Recruiting, hiring and evaluating a potential new employee is not only a basic function of management, but in fact may be the most important task management undertakes. Hiring the wrong person can be a disaster financially, politically and strategically. The cost of replacing and retraining a top-level executive is estimated at a minimum of 1½ to 2 times the annual salary of the executive. A bad hire sets back the organization’s forward momentum and sends a negative message to the staff, clients and competitors.
The difference between a scientific search and chance:
For a company to find individuals who will be performers…takes time, cost and luck.
Executive search conducted by search professionals typically produce a significantly better outcome for two important reasons. First, candidates are of a higher quality than those simply responding to an advertisement. Active recruitment of candidates who aren't in the job market is critical. Brooke Chase Associates, Inc. has learned that the best candidates are:
Candidates such as these do not respond to job boards or advertisements, and you will certainly not find their resumes online.
Second, a search consultant brings a fresh perspective to the organization, focusing on "fit for the corporate culture" as well as the position criteria. You can teach skills, but if there isn't a good cultural fit, the new executive will have marginal or even no success at all.
Learn about the differences between retained and contingency search.