Following some reflections on selection methodologies and new technologies, inspiration struck after reading a newsletter from AESC that revisited a recurring question: Is the crisis changing the rules of the game when it comes to finding top candidates?
Many argue that each recession reshapes norms and disrupts patterns. And indeed, there is some truth to that. But many fundamental rules remain firmly in place: after every credit boom comes a contraction, supply and demand seek balance, and houses of cards always collapse.
Similarly, immutable forces continue to govern talent acquisition. Despite the proliferation of job portals, corporate sites, HR software, networking platforms and social media, there are few—if any—shortcuts to finding that needle in a haystack that can truly enhance an organization’s performance.
Five enduring truths about the value of professional HR consultancy:
Talent is always scarce.
Although it may seem contradictory in times of rising unemployment, it’s an undeniable fact. No company in trouble ever wants to cut the payroll… of their most valuable employees! Key professionals in performance-critical roles are rarely affected by downsizing and are often subject to specific retention strategies. If they are not unhappy, they’re usually not actively looking—making the challenge to identify and attract them all the greater.
The cost of a bad hire exceeds the investment in a good one.
The costs of sourcing, interviewing, hiring, and onboarding a new employee are high—and must be incurred repeatedly until the right fit is found and convinced to join.
What are the consequences of a poor hire? Work gets done poorly or not at all, productivity suffers, profits decline, and morale drops (especially if the hire didn’t fit the company culture). Not to mention the cost of missed opportunities…
It’s hard to separate the wheat from the chaff.
A résumé is a more or less accurate snapshot of a candidate’s career—but it can be filled with exaggerations, inaccuracies, ambiguities, or omissions.
This is where experienced consultants come in—especially those who have worked in a specific sector or niche over the years. They know many candidates firsthand—they’ve spoken with them, interviewed them, tracked their careers, or even worked with them as clients. Besides knowing the candidates, they also provide a valuable natural benchmark of what top companies in the industry are doing and paying—some of which are clients, others talent pools.
Internet and its tools are poor judges of human nature.
Many candidates (though not all) fill their CVs with keywords and achievements designed to catch the eye—or the search engine. But those keywords must be translated into leadership skills, emotional intelligence, communication style, team effectiveness, etc. Interpreting those signals into true competencies—rarely with full certainty—is the objective of any company before making a hire.
In my view, a seasoned recruiter still plays a critical role in creating value for both parties: the hiring company and the candidate, who may benefit from an occasional coaching session.
A well-managed search saves time and money.
When a company goes into crisis mode, familiar suggestions often appear: “Let’s change ad agencies,” “Skip that expensive market study,” “Cut training costs,” or “Drop the headhunter.”
However, there are good reasons to engage external professional help that adds consulting value. Executive search consultants—at least those who are AESC members, but likely others too—will safeguard the project’s confidentiality and bring their full experience, professionalism and commitment to getting it right the first time, through an efficient and effective process.
Originally published in Business Times Singapore. Via AESC SearchWire.
