Executive Search isn’t only for Business Goliaths

Published on August 17, 2021
Written by Lawson Delaney

The myth that Executive Search is a practice reserved for only the largest of businesses is exactly that; A myth. In actual fact, smaller to medium-sized companies are the ones who can benefit most from the services an Executive Search company can provide.

Every business deals with changes to its management team. These changes may be brought on by a wide range of reasons including retirements, resignations, growth, mergers & acquisitions, marketplace issues, new products or services, market expansion, and others.

Whatever the reason for the change, the addition or replacement of a key management position in an organisation can be very challenging. Even in an employment market in which many qualified professionals are actively seeking a new opportunity, it is still very difficult to find the right leader who will fit into your organisation. Furthermore, the impact of making the wrong hire can be huge and have significant financial ramifications.

Generally speaking, senior level hires are not needed on a frequent basis; thus many companies are not prepared to adequately address them when they arise. Their internal recruiting departments or individuals may be very good at handling the company’s recurring needs, but these internal resources are usually not experienced in handling the recruitment of senior level or one-of-a-kind positions. Many companies engage an executive search firm to assist them in identifying and attracting the appropriate candidates for these roles.

Unfortunately, the problem is that many in the business community believe that the executive search process is only applicable to large companies. Most of the stories you read about executive search involve assignments for well-known ASX 200 companies and their high-priced executives.

In fact, it is the mid-sized and smaller companies which can benefit most from executive search services. A single senior level hire will generally have a much greater impact on the growth and success of a smaller company and the hiring of the wrong person in a key role at a smaller company can be disastrous. Furthermore, smaller companies have less experience and fewer available internal resources to identify and attract viable candidates for new management roles. Thus, they often rely on informal networks, job boards and other indirect methods to select a new key person.

Hiring the wrong person can have negative results, such as a loss in revenues, reduced income, a negative impact on customer and client goodwill, and a significant blow to company morale. Make sure you select an executive search partner that will understand your company’s dynamics, work flow and vision for the future, whatever your size.

To find out more about Lawson Delaney’s Executive Search functions and solutions, please don’t hesitate to contact us on 03 9946 7300 or support@lawsondelaney.com.au.

Don’t forget to follow our Lawson Delaney company page on LinkedIn for further advice to assist you with your job search and to keep up to date with the latest available opportunities.

Published on August 17, 2021
Written by Lawson Delaney

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