Recruiting Myth #1 - Executive Search Is Only For Large Companies
Every business deals with changes in its management team. These changes may be brought on by a wide range of reasons, including retirements, resignations, growth, mergers and acquisitions, marketplace issues, new products or new services, market expansion, and others.Whatever the reason for the change, the addition or replacement of a key management person in your organization can be very challenging. Even in the current employment market in which many qualified professionals are actively seeking a new opportunity, it is still very difficult to find the right leader who will fit in your organization. Furthermore, the impact of making the wrong hire can be huge.
Generally speaking, senior level hires are not needed on a frequent basis; thus, most companies are not prepared to adequately address them when they arise. Their internal recruiting departments or individuals may be very good at handling the company’s recurring needs, but these internal resources are usually not experienced in handling the recruitment of senior level or one-of-a-kind positions. Many companies engage an executive search firm to assist them in identifying and attracting the appropriate candidates for these roles.
Unfortunately, the problem is that most of the business community believes that the executive search process is only available to large companies. Most of the stories you read about executive search involve assignments for very well known Fortune 500 Companies and their very high priced executives.
In fact, it is the mid size and smaller company which can benefit most from executive search services. A single senior level hire will generally have a much greater impact on the growth and success of a smaller company, and the hiring of the wrong person in a key role at a smaller company can be disastrous. Furthermore, smaller companies have less experience and fewer available internal resources to identify and attract viable candidates for new management roles. Thus, they often rely on informal networks, job boards, and other indirect methods to select a new key person.
Recently, Carl J. Taylor & Co. was engaged by a $10 million (yes, ten million dollars in revenues) manufacturing company to assist it in finding a new Vice President of Sales. The President and his management team had exhausted their networking resources, and they did not have the time to spare to look for this person. The position was critical to the success of the company, and they wanted to make sure they brought in the right person for this role.
The addition or replacement of a key management person is very important to any size organization. Hiring the wrong person results in lost revenues, reduced income, a negative impact on customer and vendor goodwill, and a significant detriment to company morale. The price is too high to make this mistake.
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Carl J. Taylor & Co. is an executive search firm based in Dallas. For over 20 years, the firm has successfully completed challenging search assignments for clients of all sizes in Texas and around the country. If you would like more information about this or other executive search related topics, please call Carl Taylor at 972 490-7697 or email him at ctaylor@carltaylorco.com. The company website is http://www.carltaylorco.com.