Providing essential insights when a key executive resigned
Our client was unprepared for a senior-level resignation. They had no inside track on key individuals in the market, no understanding of the breadth of remit of comparable roles and no benchmark for remuneration due to the length of tenure of the current incumbent.
We needed to get them the insights they needed, quickly but accurately to minimise risk.
At a glance: our client
Industry
Financial Services
Service
Talent intelligence
Business size
Enterprise
Target Country
UK
What we achieved for them
Real-time evidence
led to the level of the role and the compensation being increased in line with the market
5 working weeks
to generate the required insights
Significantly lower costs
by making a successful hire directly from the pool of individuals we engaged with for research
Challenge
Unprepared for the exit of a key executive, our client’s business was at risk
The departing senior executive had recently been given responsibility for opening a new B2C channel to market, with significant ROI potential. As such, the resignation was unexpected and left our client with a problem and no obvious solution or precedent to follow.
Without the information they required on remit, prospective candidates or salary/package, they needed insight to shape their thinking and strategy. They specifically wanted to understand where and how to pitch the role to attract the very best talent in the market.
In parallel, they also required a recruitment short-cut to this talent. This would save considerable time and effort in the future and the need to engage in a costly recruitment campaign.
Solution
Sharing market knowledge and candidates ideally suited to the role
Our first step was to thoroughly research the market, to identify renowned organisations in the space. We used public information and our network to seek recommendations and clarify our thinking.
We identified and engaged with individuals leading the relevant function in each target organisation. We openly discussed our benchmarking objectives, which were focused on:
remit
budget
team size, and
reporting structure
We also sought to understand if they’d be interested in being considered for such an opportunity.
Our final report collated responses, key themes, recommendations and conclusions. Armed with the weight of this real-time evidence, our client decided to elevate the level of the role, together with compensation.
Rather than engage with an external recruitment agency or search business, our client arranged meetings with six individuals who had expressed a keen interest, one of whom was eventually hired.
Ultimately, our client was able to mitigate risk, dramatically reduce recruitment spend and move forward with confidence, safe in the knowledge that the role was pitched accurately and that they had covered the market before making the hire.
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