Game Changing Assessment Tools Coming to a Recruiter Near You
Scott A. Scanlon
The Hunt Scanlon article, “Game Changing Assessment Tools Coming to a Recruiter Near You,” quoted Russell Reynolds Associates' CEO Clarke Murphy as well as the firm's U.S. region head, Constantine Alexandrakis, about the changing landscape of the executive search process. The article is excerpted below.
Organizations everywhere are looking for better ways to recruit and retain good quality people to drive effectiveness, and performance, in their business. Executive search firms are stepping up with an array of leadership assessment services that are starting to make massive strides in the field of predictive analytics. But not all of them have candidate assessment tools to offer clients. That’s about to change — big time.
Russell Reynolds Associates, one of the ‘Big Five’ assessment providers, recently formed a partnership with Hogan Assessments, a global provider of personality assessment and leadership development. The alliance is designed to increase the success rate of executive appointments and accelerate the development of rising leaders. It combines Russell Reynolds’ expertise in advising senior executives and boards on executive search and succession planning with Hogan’s suite of assessment instruments, data assets and scientific acumen.
“The cost of betting on the wrong leader has never been higher,” said Reynolds’ chief executive officer Clarke Murphy. “That said, innovation in the executive assessment space has not kept pace with the rate of change confronting senior executives.”
Mr. Murphy said the initial stage of working with Hogan will be “sharply focused” on the creation of an assessment approach that is purpose-built to predict success (both short- and long-term) in senior executive roles. “For decision-makers, ‘increasing predictability’ really means ‘reducing risk,’” he said. “The risk associated with executive selection and hiring has always been high. But, as executive roles have become more complex, the risk of making the wrong hiring decision has increased meaningfully.”
The Risks of Bad Hiring
In a forthcoming interview conducted with Hunt Scanlon Media’s editorial board, Russell Reynolds Associates ‘ new U.S. region head, Constantine Alexandrakis, said that when he looks ahead he sees challenges on two fronts.
“Boards and executive teams are under more scrutiny than ever before – whether from shareholders, institutional investors, or even employees. This significantly raises the stakes for the talent they seek,” he said.
The risk associated with executive selection and hiring has always been high, he noted, “but as executive roles have become more complex, the risk of making the wrong hiring decision has increased meaningfully – and the cost of executive failure has jumped dramatically.”
Leaders, he added, now have access to far more information on their talent – through both improvements in human capital development as well as highly advanced third-party talent related tools. “This has the effect of blurring the lines between what companies can do on their own and where executive search firms can help.”
Mr. Alexandrakis said that CEOs and boards are no longer content with “Rolodex-based search strategies or vanilla search services” – rather, he admitted, they are now more interested in services that span the full executive talent lifecycle.
“Clients expect their search partners to offer thoughtful, consultative guidance and deep insight – from defining a role, to selecting a successful candidate, to planning for succession, driving business transformation through talent, and rebalancing culture. In many ways, we are as much in the retention business today as we are the search business.”
Opportunity for Russell Reynolds Associates and other search firms, he added, “lies in helping to increase predictability, which in many ways really means ‘reducing risk.’ Clients, he said, “look for us to bring specific advice and market insight – but they expect that insight to be supported by data and evidence. If you’re trying to compete on superior access to basic information, you’re going to lose every time. To win, you need to bring real insight to the table.”
To read the full article, click here.