Starting a business can be an intimidating feat on many fronts. But for those who are able to get things up and running, the hard work and potential obstacles or pitfalls don’t end there. Having the right people on staff at any company or business is crucial to keep things running smoothly, and working toward a profit and an overall successful business. Unfortunately, at times there are plenty of factors stacked against employers who are trying to find the best candidates for the perfect fit in each position. But by hiring an executive search consultant, some of that guess work and potential for a high employee turnover rate could be diminished.
What can an executive search consultant or firm do for you?
In one poll, over half of responding organizations, about 57% of them, reported that they considered employee retention to be a significant problem. And it has been estimated that within 45 days of getting hired at a job, 22% of newly hired employees end up leaving the job, for a variety of reasons ranging from poor work performance to issues with attitude and temperament. And this process of hiring and losing employees does not come cheaply. The cost to a business or company of employee turnover can turn out to be anywhere from 30% to a staggering 150% of the employee’s intended salary. There are many services out there to help diminish these losses and eliminate altogether those types of rapid and costly turnovers. Talent acquisition management companies and restructuring consulting firms can help to build companies up by finding the right people to work in the business. But an executive search consultant takes that a step further by finding the right fit for higher positions in the company.
Working out the kinks, one position at a time
By finding the right people for senior, advanced, or other specialized levels and positions in the company, search consultants can help to strengthen your business from the foundation. With these positions solidly filled with reliable and capable individuals, there are more trustworthy people involved who can work together to help seek out and place the right candidates into other open positions as well. Executive search firms do often do the leg work for companies that are too busy with all of the other responsibilities and tasks of getting a business off of the ground. These firms can find people currently doing the type of work that needs to be done at the hiring business, and if those individuals are impressive at the work that they do, they could find themselves being headhunted by the search agencies and the companies which are hiring. Spending the money on a search consultant or firm can ultimately save the business valuable time and excess amounts of money.
Getting a new business started smoothly is something that is incredibly difficult to do. While certainly not impossible, there are several factors at work that trying obstacles, and to successfully navigate these difficulties, it requires a great amount of persistence and hard work. Delegating a bit of that hard work out to a search consulting firm could end up saving your company in the long run.