside the company seem to understand it instinctively, particularly if they have been with the company for a long time. In-house executive recruiters can consider culture with much greater accuracy than recruiting firms that have only a shallow familiarity with your brand.
Matching candidates to culture impacts retention of those candidates and can be more important than even skill levels to the candidate’s eventual success in some cases. In-house search teams are uniquely qualified to attend to these requirements.
In-house Searches Can Be More Creative
Recruiting firms have set methods for their recruiting; they do what they have found works for them, and they are reluctant to vary from those methods much. In-house teams have an advantage over firms in one way, and that is their ability to be creative and use unique methods that work better for them. Customizing executive search methods may seem like a risky proposition, but doing everything the same way isn’t necessarily better either. The best of all worlds is forming a unique search process that works best for your particular company and situation.
Thrive TRM can facilitate all your executive search needs with data collection and analysis tools, private communication, and instant reports that will let your team know how its efforts are working. This versatile software tool has a platform that works across computers and mobile devices for convenience on the go, keeping team members connected and able to see updates in real time. Schedule a demo to see what Thrive TRM has to offer your in-house executive search team.