Talent acquisition is a crucial component in driving organisational success. However, the traditional methods of advertising job roles, while providing broad exposure, often result in an influx of unqualified candidates. This inefficiency can be particularly detrimental when hiring for executive-level positions, where the stakes are higher, and the need for the right fit is critical.

The Importance of an Efficient Hiring Process

Challenges of Internal Hiring

Oakstone's Streamlined Approach

The Cost of Advertising vs. Using a Search Firm

According to Forbes, the average time to hire C-suite members is approximately 21 weeks. This prolonged timeline can have several negative implications:

• Important leadership roles remain unfilled, potentially hindering strategic initiatives and growth.

• Current executives and team members might need to cover the responsibilities of the vacant position, leading to burnout, decreased productivity and loss of motivation.

• Delays in securing top talent can mean losing out to faster competitors.

In contrast, Oakstone's streamlined hiring process for executive leadership, including C-suite roles, averages just 12 weeks. This significant reduction in time-to-hire can translate into several organisational benefits, including faster implementation of strategic initiatives and reduced strain on existing staff. In the case of hiring a revenue leader, hiring faster can significantly benefit your organisation by reducing the impact of open targets and revenue loss.

Internal hiring processes often place considerable pressure on hiring managers. Balancing daily responsibilities with the demands of sifting through numerous resumes can impact several areas.

• Time to Hire - Extended timeframes to fill positions can disrupt business continuity and momentum.

• Candidate Experience - Prolonged hiring processes can negatively impact potential candidates' perceptions, leading to a loss of interest or acceptance of offers elsewhere.

• Hiring Manager Balance - The dual burden of managing regular duties and conducting extensive candidate searches can lead to decreased efficiency and increased stress for hiring managers.

• Brand Reputation - A long hiring process can reflect poorly on the organisation, potentially deterring top-tier talent and leaving lasting damage to the brand reputation.

There are lots of hurdles that your candidate has to negotiate before they sign your contract. Here are just a few…

• Turning down other roles - Your company may be interesting but you need to be ready to sell your organisation against the competition to candidates you want.

• Counteroffers - Oakstone is very against counteroffers, however, it doesn’t stop people from accepting them. Be prepared to manage counteroffers by knowing the positives vs. negatives.

• Better sales territory or accounts – when you’re hiring salespeople, you’re hiring hunters. And hunters go where the prey goes. That’s the reality.

• Team management and great mentors – What if there’s a rival offer from a leader that the candidate finds more inspiring? Your company’s culture is crucial to attracting and retaining talent.

• Office location and commute – nobody wants to spend any more time in traffic jams or on public transport than is absolutely necessary. Offer flexible working can make you more competitive as a company.

• Funding – Show off your company’s attractiveness by selling what your investors have seen in you and your potential for growth.

• Team size: They’ll find it harder to hit their target if they lack support and if no one has their back.

At Oakstone, we understand these challenges and have developed a hiring process that saves time and resources for internal hiring teams, optimises the candidate experience, and delivers better, faster results with a higher return on investment (ROI).

Here's how Oakstone's approach stands out:

Targeted Search Strategy

• Precision in Candidate Sourcing - Oakstone runs targeted searches to identify the right people based on the criteria we have discussed with our partners. Instead of casting a wide net and hoping for the right person to come along (which often happens when advertising an open role) we pinpoint individuals we want to present the opportunity to. We then present the opportunity to these people to ensure their goals align with the opportunity. This targeted approach reduces the influx of unqualified candidates, streamlining the process.

Enhanced Candidate Experience

• Clear Communication - Oakstone prioritises transparency and consistent communication with candidates, ensuring they are well informed throughout the process. This approach enhances the candidate's experience and fosters a positive perception of the organisation. We act as an extension of your business, and this is heavily reflected in our candidate testimonials.

• Efficient Interview Scheduling - By managing the logistics of interviews, Oakstone reduces scheduling conflicts and accelerates the overall timeline, allowing candidates to move through the process more smoothly.

Support for Hiring Managers

• Dedicated Resources & Guidance - Oakstone provides dedicated support to hiring managers, offering advice and guidance throughout each project. This helps hiring managers make informed decisions and select the best candidates, allowing them to focus on their core responsibilities while still being involved in the critical stages of the hiring process.

Supporting Your Brand and Reputation

• Professional Representation - Oakstone is an extension of your organisation, professionally representing your brand to potential candidates. This approach helps attract top-tier talent who may not be actively looking for a new opportunity or who may not have heard of your company before.

• Positive Market Perception - By delivering a streamlined and efficient hiring experience, Oakstone enhances your organisation's reputation in the market, selling the opportunity and making you an employer of choice for high-calibre professionals.

Many organisations grapple with the decision of whether to advertise roles internally or engage an executive search firm. While advertising might seem like a cost-effective solution, it often leads to hidden costs and inefficiencies.

• Higher Internal Costs - Internal teams' time spent on screening and interviewing can add up, diverting resources from other critical functions.

• Opportunity Costs - Delays in filling roles can result in missed business opportunities and slower growth.

• Quality of Hire - The broader reach of advertising might not necessarily yield the best candidates, impacting the organisation's long-term success and stability.

• Reduce Time-to-Hire - As Oakstone's 12-week average for executive hires demonstrates, a specialised firm can significantly cut down the hiring timeline.

• Improve Candidate Quality - With access to a vast network and industry expertise, search firms can attract and engage higher-quality candidates.

• Optimise Costs - While working with a search firm may seem like a significant investment, the long-term benefits of securing the right talent quickly and efficiently often outweigh the initial costs.

For a detailed comparison of the costs and benefits of advertising a role internally versus using an executive search partner, click here to discover our findings.

An optimally managed hiring process is essential for organisational success, particularly at the executive level. Traditional methods, while familiar, often fall short in terms of efficiency and effectiveness. Oakstone's streamlined approach offers a compelling alternative, delivering faster, better results with a higher ROI. By reducing time-to-hire, enhancing the candidate experience, and supporting hiring managers, Oakstone ensures that organisations can attract and retain top talent, ultimately driving business growth and success.

Solution? Build Trust Right From The Start

If you don’t, the candidate will never tell you the full story. Lack of trust leads to poor communication – which leads to a lack of knowledge and, ultimately, failure to secure the hire.

Building this vital trust requires determination, effort, care, skill, focus and attention to all the details that matter most to the candidate. Get all this right with a well-structured process, and you will get your recruitment right. Get your recruitment right, and you’re giving your business the firm foundation it needs to succeed.