Unravelling the True Cost of Failed Executive Search21 November, 2023
In this post-pandemic world, where leaders need to demonstrate a new blend of leadership behaviours, businesses have found themselves scrambling to acquire professionals with these new skill sets. However, in the urgency to hire, organisations are experiencing failed executive hires. This article from the 10th edition of the Armstrong Craven Review explores the true cost of failed executive search and what strategies businesses can implement to mitigate risk.
Regardless of the level, hiring talent that matches a business’ specific needs, culture, and values, is a universal challenge that transcends industries. Making the wrong hire can cost up to three times the individual's salary. McKinsey studies reveal that even after two years, 27%-46% of executive hires are considered "failures or disappointments."
In this post-pandemic era, the rules have changed. Automation, digitalisation, and global uncertainty have influenced requirements, demanding agility, empathy, and high emotional intelligence from leaders. However, these skills are now in high demand, making it difficult for companies to find and attract the right talent. As a result, they often take chances on less experienced individuals or those with misaligned expertise.
With such a high cost of a failed executive hire, what talent strategies can businesses implement to mitigate this risk? How can Armstrong Craven’s Talent Insights and Deconstructed Search™ approach support businesses in finding the right executive talent?
Key questions and topics explored in the article:
Why does effective leadership matter?
The true cost of a failed executive search
Deciding the right leadership style for your business
The importance of referencing
The role of HR in mitigating leadership risks
The power of succession planning
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Armstrong Craven’s Deconstructed Search™ is designed to make executive search more accessible for our clients worldwide. It has the same quality as traditional executive search but is packaged, priced and delivered differently. Contact the team today if you want more information about how Armstrong Craven can support your business.