Frequently Asked Questions
We know you have questions and your time is valuable. As such below are a few questions many people just like you are asking themselves as they review their Executive Talent Acquisition.
Retained Executive Search
What makes LMP unique from the other retained search firms?
First of all let me say this…if you have good partnerships with some retained firms…keep them as they are rare. Regarding healthcare, most high-end retained firms have similar characteristics: commitment, small hands-off, flexibility, experience. What makes us unique is our combination of outside retained and inside talent acquisition experience. We know both processes as well as anyone and when combined they offer an exceptional view of not just how to find the talent but an uncommon understanding of the challenges leaders face in today’s market to secure the right talent and the cost incurred with the selection is not optimal.
Internal Executive Search
What makes LMP unique from the other recruiting, talent acquisition or consulting firms?
We have a special blend of experience that includes:
1. Conducting traditional retained searches as an outside partner
2. Building from scratch a high performing internal executive recruiting function across multiple industry sectors.
We have seen and know both sides and as a result bring an extreme level of credibility to hiring managers.
I already have an Executive Recruiting function and things seem to be going well.
Great to hear. If you want to confirm your team’s performance is best-in-class, we can come in and provide a 30 or 90 day assessment; benchmark against global Fortune 200 companies; and provide recommendations to further advance your current process. And with so much at stake can you really afford anything less than peak performance?
What is the ROI?
If you are measuring in simple dollars please see the question above. However, the ROI includes much more than just cost savings. Quality of hires should improve; relationships with future hiring managers will be stronger and their view of TA only further enhanced; you own the candidate and client experience…Wow them; your talent pipeline will improve because you will own your research; the overall value proposition for TA will see an increase as a result of more exposure to senior leaders; and finally, it offers an opportunity for a recruiter(s) to expand and grow their skill set and thereby having a positive impact on employee satisfaction.
We don’t hire that many executives and certainly not many using outside firms. I just don’t see the need.
You may be correct. We would suggest that if you hire a minimum of 4-6 executives (Director and above with total compensation of $150K+) per year and/or you pay in excess of $150K in outside search fees/year there is rationale to have a conversation. A strong ROI based on cost alone will be break even on one search that otherwise would have gone to outside firm. But the ROI extends well beyond cost.
Why can’t I simply hire a new Executive Recruiter and let them build it? Why do I need someone like Lighthouse Mountain Partners?
We get this question often and the answer is of course you can. Our position is simple…wouldn’t you rather build something that leans on a proven model, one that has been curated over 15 years of trial and error. I would often comment to my outside search partners that if all I had to do was recruit my job would be easy. The truth of the matter is operating a successful internal function requires skills that are just as hard to acquire as search experience. If you find an individual who has both that would be terrific. Either way, give us a call and we will look to complement existing talent.
I have enough TA experience that I can teach the person.
You may very well. But do you have the time and have you ever worked for a retained search firm? Building an internal function has incredible rewards for any organization but it also comes with risk. Risk of reputation and risk of associated cost are two prominent ones. Our role is to complement you and your existing talent with our unmatched combination of:
1. Outside retained search experience
2. Building internal capabilities.
I don’t have the budget.
This is a tough one and we certainly understand the challenge. If you are able to take a long-term view of 12 months the initiative will pay for itself in pure cost. There are several ways to construct the Practice as you get started and a new FTE is not a certainty of need.