Hiring executive management talent isn’t always a picnic. Executive management candidates can truly make a large difference in your organization, your company culture, and your company’s bottom line. These executives will be driving your company forward, so you need to hire the very best.
Unfortunately, recruiting the wrong executive management candidate can really cost you — in both time and dollars. A 2012 survey by the Center for American Progress found the cost of replacing an employee is about 20 percent for a worker making approximately $50,000 a year. However, when you’re talking about replacing an executive management position, the cost soars to about 200 percent of this person’s annual salary.
Other studies have found it can cost as much as 24 times the salary of top management in turnover costs. These costs take into account lost opportunity, lost productivity, and general corporate instability when replacing top management.
You need a better way to hire for executive management positions, so you don’t end up footing the bill for costly employee turnover. Thankfully, the video interview can be your solution — helping you connect with executives personally, find the right skills, and shorten your process.
Here are three tips for using the video interview to hire the executives your company needs and reduce employee turnover:
When it comes to hiring the right executives for your company, finding the right fit is extremely important. Beyond skills, you need to find someone who aligns with your company’s mission statement, someone with the right drive and determination for the job, and someone who can improve your company culture and move your organization forward. Unlike Gen Y talent, executives will be setting the pace and impacting the way your organization is run.
So, it makes sense to try to connect personally with these top management candidates sooner in the process. The video interview allows you to do so, making it simple to connect personally from the first moments of the process. Whether you’re connecting in a live or one-way video interview, this new tech tool makes it easier to evaluate personality, communication skills, and overall fit.
Find The Right Skills
With the skills gap ever widening, you can’t afford to hire the wrong person for your top jobs, be it a manager or even a CEO. The video interview presents a solution to the skills gap by expanding your company’s borders. Now you don’t have to limit your hiring efforts to your company’s backyard.
Recruiting a top management candidate or CEO requires a very particular and refined set of skills. These skills won’t always be simple to find, and the candidates with the right stuff might lie beyond your company’s geographical comfort zone.
With video interviewing, you can connect with these far-flung candidates simply, effectively, and cheaply. Instead of spending money on plane tickets and hotels, you can connect face-to-face in a live video interview. This way you can find the executives, CEO candidates, and top management talent you need while saving money.
Whether you’re hiring a CEO or a senior executive, coordination and communication are key. It’s important for both hiring managers and staffing professionals to coordinate with the internal management team in order to make a good senior level hire.
Video interviewing can help communication with even the busiest management team. For instance, one-way video interviews have candidates answer questions on video. These video answers can then be viewed at any time, by a staffing company or by an internal management team.
For employers or staffing pros connecting with top-tier talent in real-time, live video interviews are always automatically recorded on the Spark Hire platform. This means staffing companies can share great candidates, and everyone always stays up-to-date on the process.
Recruiting top-notch executive management talent isn’t always easy. But if you want to avoid employee turnover, hire great people, and find new leaders to move your company forward you need to look to new solutions. The video interview can be the key, helping you coordinate efforts, find the right people, and connect personally with the very best.