The search for the most senior positions in any organisation, typically, CEOs, COOs, CFOs, CMOs, etc. is the most critical and the most difficult. A right hire can propel the company forward exponentially, whereas a wrong hire is extremely expensive. Yet, the current search methods are fraught with a number of challenges. With the promise of technology and reach, hiring platforms can stir the existing process and improve outcomes significantly. This when combined with the skills of identifying individuals best suited for the role in question is a match made in recruitment heaven.
The cost of a wrong hire
It is critical for an organisation and the management to be heavily invested in finding the right fit because the cost of a wrong hire is extremely high. In sheer monetary terms, a wrong choice could cost an organisation about 20 times an individual’s annual CTC. Typically, this could range in the 20-25 crore ballpark including bonuses, perks etc. There is also a high training cost involved. Moreover, the subjective impacts such as negatively impacting motivation, reducing productivity are almost impossible to quantify. Plus, these positions are very hard to replace.
The current search methodology
The executive search is unlike any other. CxO hiring is not your typical job portal hiring. Individuals are not available in the market.
Typically, individuals would be screened for their technical background and experiences, strategic acumen and a vision for the company’s future. This itself is a tall order.
But what would set one individual apart from another would be core values, people skills, process orientation, leadership and communication skills or the soft skills that determine the ultimate fitment of the individual in the organization. All of this is heavily dependent on the power of networks. For senior management, leadership skills are more critical than the technical skills.
However, in the current search model, the same expert is tasked with identifying a profile that meets both the criteria, something he/she is not equipped to do.
CBREX & Search
This new model combines talent assessment and global search. While the CBREX platform enables executive search across the world, CBREX Search brings years of experience in talent assessment to add to the platform expertise. They help identify individuals with the right soft skills critical for the role and the organisation.
The global consultants or executive search firms bring with them the power of the local networks they have built over their careers. Capitalising this and combining it together with the talent assessment experts can change the way companies hire their C-suite and how this in turn can impact companies and their bottom lines.