Almost all businesses seek to function at peak performance. With the right team in place, there are no limits to a company’s growth. This means an objective evaluation of your current roster of skilled talent and leadership sometimes becomes necessary. Leading companies may ask the following question: “Do we have the best person in place for each position?” Ultimately, you want enough “A players” within your organization to ensure high levels of performance under all economic conditions.
Speaking of finances, some companies are hesitant to overpay to secure that well-respected leader. Top talent does cost more (typically they are paid a premium, ranging from 15 to 25% over the market average). In return, they typically deliver a higher return on investment. Finding these rock stars internally has several advantages, but is not always possible.
Here are a few signs it may be time to secure outside talent for your organization.
Negative Office Culture
Does your workplace suffer from a challenging work environment? There are times when personalities just don’t work well together; the department‘s atmosphere may become unhealthy. It’s common for these issues to become even more pronounced during transitional periods, like downsizing or expansion. Significant transitions can impact office politics, particularly when it comes to internal advancements. Hiring someone from the outside can avoid “power-play” games and perceived favoritism.
Lingering People Problems
Has your leadership team failed to solve lingering problems despite repeated attempts? It could be the right time for someone from the outside to take a fresh look at these issues. Externally hired leadership often develop solutions that no one else on the current team might have even envisioned. Most importantly, they are not stuck in the same sort of group-thinking that can trap an executive leadership team. As a result, they are more likely to address those important problems so the business can continue to grow (or return to sustained viability).
Additional Skills Needed
Are you looking to add an executive with specialized skills or current market/industry knowledge? Here are a few reasons companies look to broaden their executive team’s collective expertise:
- Launching new product or service
- Growth in a new market or sector
- Changing technology platforms or software packages
- Company processes needing revision (sales, management and human resources for example)
Every for-profit business wants to grow its bottom line; sometimes inserting new executive talent is the best way to accomplish this bottom-line objective. If your company is struggling to find the right fit for leadership roles, consider working with an executive search firm. As the eyes and ears of an industry and marketplace, an executive recruiting firm is well-positioned to save time and money by bringing you qualified candidates — when you need them and with minimum disruption on current operations.