The executive search process is the most challenging hiring process out there. Hiring the right executives will make or break your business. These individuals affect profits, influence productivity, and determine how your workforce operates.
Most companies create a list of requirements that all prospective candidates must meet. These key positions necessitate candidates with specialized knowledge for the job role and the industry.
Because executive positions require expertise, there are far fewer candidates for these roles than for entry-level jobs. According to a 2020 survey by Recruitment Software platform Invenias, the overwhelming challenge in executive search is talent shortages. Another study by the executive recruiting peer networking group, ESIX, found that about 40% of executive recruitment efforts fail. Executive search firms face a multitude of challenges. The search process is difficult and expensive.
We’ve compiled the biggest challenges companies face in filing executive roles and how talent intelligence can fix them.
Several factors hinder the executive search process: limited candidate pools, extended process time, hiring indecision, and lack of clarity. We’ve highlighted additional challenges below:
The candidate pool for executives is relatively small and easily exhausted. Many candidates won’t fit into the company culture, or are unwilling to leave their current jobs. Plus, executive roles require extensive education and experience. This narrows the candidate pool.
Location can limit the number of viable candidates for your company. It decreases opportunities for you to meet the right candidate if you require relocation.
Most executives for global companies receive generous compensation, including stocks and equity. Not every company has the budget to afford these salaries. The salary discussion is often a deal-breaker if candidates’ expectations are not met.
Most exec candidates often have their careers planned out and will set their sights on specific accomplishments. If your role cannot accomplish what they have already planned, you won’t go far with them.
Over the past few years, most top companies have invested in talent intelligence to win the war on talent. AI has had a massive influence on the recruiting technology landscape. The technology makes the hiring process simple by automating many core recruiting tasks.
A recent study shows that about 85% of recruiting professionals believe that analyzing data for talent acquisition is among the basic skill sets required in hiring. Savvy talent leaders are embracing talent intelligence platforms to solve issues with high-level recruitment.
Talent intelligence analyzes and collects data on current and past candidates to give you comprehensive details for choosing the right candidate. It allows you to collect data from your competition to understand talent patterns and gain insights into new employees.
Lastly, talent intelligence also improves your recruitment process. You can use AI to source candidates based on the specific skills you need. The process is fully automatic, allowing your recruiters to have more time to engage with potential candidates and build a strong rapport.
Other benefits of using a talent intelligence platform include:
Using talent intelligence is critical to obtaining the best talent. The job market has become increasingly competitive, and AI will give you an advantage.