Ensure recruitment goes well by using the latest benchmarks to determine proper strategies. This can apply to different positions on the c-level staff, as long as you work with relevant industry data for an accurate baseline.
By relying on older information and recruitment tactics, your business might inadvertently be less effective at finding the right person. Compensation trends are a prime example of the information that can be updated and benchmarked, because they may change over time, possibly dramatically.
CFO Innovation recently reported on a decline in compensation rates for Asian CFOs seen in 2014 to the equivalent of $165,081. The primary reason for this change, as the article states, is not the baseline salaries of these positions but a decline in bonuses. While Hong Kong saw its compensation drop by more than $50,000, China ended up at the lowest level with a median of $108,175.
Recruitment teams can review recent changes like this before formulating benchmarks for a similar position. An ERE article reveals Dr. John Sullivan agrees with the idea of changing benchmarks to keep up with new strategies.
"Even if you're only trying to maintain your current recruiting success level, it is essential that you immediately identify and adopt new and innovative recruiting strategies," the article reads. Instead, the piece advises that "smart recruiting executives realize that a superior approach is rely on best practice benchmarking."
New information could become relevant or even essential to placing the best candidate in an open role. YES Partners will follow the latest client-relevant data to make your executive search successful and reflect important shifts that affect your business.
While it is important to go by "Market Data," EJ Dieterle, CEO of YES Partners, explains, very often on the C-level suite everything is supply and demand, i.e. how much the company wants to hire a specific C-level person, or how much that person wants to join the specific company.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people – for all company functions, across many industries and globally.
