Recruiting Tip #1: Executive Search Is Not Only For Large Companies
Changes in a company’s management team are something every business deals with at some point. These changes may occur for many reasons, including resignations, mergers and acquisitions, retirements, growth, marketplace issues, new products or new services, market expansion and others.
Whatever the reason, the replacement or addition of a key management person in your organization is very challenging. Even in the current employment market it is still very difficult to find the right leader who will fit in your organization. Furthermore, the impact of hiring the wrong person can be huge.
For most companies, senior level hires are not needed on a frequent basis; thus, most companies are not prepared to adequately address a vacancy when it arises. Their internal recruiting departments may be very good at handling the company’s regular recurring needs, but they do not have the experience to handle the recruitment of senior level or unique one-of-a-kind positions. In these cases, many companies hire an executive search firm to assist them in identifying and attracting the right candidates for these positions.
Unfortunately, the problem is that most businesses believes that the executive search process is only available to and used by large companies. The reason for this is that 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 to smaller sized companies which can benefit most from executive search services. A single senior level hire will have a much larger impact on the success and growth of a smaller company, and the hiring of the wrong person in a key role at a smaller company can be disastrous. Also, smaller companies have fewer available internal resources and less experience in identifying and attracting viable candidates for new management roles. As a result, 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. They wanted to make sure they brought in the right person for this role because the position was a very critical one to the success of the company.
The replacement or addition of key management is very important to any size organization. Hiring the wrong person results in a negative impact on customer and vendor goodwill, lost revenues, reduced income and a significant detriment to company morale. The price is too high to make this mistake.
Carl J. Taylor & Co. (http://www.carltaylorco.com) 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.
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