Well, there are three major questions which you need to ask when making a hiring decision:
- What is the price of not appointing a new executive?
- What will choosing the right executive enable you to do which you are not doing today?
- What is the price of appointing a wrong person?
Let’s dig deeper…
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What is the price of not appointing a new executive?
Source: solid-executives.nl
Is there a price you pay daily by not hiring a new executive? Yes, there is a major lost opportunity cost. If you know that time is a precious resource then the idea of not hiring the right executive in place will hit you. Also, there is a loss in production, a major distraction of time, poor influence of morale and a fiscal loss to the organization. The aggregate cost of lost opportunity can never be calculated in total, especially when it is a senior executive role for a small sized firm in a critical growth stage. Almost all firms need help at this phase. It is at this time and time again, when the right executive is hired, and you see lots of opportunities ignited which the company didn’t even know existed in the first place. It can be said that delay in hiring an executive can cost you hundreds to thousands of dollars.
What will choosing the right executive enable you to do which you are not doing today?
It is a million dollar question, yes! If you are a CEO of your company, then a right executive will free you from his/her capacity at the best level. It allows the leader to concentrate on the matters which will lead to the growth of the company. It can vary from raising capital to sales along with marketing concepts to inculcating leadership skills in your team. No matter what it is, it allows the leader to focus on the things where their talent lies.
The amazing collision of what they are perfect at and what needs their maximum attention at the company. In simple words, it allows them to work on the business along with in the business. In several cases, when you hire the right executive, they bring new focus in the company and take the business ahead in their own way. So hiring a new executive will enable you to do that which you are not doing at present!
What is the price of appointing a wrong person?
Source: stantonchase.com
The only thing which will cost you more than dragging your feet in doing the critical hire is that you hire the wrong executive. It is unfortunate to hire a wrong person because of three reasons:
- The HR team didn’t take the required time to define what success will appear in the role. And due to this, they have appointed someone without performing the right quantity of diligence. A lot of HR teams assume that the person they will appoint will figure out eventually what are the steps they should take to develop the business. Alas, 95% of the time, a critical hire without proper decision making of what success looks like ends up in disaster. Just around half a year of misalignment and you are back to the drawing broad. It is the basic reason why an executive search firm in Dallas commences with role visioning and success outcome draft. Click here to check out for more details.
- They appointed a resume which appeared great and didn’t perform the required due diligence on cultural alignment. The reason why a professional executive search firm exists is because they invest time in looking for a perfect resume. Professional competencies are essential for a leader to get success, but along with competency, you also need to culturally align to the company, your job role and leadership team. Hence, a proper hiring procedure should be followed. First and foremost, discovery procedure of the applicant is done to know about the person behind the resume. It will unravel their values and objectives. Cultural alignment should be done first before checking their professional competencies.
- They pick a contingent search firm which gave them an applicant which ended up being opposite to what was mentioned on paper and interview procedure. Well, this is nothing against contingent staffing companies, but let’s be real. The fiscal arrangement of being paid in half or full doesn’t stack the deal in your favor. Resumes can be professionally written and lips can be taught to perform. An average interviewer doesn’t have a chance to unravel what an applicant has accomplished in his career. Hence, it is very important to get it done by the hands of professionals.
Who and how you can hire an executive for your firm?
Source: shrm.org
Well, first and foremost, my advice to you would be to look for a reliable and reputed executive search firm in Dallas you can partner with. Hiring is the most essential thing you need to grow your business by investing in outside professional assistance. Do not expect someone to invest their time and energy on your hiring and get paid at the very end. Make sure you work in collaboration with them and talk about the payment up front and then later.
If you are talking about staffing agencies and executive search firm in Dallas, then you have just one to turn to, Frontline Source Group. The staffing agency has a team of professional recruiters that offer staffing services for all types of projects and job opportunities. The company creates a meaningful relationship with the applicants, finds out who they are and what are their goals before introducing it to the companies. Once they confirm their alignment, then a rigorous procedure is followed to measure their cultural alignment and to know about their experience to ensure that they can deliver what they promise.
The company promises to create long standing relationships with their clients as they constantly bring reliable, experienced, skilled executives to their executive teams. If you are looking forward to hire an executive, you can get in touch with them now!
