As a company, you wouldn’t make big decisions, like entering a new market or product launches, without undertaking the research and having the data backed up to ensure it was the right decision for your business.
So why should the Hiring of your next CEO or CFO be any different?
Hiring a C-Suite or leadership Executive is a high financial cost for a business but is crucial to building up revenue and growth, no matter your business size. Therefore, the decision you make needs to be correct.
At Innovex, we provide a Recruitment Business Intelligence Consultancy that provides organisations with the support they need to build a successful leadership strategy and increase their confidence in their hiring decision.
This blog breaks down the use of Business Intelligence and how it supports Executive Search. We outline what Recruitment Business Intelligence consultants are and how at Innovex, our BI capabilities can add value when building your next leadership strategy or are ready to undertake your next hire.
What is Business Intelligence
Business Intelligence (BI) collects, analyses, and reports data through data mining, business analytics, and external market reports.
BI models are used by start-ups, scale-ups, and PC&VE-backed companies to track company performance and increase confidence when making decisions that will influence companies’ overall goals.
Whilst some PC&VE organisations may have their Business Intelligence Analyst or department. Start-ups and scale-up would generally rely on consultancies to assist them.
The use of Business Intelligence in Executive Search
BI supports decisions within departments throughout an organisation. However, one of its most common uses is within HR activities, specifically in building an Executive Search Strategy.
Whether you are relocating, entering a new market, building a leadership team, or looking at the future direction of your business, the use of Business Intelligence in Executive Search can encourage hiring decisions that will positively influence your organisation.
However, using your internal data team or regular BI consultancy isn’t best practice to achieve this information.
Your regular BI consultancy will have access to limited, outdated data. As a result, it will inaccurately reflect market hiring activities, which could negatively impact your Executive search decisions. Your internal Business Intelligence team may have other pending reports just as crucial for achieving organisational objectives not to be completed due to the time-consuming task of identifying Executive Search and Geographical information.
Our Advice: Consider partnering with a Specialist Recruitment Business Consultant Specialising in the Hiring/headhunting industry to assist with your Executive Search strategy.
What are Recruitment Business Intelligence Consultants?
Recruitment Business Intelligence Consultants are an external agency that provides data on the hiring activities within an organisation’s market to assist them with their Search.
Each Business Intelligence Recruiter will have different capabilities. Some agencies only have access to dated information from external databases or previous internal reports of operating roles. In comparison, Innovex has access to real-time data that reflects your required geographical market for the Tech, SaaS, Cybersecurity and Fintech industries.
Therefore, when making your decision Recruitment BI consultant partner. Consider the following:
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Which industry am I headhunting in?
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What positions am I seeking?
- What data will add the most value to my decision-making?
The Innovex way to Business Intelligence
Innovex offers BI for those looking to create or grow their C-suite leadership team.
Through a 4-step process, we’ll provide you with real-time data on current hiring activities for the needed roles within your specific industry geographically to assist you in successfully building your C-Suite and leadership team (All within 4-6 weeks after the initial briefing.)
By using Innovex Business Intelligence, you can receive the following information:
Accurate Salary and Compensation packages
Whether you’re moving to a new market and needing to rebuild your whole team or undertaking your first C-suite Executive hire, you will want the best talent that your budget can allow. Therefore, you’ll need to offer the best package.
Innovex can provide you up-to-date market information on the payment strategies of your organisation’s competitors’ compensation packages for their leadership team, including basic salary, equity, bonus structure and more.
From this information, you can create a strategy that guarantees to attract the leading candidates and be reassured that your organisation’s financial decisions are in the right direction.
Team assistance required
It’s one thing setting business goals. It’s another achieving them, and whilst identifying that you need a CFO, CMO or C-Suite executive to drive your business to your objectives is an important step. But in the long run, their role is to lead.
Therefore, they’ll need a team to support them in achieving the required goals.
Innovex Business Intelligence process identifies what further resources, including the size and capabilities of a team, your C-Suite Leader will need to help drive your business forward the way you envisioned both in the short and long-term.
You can use this information during the interview process of your C-Suite candidates to show your understanding of the support they may require and show how you are looking to grow your business in the long term.
Role Accountability
Once you have established the organisation’s goals required from your next leadership hire, our report will identify responsibilities required from the potential role to achieve the set goals.
From this, Innovex will establish the industry experience, skill and capabilities, and qualifications of candidates your need to advertise, so they perform within the role.
Understanding role accountability and the needed responsibilities will reduce the risk of your hiring decision. Through an increased understanding of what’s required to achieve your company goals, you can hire a candidate who meets these requirements and has a track record of successfully performance within the role.
Find out more about the Innovex way here.
Benefits of hiring a Recruitment Business Intelligence consultant
Hiring leadership strategy geared up to drive success
BI reports on the salary, responsibilities, and capabilities leading talent within the industry acquire to organisations objectives.
Therefore, by understanding what the best talent requires and the advertising role requirements, you can guarantee your hiring strategy is tailored to only finding the right leader to drive the business in the right direction.
Increase levels of financial understanding
Through having the most up-to-date information on the salary activity within the market, the expectation of leading candidates and their current packages.
You can make the correct financial hiring decisions that work for your budget, create realistic expectations on talent and support your overall growth of your business.
What’s more, use this data to help board members understand the value of your organisation can achieve through offering a compensation package based on competitors’ salary activity.
Streamline your hiring journey
Whether you are looking to make your hire in the next 4 weeks or in 4 months.
The data collection process will lead to a research list of leading industry candidates. Our Innovex experts will then interview these, and create a shortlist based on the hiring decisions your make from our data report.
So, when the time comes you are ready to interview and make that final decision.
Summary
Business Intelligence in recruitment is the collecting, analysing, and reporting data that will be of value to an organisation when building its hiring strategy.
Innovex Business Intelligence service assists start-ups, scale-ups and PC&VE-backed companies in their C-suite Leadership hiring strategy.
Our unique approach includes providing real-time data on the salary package, team assistance, and accountability of the roles within an organisation’s industry and geographic location. So, organisations can create a leadership hiring strategy that includes job descriptions and compensation packages that only attract leading industry candidates.
Using Innovex as your Business Intelligence Consultant, you’ll achieve a streamlined approach to your hiring journey, increase financial understanding and create a leadership team geared up to drive success.
