According to Angelo Calvello, PhD, writing in Chief Investment Officer magazine, working with a recruiting firm can be just what a company needs to get out of a rut. Executive recruiters have a more neutral outside perspective on the business and a broader range of candidates to choose from than most companies can come up with on their own.
To explain the problem with trying to bring about change by hiring an executive using internal recruiting, Calvello cites a common psychological bias known as the Dunning-Kruger effect.According to the scientists who discovered the theory, "When people are incompetent in the strategies they adopt to achieve success and satisfaction, they suffer a dual burden: Not only do they reach erroneous conclusions and make unfortunate choices, but their incompetence robs them of the ability to realize it. Instead, they are left with the mistaken impression that they are doing just fine." In other words, people who are steeped in your current company culture are unlikely to be able to find candidates who can truly revolutionize your business because they will probably continue to use the same unsuccessful methods they've leaned on in the past.
On the other hand, recruiters are more able to see the discrepancies between what your company's current employees have written in the executive job description and what your company really needs. They are less likely to stick to the same pool of a few prominent people in your industry and are able to look elsewhere for the kind of talent you'll need to shake up your company's leadership. After all, executives are valuable mainly for their vision and ability to lead, not for particular technical knowledge of your industry.
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