Companies face a choice when it comes to hiring top talent for leadership positions. Traditional executive recruiting methods are time-consuming, expensive, and don’t always yield the best results. On the other hand, modern approaches that utilize powerful technology have the potential to help companies find high quality candidates in less time and for less money. However, you look at it, finding the right people to fill positions is challenging for every business. Hiring the wrong person can be disastrous for any organization—from negative PR, poor morale and a lost opportunity from workers who don’t fit well with their new team members. Here’s an overview of both traditional and modern strategies. Which do you think represents the best fit for your company?

Traditional Executive Hiring vs. Modern Executive Hiring

1. Time-to-Hire

Hiring an executive using traditional executive search methods, the status quo for over 50 years, typically takes between 4-6 months to complete and 40% of all searches fail to make a viable hire! On average, modern executive hiring reduces time-to-hire to 4-6 weeks. Your organization can use all of that saved time to get a jump start on other executive hiring needs. Hiring an executive using traditional executive search methods, the status quo for over 50 years, typically takes between 4-6 months to complete and 40% of all searches fail to make a viable hire! On average, modern executive hiring reduces time-to-hire to 4-6 weeks. Your organization can use all of that saved time to get a jump start on other executive hiring needs.

2. Diversity

Traditional executive hiring puts companies and candidates at the mercy of the conscious and unconscious biases that exist within the executive recruitment team. Modern executive hiring offers an opportunity to protect recruiting resources from conscious and unconscious biases by completely removing personally identifiable information about candidates at the outset of the recruiting process, offering every candidate an equal opportunity to progress based on their accomplishments and competencies. Traditional executive hiring puts companies and candidates at the mercy of the conscious and unconscious biases that exist within the executive recruitment team. Modern executive hiring offers an opportunity to protect recruiting resources from conscious and unconscious biases by completely removing personally identifiable information about candidates at the outset of the recruiting process, offering every candidate an equal opportunity to progress based on their accomplishments and competencies.

3. Technology

Traditional executive hiring offers nothing more than 5 decades of evolutionary stagnation. Modern executive hiring offers the opportunity to combine the powerful AI along with a light human touch. Today’s technology works seamlessly with your organization’s critical executive searches, promoting a transparent and democratic process. Traditional executive hiring offers nothing more than 5 decades of evolutionary stagnation. Modern executive hiring offers the opportunity to combine the powerful AI along with a light human touch. Today’s technology works seamlessly with your organization’s critical executive searches, promoting a transparent and democratic process.

4. Efficiency

Traditional executive search has removed information symmetry from the hiring process, leaving your company in the dark about the entire candidate pool, hindering your ability to make the best decisions for your organization. Modern executive hiring offers companies unfettered access to the entire candidate pool, allowing the hiring team to quickly update search parameters without derailing the entire process. Go ahead, use the extra time to complete other deliverables. Traditional executive search has removed information symmetry from the hiring process, leaving your company in the dark about the entire candidate pool, hindering your ability to make the best decisions for your organization. Modern executive hiring offers companies unfettered access to the entire candidate pool, allowing the hiring team to quickly update search parameters without derailing the entire process. Go ahead, use the extra time to complete other deliverables.

5. Price

You guessed it, traditional executive hiring includes placement fees that can cost your company about $120,000 per hire, with 66% of those fees paid before an offer is even extended! That’s an eye-watering sum. Modern executive hiring doesn’t require expenses for office space, furniture, utilities, etc. It’s not only more effective than traditional executive search, modern hiring typically costs 68% less! You guessed it, traditional executive hiring includes placement fees that can cost your company about $120,000 per hire, with 66% of those fees paid before an offer is even extended! That’s an eye-watering sum. Modern executive hiring doesn’t require expenses for office space, furniture, utilities, etc. It’s not only more effective than traditional executive search, modern hiring typically costs 68% less!

Conclusion

After a 50 year history, the time has come for traditional executive hiring and its lackluster record of innovation and results to retire. SucceedSmart stands ready to disrupt the industry by delivering a modern executive search platform

Our clients include Fortune 500 high-growth corporations and venture-backed startups that know SucceedSmart will deliver. To illustrate this point, we just filled a position that one of our client’s had open for over 6 months, in under 35 days! As our client you’ll immediately appreciate the platform’s simplicity, transparency, efficiency, affordability, and focus on diversity.

Schedule your demo today to start finding the future-ready leaders needed to drive organizational success.