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Search Firms: Why More Is NOT Always Better
by SelectOne on Fri, Oct 23, 2015
We’re always looking for ways to increase engagement with our clients, such that they feel compelled to work with us over our competition. But objectively speaking, there are specific reasons why it’s in the best interest of all parties to reduce the clutter of hyper-competition.
Limit the number of search firms on the job.
If you work with one firm, perhaps they’ll send four or five candidates. If you work with ten firms, it’s likely you’ll see 40 or 50 resumes. You’d assume that with more resumes there’s a greater chance of finding the right person to fill the job, but that’s usually not the case and here’s why:
Firms competing for a contingent fee are inherently incentivized to cut corners. They treat people like inventory, herding and browbeating their way to placements, where the emphasis is on quantity and speed is placed far above quality.
Top quality executive search firms and staffing agencies focused on filling highly skilled, in-demand professional and leadership roles are out in the community, cultivating relationships with top talent. This takes significant time and persistence to accomplish, but the end results provide a greater return.
Generate the best talent:
- Work with experts. Build meaningful vendor relationships with firms that have subject matter expertise and experience filling the types of roles needed. They’ll typically have passive candidate relationships which can lead to the perfect fit for the hard-to-fill roles.
- Understand the search process. A sound process and clearly communicated expectations will yield higher quality and less distractions, which will help your company hire better people faster.
- Align values. Hiring for key roles is one of the most important strategic activities you’ll undertake – working with a search firm aligned with your company values will increase their ability to sell your value proposition to the right candidates.
- Narrow scope & Communicate. When you’re questioning who the best search partner truly is for a key-hiring project, pick at most two firms to work with. Provide timely and thorough feedback on candidate submittals and interviews even when multiple firms are engaged – this will help increase the firm’s engagement level with your search.
Many firms prioritize workflow based upon a number of criteria; toward the top of the list is whether or not the firm is exclusive, engaged, or retained with a client. These requisitions instantly head to the top of the priority list because it’s known they can drive a successful outcome with the hiring company’s undivided attention, engagement, and timely feedback. This confidence fuels the firm’s ability to focus without the fear of some corner-cutting competitor throwing an ill-conceived Hail Mary and getting lucky.
When figuring out the best way to hire key skills-based role: focus on quality over quantity, work with fewer firms - preferably one partner per search, vet each firm to ensure alignment and industry expertise, and strengthen all lines of communication. By following these best practices, you will put your company in the driver's seat to acquire the best talent.
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