Between the effectiveness of today’s job boards and internal employee networks, there are many searches where organizations wonder if they should do the search themselves and save the expense of hiring an outside recruiting firm. Some organizations choose to do their high-level searches externally and do the rest internally. This can actually be short-sighted and costly! Here some very specific reasons why you should outsource pharmaceutical sales hiring to an executive recruiter.
Vacancies are Costly
The cost of replacing a pharmaceutical sales rep can range from 1.5 to 2 times their annual salary. Training programs, the time for new reps to reach optimal productivity and lost revenue from a loss of market presence and missed opportunities are always a part of the equation. Using an executive recruiter that specializes in pharmaceutical sales hiring can expedite the hiring process as well as reduce the risk of making a bad hire – making sure your open slot is filled quickly and correctly.
Help Defining the Need
Specialized recruiters can help you define your requirements for the position. They can tell you where your job description will cause problems or where it will make the position more desirable to candidates. Polishing that job description for the best recruiting results is well within their area of expertise and is a reason to outsource pharmaceutical sales hiring.
Passive Candidates
Executive Recruiting firms that specialize in pharmaceutical sales stay in touch with everyone in their market, not just actively searching candidates. They know the best reps who work for your competition and the reps that you don’t want to pursue. Their constant presence in this particular market means you can source passive candidates quickly.
Time Efficiency
Executive Recruiters get paid once you make a hire. This motivation means they will help drive your recruiting process through multiple rounds of interviews, background checks and the offer. They offer you an insight into the candidate’s preferences and issues, not available typically. Recruiters also can accelerate the candidate assessment process through their industry knowledge and focus.
Confidentiality
Executive Recruiters conduct discreet searches and ensure the company and the candidate’s privacy in respected throughout the hiring process. Efficient targeting of the right candidates means less exposure for the company to candidates that are not appropriate for the position.
Better Negotiation
Pharmaceutical sales hiring is done every day by specialized executive recruiters. They have their finger on the pulse of market trends, compensation benchmarks and competitive intelligence. They help both parties reach a mutually beneficial and industry competitive agreement. This expertise is especially valuable when negotiating complex compensation packages.
