Executive search is no easy task, as it aims to find the movers and shakers in the company. However, not everyone follows the best practices in recruiting executive talent, leading them to bad hiring decisions.
Bad hiring decisions result in negative consequences. When a company’s hiring principles and processes are marred by misjudgments or miscalculations, higher employee turnover emerge. In fact, 80% of employee turnover is caused by bad hiring decisions according to Harvard Business Review, indicating that inefficient recruiting can be too costly for companies.
Be sure you are not one of those who make the wrong moves. Don’t be guilty of committing recruiting mistakes when on the hunt for executive talents. Here are some of the bad practices in recruiting for executive positions:
1. Failing to set goals clearly for the position
If you don’t clearly identify the roles and responsibilities that the job calls for, you can’t expect your hire to deliver your desired results. Businessman and author Tony Robbins said, “Setting goals is the first step in turning the invisible into the visible.”
To illustrate the point, when hiring a sales manager, for instance, it’s not enough to look at years of experience if you cannot get the candidate to decide on or commit to a sales target within a specific period.
A good goal setting with your sales manager must be direct, specific, and clear. Example, increase sales by 50% within six months to a year.
Remember S-M-A-R-T. Specific. Measurable. Attainable. Realistic. Time-bound.
2. Overpaying or underpaying a candidate
Either of the two can cause setbacks along the way. Overcompensating begets overly high expectations, building up the risk of failure in terms of performing the executive role. You might also find yourself contending with issues like equity, morale, and budget concerns when you go overboard with the standard in your industry or organization.
Moreover, companies trying to get the better end of their employees are making their C-suites vulnerable to a more attractive compensation from other organizations.
A study on CEO Compensation by MIT’s Sloan School of Management suggests that “both managerial power and competitive market forces are important determinants of [executive] pay.” Not to mention, a win-win solution is to always practice flexibility and be willing to reach a compromise.
3. Relying on web-based job search tools alone
The internet has reshaped the way people do things, including candidate sourcing. But limiting your options to online search alone is not a good practice because some of the best candidates may not be online. Don’t miss out on finding a wide range of candidates by using other sourcing methods.
Check out other possible recruiting channels—from traditionally tested executive search firms in the Philippines and solicitation of referrals to job boards and fast-rising professional networking sites. You can take part in online or traditional means of professional networking to create or strengthen your connections in the industry, which is an effective recruitment tool.
4. Putting off hiring
It’s a misconception that search and hiring processes should be sole responsibility of the human resources department. Executive positions can only be assessed by department heads or managers given their direct knowledge of the role. Managers with hiring capabilities should step in and assist HR in recruitment to achieve good balance and judgment.
In his “Good to Great” series of articles, Jim Collins made the analogy of a bus going on a journey and a company setting off in its corporate direction. He said that bus drivers (read: business leaders) who start the journey by focusing on where they’re going, instead of the “who”—“the right people on the bus, the wrong people off the bus, and the right people in the right seats”—might find it hard to transform from good to great.
Avoid committing these executive search mistakes to acquire the best hire there is. Revisit your recruitment practices and apply those that help you find the right executive talents for your organization.
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Experience the Manila Recruitment difference, and give your business in the Philippines a competitive advantage by contacting us today. Whether you are exploring an offshore solution, or are an established entrepreneur, SME or Multinational in the Philippines, our team has the experience and a tailored recruitment solution to introduce you to the top talent in the Philippines.
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