Successful talent management strategies for executive search have a profound impact on organizations, which rely on effective leadership for profitability, innovation, and a vision for the future. Finding the right executive talent, however, is also profoundly challenging, as is successfully onboarding and retaining them. Here are a few traits of a successful executive talent management process.
A Candidate-Centered Process
The best executive search strategies are candidate-centered, which can be a radical approach from how other talent is managed. Executive candidates are special, and they know it. In many cases, only a handful of people in the entire world possess the skill set needed for a particular executive position, and once you find one or a few of those candidates, you need to treat them appropriately if you want them to consider your organization a viable option.
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Executive search is a high-stakes process, and organizations need to be willing to invest time, money, and resources to hire the best possible professional for an executive position. If your hiring team is even a little bit hesitant about being able to find and hire the right executive, using an executive search firm can be a positive strategy to get the help and expertise you need in this area.
Commitment from the Hiring Team
The hiring team’s level of commitment can determine the success of any executive search. If you put off interviewing until the team has time, talented executives may slip through your grasp and leave you with no one you deem suitable for the job. Commitment means interviewing candidates promptly and spending the time evaluating the results of the interview so that a quick decision can be made before the candidate takes another offer.
Attention to Detail
Although decisions need to be made in a timely fashion in executive searches, the process still involves a lot of research and checking into candidate backgrounds, skills, and abilities. It is a time-intensive process, but not taking the time may result in very expensive hiring mistakes that can cost an organization hundreds of thousands or even millions of dollars in lost productivity and opportunities.
Hallmarks of Successful Executive Talent Management
You know your organization is successful in its management of executive talent when you are able to hire executives that move the company toward its goals and objectives without a long search, when they quickly acclimate to your organizational environment and begin to be productive within a short period of time, and when they are retained five years or more. (4.9 years is average tenure for an executive.)
Thrive TRM helps organizations implement successful talent management through a comprehensive tracking process that can also create reports to keep the hiring team up-to-date on the progress and status of hiring events. Ready to see the power of Thrive TRM for yourself? Schedule a demo today.