By: Fengting Lee
Employees are the lifeblood of businesses. The success or failure of any business depends on its employees. When a mis-matched employee is brought into a business, it’s not just the team that suffers the consequences. In the long run, the overall performance of the department or the company will be impacted too; this is especially so for small companies. Hence, it is of utmost importance that employers hire the right talent for the right position if they want to achieve ultimate success for their business.
According to a Harvard Business Review research, 80% of employee turnover can be attributed to incorrect and poor hiring decisions. Hiring is a costly, time-consuming process and getting this wrong can be extremely harmful to a business. The statistic holds for almost all sectors, but when the job market is competitive and growing, this becomes all the more important because employees have a plethora of opportunities available.
The Australian IT job sector is growing at a rapid pace. This translates into ample job opportunities for candidates, which makes switching jobs easier for them. As more businesses undergo digital transformation, there’s a need for them to expand their IT teams quickly. Recruiting for these teams is a daunting task for competitive IT job markets like Australia, in cities such as Sydney and Melbourne. Engaging expert help from executive search firms is a potential solution to this problem. Here are some reasons why employers looking to build or expand their IT teams should consider partnering with executive search firms.
1. Access to talent networks
A recruitment firm will have an established talent network and engaging their services allows employers to gain access to that network. This can be extremely valuable in competitive IT job markets like Melbourne and Sydney. Recruiters spend a lot of their time cultivating relationships with IT professionals. In turn, these IT professionals trust recruiters to present them with good job opportunities. An executive recruitment firm specialising in IT and Technology could be your answer to finding the right IT talent for your team.
2. Industry-specific knowledge and expertise
An executive recruitment firm would be involved in the industry day in and day out. They have knowledge about the marketplace and the IT industry. This translates to a smoother recruitment process because they know what qualifications an executive position require and can thus supply you with a list of best-fit candidates for your team. An executive search firm would also be in tune with the current salary packages offered at competitor companies and can advise you when it comes to presenting a compelling offer to the selected candidate at the offer stage.
3. Time and cost effective
Most employers would agree that posting a job opening online often leads to receiving hundreds of applications flooding their inboxes. The process of shortlisting is often time-consuming and thus costly for the firm. Moreover, mid- and small-sized firms often do not have the luxury of a HR department to manage the full recruitment process. As it turns out, the best candidates are often not actively applying on job portals. An executive hiring agency knows the market well and knows exactly where the best candidate can be found. This saves the employer a lot of time, making it cost-effective as well.
4. Hiring for important roles
When it comes to hiring leadership positions, it is even more crucial that employers select the right person for the role. For a IT lead position, it is not only important that they have advanced level knowledge in a technical area, they should also possess a good set of soft skills that make them effective leaders.
Hiring talent who possess both hard and soft skills are challenging and time-consuming. When the stakes are high, executive search firms can come into the picture to shorten the talent search process and significantly increase your chances of finding the perfect candidate. For example, we offer a retained search service called Talent Guaranteed. With this service, clients pay a fee up-front which is 100% refundable if we do not find the right candidate. Throughout the process, the client is constantly updated about the search and selection process. He or she may even request for the longlist and shortlist, and we would explain to them why certain candidates were rejected while others were recommended to them. We also take time to understand the candidates’ career aspirations and assess his or her motivation for wanting to join the client’s company. This not only ensures that we are recommending the right person to our client, it also improves the client’s employee retention rates.
Hiring executives for complex and competitive job markets like Sydney and Melbourne is challenging. Partnering the right executive search firm can help you save time and costs, and identify the right candidates to bring your business forward.
Want to know more about Evolution's executive search services? Contact us here.
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