Headhunting, also known as executive search or talent acquisition, is the practice of actively seeking out and recruiting highly qualified individuals for specific positions within an organization. While it can be an expensive and resource-intensive process, headhunting can provide a return on investment (ROI) in several ways:

1. Access to Top Talent: Headhunters specialize in identifying and attracting top-tier candidates who may not be actively seeking new opportunities. These candidates often possess specialized skills, experience, and industry knowledge that can greatly benefit a company. By securing such talent, an organization can gain a competitive edge and enhance its performance.
2. Reduced Hiring Costs: While headhunting services may have upfront fees or commissions, they can ultimately lead to cost savings in the long run. Hiring the wrong candidate can be costly in terms of training, turnover, and lost productivity. By using headhunters to find the right fit from the start, companies can minimize these expenses.
3. Faster Time-to-Fill: Vacant executive or specialized positions can lead to disruptions and decreased productivity within a company. Headhunters specialize in expediting the hiring process by identifying and engaging with candidates quickly, reducing the time it takes to fill critical roles.
4. Improved Employee Retention: Headhunters often have a deep understanding of a candidate's motivations, career goals, and cultural fit with an organization. This knowledge can help match candidates with companies that align with their values and objectives, increasing the likelihood of long-term employee retention.
5. Enhanced Innovation and Growth: Hiring top talent can drive innovation and fuel company growth. High-performing individuals can bring fresh perspectives, ideas, and strategies to the organization, leading to increased profitability and market competitiveness.
6. Competitive Advantage: In highly competitive industries or markets, securing the best talent can provide a significant advantage. Headhunting allows companies to identify and recruit candidates who may be currently working for their competitors, potentially weakening the competition.
7. Long-term Value: Many executive hires have a substantial impact on an organization's long-term success. A well-chosen executive or specialist can contribute to the company's growth and profitability over an extended period, delivering a lasting ROI.

It's important to note that the ROI of headhunting can vary depending on the the specific role being filled, the effectiveness of the headhunter or recruitment firm, and other factors. Organizations should carefully evaluate their hiring needs and weigh the potential benefits of headhunting against the associated costs to determine if it makes financial sense for their situation.

“We really need to have a name in the envelope as soon as possible.” So begins many of the discussions we’ve been having lately with board members who are frantic about CEO succession planning.
 
2020 brought an unprecedented wave of early retirements. This unanticipated contingency highlights the importance of succession planning. Succession planning is the essential practice of identifying and developing leaders within your organization for their advancement. Successful succession planning yields a stronger workforce and better long-term outcomes. Organizations must not bank exclusively on a few key leaders.

CEOs can account for a 30% variance in their organization’s profitability, and research suggests that top management has an even greater impact on organizational performance than the CEO. Succession planning should be among the most important considerations for any organization. Yet, the research and statistics collected below tell a different, and rather unnerving story. Most organizations are unprepared to replace the individuals in their highest leadership positions. 

1. CEO turnover in 2019 was the highest in nearly 20 years. Source
   ​
2. The direct cost of replacing a failed executive is close to 10x his or her salary. Source
   
   
3. 74% of Boards are making emergency plans in case of a sudden CEO departure. Source
   
   
4. 86% of leaders believe leadership succession planning is of utmost importance, only 14% think their organization does it well. Source
   
   
5. Only 35% of organizations have a formalized succession planning process. Source
   ​
6. The median tenure for CEOs at large-cap companies is only 5 years. Source
   
   
7. 74% of executives were not prepared for the challenges they faced in senior leadership roles. Source
   
   
8. Only 27% believe their organizations provide the necessary resources to support their move into a C-level role. Source
   
   
9. 46% of leaders underperform during their transition to a new role. Source
   
   
10. 50% of leaders reported that it took them six months to become effective in their new roles. Source
    
    
11. 20% of C-Suite Executives said it took more than nine months to become effective. Source
    ​​ 
12. Direct reports perform 15% worse under a struggling leader and are significantly more likely to become disengaged. Source
    ​

​The turbulence we’ve experienced throughout the pandemic will continue to have ripple effects for years to come, underscoring the importance of resilient leadership. CEO succession planning empowers employees to become invested in your organization over the long term.​

1. Show our resiliency…
Valerie Whitman, Vice President of Senior Living, LeadingResponse
 
We are a resilient industry. We need to always be sure we show that to the world.

As we saw in the last year, our industry was constantly being portrayed as a place where COVID thrived. This information shook consumer confidence and further created misperceptions of truly how safe our communities are.

Our hurdle and opportunity is to be transparent and show the world how we have remained resilient during a pandemic. There are countless stories of how providers have ensured the safety and quality of life for residents as well as their families and staff.
 
2. Be the best choice…
Mark Marasciullo, Chief Investment Officer, The United Group of Companies
 
There are no hurdles to be cleared in choice-based senior housing. During the height of the pandemic, we did not witness a drop-off in either occupancy or revenue in most of our portfolio. This is largely due to the measures taken at our properties to reduce the risk of potential exposure to the virus, and the fact that our residents do not require onsite healthcare.

We expect leasing activity to continue accelerating as the single-family sales market has a multitude of tailwinds: all-time lows in mortgage rates, a flight to the suburbs out of urban cores and the emergence of single-family rental buyers that are changing the nature of the marketplace. In short, the future is bright for choice-based seniors housing, and the sun won’t be setting on it anytime soon.
 
3. A simple proposal…
Jerry Frumm, Chief Investment Officer, Senior Lifestyle Corp.
 
For me, the question is answered in three words: Time, trust and value.
 
4. Rebound on the way…
Brad Goodsell, Senior Vice President, Senior Living Investment Brokerage
 
A common obstacle is perceived safety and visitation restrictions. Really, it’s twofold — safety, in that the facility doesn’t have COVID, and that once the resident moves in the family will be able to visit without restrictions. Once this happens, I believe we’ll see a rebound in occupancy, as people become comfortable again with moving in or having their loved one in a senior community. On a positive note, I’ve heard some great stories in the past month about an increased tour volume and deposits at certain communities.
 
5. Vaccine is the key…
By Michael Stoller, Managing Partner, CEO, LCB Senior Living
 
It’s impossible to identify all the hurdles. We still don’t know what’s coming. Forecasting has never been harder.

There’s been massive change with the vaccine rollout. Referrals and inquiries are scaling up. Some communities are even exceeding pre-pandemic levels. There is pent-up demand.

We see hope but also worry about the potential for a new wave. The largest hurdles that remain are unpredictability and human nature. The stronger and more adaptable we are as people the better we can overcome. And we will.
 
6. Achieve total transparency…
Margaret Wylde, CEO, ProMatura Group
 
What needs to be overcome is lack of transparency. You must be totally transparent with the price and details of the services residents will receive, the communities’ history with COVID-19 and vaccinations, and demonstration of precautions.

You could lose 20 percent of your prospects by not providing this information, especially pricing, at the outset of communication. Seventy-eight percent of both prospects and family members rated pricing information difficult to impossible to obtain.

These results were obtained from a recent survey conducted for the American Seniors Housing Association. The report, “Messages That Matter,” will be available from ASHA in the near future.
 
7. Technology can help…
Avi Begun, Senior Vice President, Meridian Capital Group
 
This pandemic has caused a significant amount of uncertainty and turmoil. The good news is that we are in a much better place now than we were in March 2020.

There are still several factors that would make a big impact in helping occupancy and revenue rebound. The most important of these factors is already underway, which is administering the COVID vaccine to all residents and staff. I believe that will be a huge catalyst to seeing occupancy climb to pre-pandemic levels.

Another factor that could instrumentally help drive both revenue and occupancy is further embracing technology for efficiency and using social media as a primary source of marketing. A fresh perspective and strong plan of action embracing these new forms of technology and new channels of communication will help attract new residents and drive occupancy and revenue back up. Source: Seniors Housing Business