And how can an executive search firm help?

The difference between c-level hiring and senior-level hiring differs greatly. C-Level executives, such as the CEO, CRO and CFO (among others), are typically considered to be the highest-ranking leaders within a company and are responsible for the overall company strategy and direction of the organisation.

The C-Suite needs to be experienced and skilled leaders with a proven track record of success. With such high requirements, it’s easy to see why companies lean on executive search firms for assistance, however, the main challenges still remain:

Limited pool of candidates

The number of candidates who sit in the C-Suite is limited. The level of qualified and experienced individuals at this level are often already leading organisations and producing great results. This makes it extremely difficult to attract these individuals without executive search experience of targeting passive candidates (people who are not actively looking).

Executive search firms, such as Oakstone, will conduct extensive searches to qualify candidates and produce a shortlist of the best candidates for the position. This streamlines the process, as they present only suitable candidates and can advise on who is the best fit for the position based on their due diligence.  

High expectations

C-level executives are expected to have a proven track record of success and a wide range of skills, making it more challenging to find someone who meets all of the requirements.

Executive search firms, such as Oakstone, use specialist search strategies to find suitable candidates. They then spend time speaking to every candidate to shortlist the ones who have the right requirements. Transparent search firms will always communicate whether your expectations of skills and experience align with the salaries and benefits you are offering so you know whether your search is realistic in the current market. 

Cost

C-Level hiring is a costly process, whether you choose to do this internally or initiate the assistance of an executive search firm. The salary expectations of someone in the c-suite can be daunting and the cost of the open headcount can be extensive.

Oakstone recently published a report on the cost of an open headcount. The cost difference between working with an external executive search firm and conducting the search internally was significant. Executive search firms can speed up the hiring process, therefore saving organisations hundreds of thousands of pounds/ dollars. 

Long-term commitment, Cultural Fit and Risk

C-level executives often have longer tenure than other employees, and the hiring process is more difficult to undo if the match is not successful. Companies need to find the right person for the role so they can lead and shape the culture of the organisations as well as the values, mission and vision. The risk of hiring the wrong c-level person is high due to them being responsible for the overall performance of the company.

Executive search firms will take the time to get to know what drives and motivates every candidate put forward to the organisation. By doing this, they can paint a picture of whether the candidate is truly passionate and excited about the opportunity, which is a good indicator of long-term commitment and cultural fit, minimising risk.