Debunking 5 Most Common Medical Device Executive Search Myths
According to studies, the market size of executive search firms in America has reached approximately $5.5 billion.
Hiring for a medical device executive position is hard. You might be tempted to believe some myths about executive search firms that are stopping you from engaging one.
It’s understandable that you might have some reservations about working with an executive search firm, especially if you don’t know much about them.
But before you make any decisions, it’s important to debunk the 5 most common myths about these firms, so keep reading!
Once you understand the truth behind these myths, you’ll see that there’s no reason not to work with an executive search firm when hiring for a medical device executive position.
1. Search Firms Are Too Expensive
The truth: Executive search firms often have lower costs than doing the search in-house. In addition, the time and money saved by using a search firm’s expertise and resources can more than makeup for their fees.
On average an executive search firm will cost you around 10-12% of the hired executive’s first-year salary. Compare this to the estimated 150% increase in salary if you were to hire and fire an executive in-house.
2. A Good Internal Candidate Is Always Available
The truth: Even if you have an excellent internal candidate, chances are good that there are other great candidates out there. A search firm can help you find the best person for the job, not just the best person you know.
3. Search Firms Only Find Passive Candidates
The truth: While it is true that many of the best candidates are not actively looking for a new job, this is not always the case. A good search firm will also identify and approach active candidates who may be a great fit for your open position.
4. All Executive Search Firms Are the Same
The truth: Not all executive search firms are created equal. It is important to find a firm with experience in your industry and a proven track record of successful searches.
If an executive search firm is unable to provide testimonials or references from past clients, be wary. This usually means that the firm has not been successful in completing many searches or that they have a poor reputation.
5. Hiring an Executive Search Firm Is a Risk
The truth: Hiring medical device recruiters is not a risk, it is an investment. Good healthcare executive recruiters will help you find the right candidate for the job, which can save your company time and money in the long run.
You can hire an executive recruiter by talking to your colleagues, searching online, or attending industry events.
You can also read online reviews of healthcare executive search firms to get a sense of how satisfied past clients have been with their services.
Hire an Executive Search Firm Today!
As you can see, engaging a medical device executive search firm is not only a wise decision, but it may be the only decision. The myths that we debunked today are just that – myths. There is no reason to wait any longer if you need to find top talent for your medical device company.
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