Published:
07/16/2014 10:44am
Help! My Building’s on Fire!
“We’d love to use your firm but have no immediate need at this time.” These are the words most echoed when approaching potential clients. It could be a “blow off” or part of a much bigger problem; addressing the need when it’s too late.
Too often, companies wait until the very last minute to bring on the expertise of an executive search firm to assist them in finding an individual that will be the right fit for the open position. Why do so many companies seem ill-prepared to address executive exits?
“52% of executives considered leaving their jobs in 2012”(ExecuNet, 2013 21st Annual Report)
“46% of new hires leave after 18 months” (Forbes, May 2013)
“Only 30% of American workers felt a strong connection to their company and worked for it with passion. 52% emerged as “not engaged”, and another 18% as actively disengaged.” (Gallup Survey)
Executive search firms are only perceived as necessary when there’s an immediate need, such as finding the right candidate to fill an unexpected void in an executive position. This demand results in firms that are solely dependent on filling the vacant position in a short time span, which in turn results in a shortened life-cycle of value to the client. This perception has to change; clients, prospective clients and search firms - I’m talking to you! I love to hear from clients when they need a new CFO “yesterday”. Let’s be honest, it’s the bread and butter of the executive search firm world; it is what we have trained for, it puts food on the table and more importantly, we love helping companies succeed through talent acquisition. Those reasons (and many more) are why I love my career…and yes, that is a shameless plug!
So, how will companies successfully re-position themselves despite this ongoing trend and be prepared when a key executive leaves? It all starts with, wait for it….a strong relationship and understanding between the firm and the client! This can only achieved by rethinking the way both parties engage, and always remembering that it’s a two way street.
Clients need to allow the firm to attach itself to the big picture, so they are able to develop a talent strategy and vision, rather than waiting until an urgent need.It’s like waiting to call the fire department until the building is fully engulfed in flames, rather than at the first sign of smoke. Companies need to get into the mindset that there is always smoke – in each company lies the constant potential of important executives leaving the company.
Executive search firms need to provide more value than just putting out the fire; the search firm must take a vested interest by being involved in all aspects of their clients’ ongoing talent strategy. They need to spend time with the company to gain a clear ongoing understanding of the organization and its policies and procedures.
Only when these criteria are met will both parties be able to see and smell the smoke before it gets out of control. The business landscape continues to evolve and when an executive search partner helps clients be proactive rather than reactive, it’s a mutually-beneficial, beautiful thing.
