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The Changing Face of Executive Recruitment

Guest post by: Richard Pinsker

Article Overview: In an ideal world, when there is a need to hire an executive or professional, you would select someone from your back ‘bench’ database of pre-qualified candidates. Cost and time to get this person on board would be negligible compared to initiating a standard recruitment effort. Now, cost containment of executive recruitment can be a reality.

The Changing Face of Executive Recruitment



We know that poor hiring decisions are costly. Lost opportunities, decreased morale, reduced customer confidence, redirected efforts during re-staffing time, and recruitment replacement fees can add up to some significant dollars. The availability of pre-qualified talent when you need them will do a lot to offset these costs.

Minimize Costs and Maximize Good Hires

There are four steps you can take to minimize your recruitment cost while at the same time increase the odds of hiring people who will meet or exceed your expectations. These steps are:

1. Develop and put in place a proactive recruitment program;

2. Create and adhere to an objective and predictable hiring process;

3. Ensure hiring decision-makers are well trained in selection skills; and

4. Devise an employment offer that incentivizes desired performance.

Develop and put in place a proactive recruitment program.

In order to establish a proactive recruitment program, you need to have some understanding of the type of talent you will need to hire in the next six to twenty-four months. Some positions, such as sales persons or technical talent may be easy to identify. Certain manager and executive positions may be required to fill gaps on your team that would complete your growth strategy and business plan. Your plan for personnel additions will spearhead the efforts of your proactive recruitment program.

Elements of your proactive recruitment program should include the development of Hiring Profiles for new hires, assigning recruitment accountability to employees (in addition to your human resources personnel), identifying target sources to find the right talent, defining a process for dealing with these referrals, and developing relationships with some of the key people you will need in the future. The end result should be the creation of a database of talent that you can draw upon when needed.

Create and adhere to an objective and predictable hiring process.

A poor hiring decision is usually a result of either ignoring significant steps in your hiring process or a lack of having a minimal-risk, documented hiring decision-making process in the first place. There is an inherent risk in any hiring decision. A hiring process that provides for a more objective and predictable result will reduce the risk. It is important your hiring process be adhered to by all involved in making the hiring decision.

In addition to creating a results-oriented Hiring Profile, your hiring process should include, interview capability to get behind a candidate’s façade, your evaluation methodology to ensure a candidate meets the required criteria, a thorough reference checking process to verify your assumptions, and your understanding of the candidates’ hot buttons and expectations.

Ensure hiring decision-makers are well trained in selection skills

Those involved in your hiring process need to be trained in selection skills and be accountable for their decisions. Selection skills, and in particular, defining a results-oriented Hiring Profile, building interview skills, techniques and confidence and learning to check references that provide true evaluations are paramount to your reducing hiring risks. One-on-one coaching with your hiring decision-makers as well as group recruitment and selection workshops can provide these skills.

Devise an employment offer that incentivizes desired performance.

Your hiring process is complete only after a candidate has accepted your offer. Therefore your offer should take into consideration three important factors. First, your company compensation structure must be competitive to attractive the best candidates. Second, your specific compensation offer must be developed to motivate the candidate to obtain the results you want the person to achieve. Third, your offer must satisfy the candidate’s compensation and motivational needs.

Your compensation structure should be reviewed annually to ensure your competitiveness to the real world. There are compensation experts available to consult if you do not have in-house capabilities. Your results-oriented Hiring Profile will have identified specific performance expectations you expect the candidate to achieve. These expectations should tie in with the salary, incentives and bonus elements of the offer.

Determining a candidate’s motivational hot buttons to join your company is an essential piece of knowledge to be gained during the interview. Is it current or deferred cash that is important? Is the position title or reporting relationship of major interest for their career development? Does location, travel or medical benefit coverage enter into the candidate’s decision equation? All this information will help you create an offer that will be accepted without the hassle and embarrassment that could come from negotiation.

One Company’s Results



Developing a partnership with a recruitment and selection coach can take you a long way in containing recruitment costs by putting these steps in place. One company took advantage of this relationship by including a selection coach in their staff meetings and annual retreats, thus sharing their growth plans and future talent requirements. Anticipating staffing needs, the selection coach introduced a hiring protocol, advised on candidate sourcing and trained managers in the methodology and techniques to make better hiring decisions. Specific recruitment engagements were kept to a minimum and were only initiated for unexpected executive needs. One-on-one coaching with hiring managers helped create a reservoir of key technical and managerial talent that facilitated the company’s growth from $7.5 million to $250 million.

This economy presents an ideal time for you to take advantage of the high level of professionals who are in transition. In addition to building a talent bank of professionals for the future, this may also provide you individuals for interim management or key project positions.

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Article Tags: executive recruitment, prequalified candidates, recruitment effort
Referred by: http://www.bullseyeintegration.com



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