This quarter, we’re highlighting a trend and hiring dynamic that’s been gaining momentum since the beginning of the year. Although it may sound self-serving coming from a search firm, it’s very real and worth flagging: here’s what we’re seeing, hearing, and encountering over and over again…
Companies that opt to forgo executive search services and instead “go it alone” in their pursuit of top talent often find themselves facing significant risks.
- For a number of companies going it alone, candidates are slipping away at the 1-yard line. Why? A pattern has emerged at the offer stage, where deals are frequently at risk of unraveling due to the growing prevalence of low-ball offers.
- Top candidates, understandably, balk at offers that fail to align with market standards, resulting in failed negotiations. We’re seeing this play out frequently in the absence of an expert intermediary, whose role is to navigate the intricacies of negotiation and ensure both parties reach a mutually beneficial agreement from the start (and we know this is happening because we’re getting calls from candidates seeking advice).
- It’s important to note — executive compensation levels have not come down significantly, despite any perceived leverage hiring companies think they may have.
In these scenarios, all parties involved stand to lose.
- Candidates, feeling undervalued, are unlikely to accept offers that fall short of their expectations, leaving them and the hiring company empty-handed. Furthermore, candidates who experience subpar treatment during negotiations are unlikely to recommend the company or consider future roles without the involvement of a search firm to facilitate alignment.
- Meanwhile, the hiring company comes across as naive, and ultimately wastes valuable time and resources invested in the recruitment process while squandering an opportunity to land a top tier candidate.
Intermediaries play a critical role in facilitating successful, swift outcomes for both hiring companies and candidates. By enlisting the expertise of a search professional, companies can navigate the complexities of the hiring process more effectively, ensure competitive offers that attract top talent, and ultimately mitigate the risks associated with “going it alone.”
Solving our clients’ most challenging problems through talent acquisition has been and remains our top priority in both up and down markets. If we can help you take advantage of the current market conditions to expand or upgrade your leadership team, please contact us directly.
