It's certainly wise to make sure you are hiring the right person to fill your executive search, but it's just as important to find someone relatively quickly, as openings at the executive level can represent a major hole in your organization. A lack of leadership or other qualities associated with the executive or management position could have a negative impact on your organization.
While the job market is recovering, recent studies show that many companies are taking their time and, in some cases, perhaps too much time, to fill certain positions. According to a study conducted by Glassdoor, the number of days it takes to fill a position has nearly doubled between 2009 and 2013.
"Since the cost of hiring the wrong person is extremely high, some organizations have become much more selective with the desired candidate requirements — skills, education, experience, location — [and wind up] looking for a candidate that doesn't exist."
It's important to establish a balance between envisioning the ideal candidate and staying grounded in reality. Holding out for an individual who ultimately doesn't exist will just maintain the gap in your organization you are trying to fill and can actually create more problems than you are trying to fix. In many cases, it may be necessary to expedite the process with the help of an executive and leadership position search organization. A company that has an understanding of what realistic candidates fill the qualifications you are looking for can streamline the search process and cut down the amount of time you spend filling a position.
