In my article last month I said that hiring key executives within an organization – and partnering with recruiters who’ve made a career of finding these key executives – has become more necessary than ever before. This month I’m presenting you with some reasons as to why – over the course of my long career in the industry – this is true. If you really take the time to consider these points you’ll agree.
– Hiring friends won’t work unless your friends happen to be the best and the brightest in the industry. You may trust your friends to be loyal and have your best interests at heart, but are they truly the best people for the job? And are you willing to risk a friendship over it?
– You may have a strong network, but you’re biased in favor of your own organization and candidates know this. Everything you say they take with a grain of salt.
– You hay have an idea of what you need this candidate to do within your organization, but how many people have you personally hired for these types of positions? One? Two? Five? A seasoned recruiter has hired dozens or hundreds – for different companies and different corporate cultures. Bad hires are expensive. The expertise a good recruiter brings to the table more often than not is worth far more than the fee they charge for their services.
– As a hiring manager there are many questions you simply cannot ask without running the risk of violating certain employment laws, which means you may miss a candidates true motivations as to why they want the job or how they’d truly fit in with your corporate culture. Recruiters are experts at getting to the very root of these issues, and candidates will often reveal things about themselves and their personal situations that they would never discuss with a prospective employer.
– A good recruiter will act as a true partner and save you countless hours that you can devote to running your business. Further, they will contact all the potential candidates who could possibly be a fit for the position. A business owner or hiring manager doesn’t have the time to do this, and if they did have the time then I’d question how necessary they are to the business they are attempting to run.
– Recruiters – the good ones at least – talk to everyone in their niche. For example, in the Southern California Cannabis Industry as of this moment the market for CFO caliber executives with industry experience, knowledge of crucial regulations, access to working capital sources… is roughly 2000 people. I can say I’ve had in depth conversations with or am connected to almost all of them.
This is relevant for two reasons. First, if you’re a business owner looking to hire someone like this, do you really have the time to call each of these 2000 people and discover the best possible person for you to hire? I’ll give you a hint – you do not. And second, I would argue that I have a much greater idea as to the pulse of the industry in this area than most business owners simply because I’ve had repeated and regular conversations with executives from 2000 plus companies. That’s a lot of market intelligence. I know who’s happy and I know who would change companies for the right opportunity. I know what the compensation range should be, why they may be looking and what’s going on within their current organizations. In short, I have information on your direct competition. While ethics and integrity prevent me from getting too specific in my discussions there are certainly clients who would benefit from this type of industry knowledge, and many of them are willing to retain my services just for this alone.
I could keep going, and perhaps in future articles I’ll do just that, but you get the idea. Most people don’t represent themselves in legal matters. They hire an attorney. Most people don’t prepare their own taxes. They hire an accountant. Why? Because they want the best advice they can get. The same should be true with hiring key individuals in your organization.