The massive risk of a “bad hire” is quite prevalent in today’s market, with enormous cost implications for companies looking to hire top talent. The consensus is growing, it’s time to collectively reinvent executive search, embracing adaptability in order to succeed within today’s fast-paced business world.
Executive search began when the need for experienced executives could not be filled internally requiring a different approach to retain talent. Currently, it represents a $12B industry. In the last twenty years, a massive shift occurred throughout global markets, with additional markets emerging with a powerful influence, yet little to no change took place within the fundamental structure of executive search.
The massive risk of a “bad hire” is quite prevalent in today’s market, with enormous cost implications for companies looking to hire top talent. This fascinating report describes how a “bad hire” can cost a company around $240,000 in expenses. Along the same lines, a study and survey on corporate executive search practices conducted by the Executive Search Information Exchange states that 4 out of 10 searches fail to successfully hire an external executive. The consensus is growing, it’s time to collectively reinvent the current process, embracing adaptability in order to succeed within today’s fast-paced business world .
Per LinkedIn, up to 85% of jobs are filled through networking. In total, 63% of recruiters say a talent shortage represents their biggest challenge. While many industries have been disrupted over the past two decades, executive search is not one of those industries. Yes, there have been technological improvements, but at its core, executive search has not evolved significantly.
The industry is poised for disruption, let’s look at a few things that will help move the industry in the right direction.
SucceedSmart was created to bring about the disruption desperately needed within the executive search industry, providing executive talent and hiring managers with the tools needed for success. To learn more visit www.succeedsmart.com.