What to do when you are confronted with a
Surprise Resignation of a key revenue producer?
Your global sales leader has taken another job with a key competitor. While she had a contract that included severance and other guarantees from your company there was no provision inserted to prevent her from resigning her job and going over to a competitor—and begin delivering new revenue for them immediately upon arrival. Let’s not dwell on what you should have or could have put into the terms of the employment contract of your departing sales executive; this is more of a question for your senior HR executive.
When faced with a surprise resignation your options are fairly clear cut:
1) Promote from within.
2) Appoint an interim replacement and consider options for permanent hire.
3) Recruit a permanent replacement from the outside.
Most of our clients select option #2. Clearly, there is some risk here though since the message to the interim replacement is you are keeping your options open and you are putting him or her to the test. Again, the terms of any arrangement –with the interim—should be structured by your senior HR exec.
If it is determined though, that option #3—-recruit a permanent replacement from the outside—works best for your organization then use of an executive search firm should definitely be considered.
Why/ What are the key potential benefits of working with an executive search firm?
• Time savings
• Expense savings
• Revenue maximization
A professional executive search firm will be able to work quickly to structure a comprehensive position description that becomes a marketing document to promote the opportunity and attract highly qualified candidates. The search firm will have the necessary experience to persuade “A level” candidates—many of whom may not presently be considering a new opportunity—to seriously consider coming to your company. Additionally, the search firm will be able to reach candidates who are actively looking by promoting actively promoting the opportunity.
Search firms save expense because search/hiring cycle time is minimized. The first qualified candidates are often presented to the client within one week of the official start date of the search.
The sooner the hired candidate is on board and producing revenue the more likely it can be that budgeted revenue targets will be reached. A highly qualified candidate will be able to hit the ground running and may be able to bring new business along, too.
We are available for a confidential consultation at your convenience to assist with your critically important outside search and hiring needs. Please contact us.