A report released last month took a look at the global trends impacting the financial services industry, noting that recruitment is a sticking point for many in the business.
A significant majority (89 percent) of the 1,100 executives who took part in the Robert Half survey said they had encountered recruiting challenges, while nearly as many (83 percent) said they were concerned about retaining top performers.
In the interests of being thrifty, some financial services companies elect to hire directly rather than involving an executive search firm, but these types of money-saving efforts often end up proving costly in the long run. When viewed in light of the negative financial impact – not to mention the corporate upheaval – of a bad hire, the cost of enlisting an executive recruiting company to help find the right person for the role is a sound investment.
What does an investment in search really mean?
Some companies eschewing executive search services may think they are doing themselves a favor by keeping the process in-house, but what they fail to realize is that they’re also denying themselves access to the wealth of information and experience that recruitment firms bring to the table.
After all, filling high-level roles is literally their business, and the executive recruiters that work with companies throughout the search process bring their copious experience to the table. This can be priceless in terms of injecting expertise into the undertaking and introducing a perspective from which companies would not otherwise be able to benefit.
Experienced executive recruiters have a wealth of knowledge to draw upon and are well-positioned to guide businesses toward making the best choices by weighing aspects that may not otherwise be adequately prioritized, such as the dynamics of how different firms operate and the environments in which potential candidates are used to working.
How important is culture?
During a recent leadership conference held at The Wharton School of the University of Pennsylvania, Denise Morrison, president and CEO of Campbell’s Soup, noted that she had passed on hiring otherwise viable candidates due to concerns over cultural mismatches.
“They’re very smart; they’re very capable,” said Morrison, as quoted by The Corporate Executive Board. “But we just don’t know if they will fit into the culture.”
That said, it can be tough to gauge how well an executive will assimilate into a company without actually giving him or her the chance to do so. This is where professional recruiters’ experience comes in, and companies should take advantage of the years of successful searches they have under their belts.
About Caldwell Partners
Caldwell Partners is a leading international provider of executive search and has been for more than 40 years. As one of the world’s most trusted advisors in executive search, the firm has a sterling reputation built on successful searches for boards, chief and senior executives, and selected functional experts. With offices and partners across North America and in London, the firm takes pride in delivering an unmatched level of service and expertise to its clients.