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Myths about executive recruiting firms for the banking industry
November 21, 2021 at 7:00 AM
Myths about executive recruiting firms for the banking industry

Filling the void that’s created by an executive who’s left your bank can be a difficult and timely process. Because it’s so important to hire the right person for the position, you want to work with executive recruiting firms for the banking industry to make sure that you’re working with someone who is connected with the best and most qualified individuals. However, our team at James Allan Executive Search understands that there are some myths and misconceptions surrounding executive recruiting firms so we want to debunk some of them.

Myth: Internal HR specialists will find the same caliber of executives.

Your HR specialists are often incredibly busy filling positions throughout your organization. Low-level positions that have high turnover are likely what will occupy the majority of their time so they’re not going to have the time needed to headhunt executives to fill your C-suite. In contrast, an outside recruiting firm that searches for executives dedicates all of its time to searching for the right person to fill your position. This makes it much easier for your internal team to focus on the side of your organization that needs their attention.

Myth: Online job boards bring in the best candidates.

Job boards can be a great way to find employees to fill positions that are much lower on the totem pole than what you’re looking for with executives. Searches that are performed on job boards are often for specific positions, job descriptions, and salary requirements. This means that your job posting won’t do much more than weed out those who aren’t qualified for your position.

Keep in mind that while you’re using job boards to weed out candidates who aren’t fully qualified, the ones who are a great fit for you are spending their time networking with other banking associates trying to find the best fit for them. Those who are fit for high-level bank executive positions are getting to know others in the jobs they want rather than sitting at a computer hoping to find an open position.

Myth: Executive recruiting firms only work from a pool of candidates.

There's a belief that executive recruiting firms will hold a pool of candidates that they send as a recommendation for every position that comes open. This myth is false for several reasons. First, it’s bad practice for recruiters to sit on a pool of candidates without trying to grow it because they’re limiting themselves to a small group of people who are qualified for a job.

Furthermore, not every candidate in a pool is a good fit for every job. Recruiters will get to know the people who they work with so they know which postings come up that are a good fit for them. To be effective, recruiters must continue to hunt for qualified people to fill the openings they have.

Myth: Unemployment is high, so it shouldn’t be hard to find a good fit

Unemployment is much higher now than it has been in recent years. This often leads to a false sense of security in a company’s ability to find an executive to fill their open role. It’s important to consider that most of the best executives don’t leave their job unless they have something else already lined up. What this means for you is that you need to have an in with somebody who knows who’s actively looking for a new job while they still have one. Moreover, these executives will get scooped up quickly by other organizations, which leaves you continuing to look in all the wrong places for the right people to hire.

Book a free consultation for more.

Get to know our team at James Allan Executive Search to find out more about how executive recruiting firms for the banking industry can make your job easier. Get in touch by calling 616-528-1565 or send a message using our online contact form. You can also use our scheduling tool to book your appointment right away. We look forward to speaking with you.