New ROI White Paper | Driving Diversity | AI in Executive Search
Newman Stewart
Global Executive Search | Talent Advisory | Consulting & Psychometric Assessment Services
The most successful companies today are successful because of their people. You may think you are doing a good job of recruiting new talent to your business, but are you?
Filling senior roles quickly can feel like a big win. But if these hires don’t work out in the long run, those time savings at the beginning of the process could end up costing you in the long run.
The current jobs market can feel like there are a lot of candidates to choose from, but this also means it can be easy to make the wrong choice when faced with many options.
In my experience, many senior business leaders don’t understand the true costs involved in recruitment decisions. Time to hire, any recruitment agency/marketing fees and the cost of the package for the candidate are usually the only metrics which are used to measure the cost of the hire.
This can lead to a false impression of the cost of inhouse vs agency recruitment when looking to make the next hire.
If you aren’t monitoring and reporting metrics relating to recruitment, retention and productivity, you could be basing critical decisions on incorrect information and assumptions.
In this white paper, we will look at the direct costs of recruitment (the costs most HR professionals and business owners are aware of) and the indirect costs associated with delayed, unsuccessful or unproductive hiring.
Using a senior salary example, we’ll walk through how to calculate the true recruitment costs to help you justify either continuing with your current strategy or a change in approach.
This will ultimately help you improve the effectiveness of recruitment in your organisation.
Driving Diversity, Equity, And Inclusion: A Guide For Senior Leadership
According to McKinsey , “a strong business case for ethnic diversity is consistent over time, with a 39 percent increased likelihood of outperformance for those in the top quartile of ethnic representation versus the bottom quartile.”
The case for diversity in organisations continues to gain traction, with the penalties for low diversity also showing that there is not only an incentive to diversify, but a disincentive not to.
As senior leaders, it’s essential to realise that fostering an inclusive environment goes beyond corporate social responsibility; it’s a strategic imperative that drives innovation, attracts top talent, and mirrors the diverse markets we serve.
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The Importance Of Diversity In The Workforce
A diverse workforce brings varied perspectives that are invaluable when solving complex problems and innovating. Diverse viewpoints can help us better understand our customers and meet market demands with foresight.
Successful equity and inclusion initiatives create a culture where all employees feel valued, leading to increased engagement and retention. Flexibility, environment, clarity and transparency can all help to foster an inclusive culture for staff at all levels.
Artificial Intelligence: The Future Of Executive Search?
By John Tilbrook , CEO & Founder of Newman Stewart
AI in hiring is either going to revolutionise the industry or make Executive Search Consultants obsolete, depending of course on who you ask. The Executive Search industry is facing the same questions as many others as we witness the rise of accessible AI technology. Will my job change? Should I be using AI? What can AI do for me?
As with most things, the true future for AI is likely to be something of a middle ground – it will neither completely revolutionise the industry, nor destroy it. Right now, it is something like a curiosity for many of us, but what impacts can we foresee for AI in hiring for the next few years?
Here I will outline some of the benefits of utilising AI for Executive recuitment campaigns, along with highlighting some of the potential pitfalls of this still-new technology.
AI In Executive Search: Speeding Up Processes And Improving Reach
AI is particularly effective at handling high-volume, low-value tasks, which means that by utilising AI to reduce admin tasks, Executive Search consultants can spend more time doing what they love; bringing value to their clients.
“While AI brings efficiency to certain aspects of recruiting, human recruiters remain essential for building personal connections, understanding nuanced candidate qualities and navigating interpersonal dynamics. Ultimately, an AI recruiter will only supercharge human recruiters’ abilities to do their jobs and fill roles more effectively,” Nancy Xu , CEO and Founder of Moonhub states.