Contrary to popular business mythology, embracing transformative changes, adopting new technologies in a big way, revolutionary thinking, or acquisitions and mergers only tell part of a firm’s success story.
The miracle workers are in fact the people who are on your team.
Writer and thinker, Jim Collins, who was selected in 2017 as one of the 100 Greatest Living Business Minds, compares success to getting the right people on the bus. Unless you have a team that is self-motivated, and as a company you give more importance to the “who” rather than the “how” or the “what”, you could lag behind the competition and even spiral downwards.
The essential issue is to pinpoint the way to connect with the right candidates, how to attract them to your organization, and finally by what means to hire them.
Whether you’re looking for more top level support in your C-suite, or you want to hone your strategy for change, an essential element is your partnership with the right executive search firms.
What Are Executive Search Firms?
Most organizations may not have the specialized skills, resources or contacts to conduct top level talent acquisitions. They may not have the professional or industry networks that allow them to connect with the best talent.
- A company that conducts recruitment searches for high level talent for a client company is known as an executive search firm.
- These firms are retained to acquire talent for public and/or private sectors, not-for-profit organizations, or educational institutions.
- Another area of executive search would be in case the client company requires specialized or skilled talent or level of experience.
- Generally, executive search firms are run and managed by people who have high level contacts across the industrial and commercial landscape.
- They may also have individuals on board with specialized skills, industry knowledge and experience and they may typically operate at the highest echelons of contact.
- Another distinguishing feature of executive search firms is that they generally develop and maintain long-term relationships with client companies. This ensures excellence, confidentiality and professionalism.
- Such firms can work across countries and also globally.
Using the services of these firms also gives you the freedom to indirectly explore talent that exists in your competition. You are able to connect with candidates in other firms whose talent you value and would like to make a part of your team. These candidates may not be actively seeking a change, or are not available through passive or internal sourcing.
Executive search firms can work either on a retainer or contingency basis. Retainer models mean that the client pays a certain fee up-front that could translate to a percentage of the annual CTC of the candidate. This could be paid at different stages of the hiring process. The retained firm must also provide guarantees that they will rework the search process if the initial recruitment doesn’t work out within a stipulated time. Retained firms work for the benefit of the client and not for the candidate. They may also specialize in certain areas and operate as niche firms.
Contingency models are those where the recruitment agency is paid only on successful completion of the specified recruitment process, and the candidate accepts the position. The contingency model usually works when the client looks to fill mid-level positions. Clients may work simultaneously with several search firms on a contingency basis, because they have to pay only when they get the right result.
How To Select The Right Executive Search Firm In US
- Know Exactly What You Want: You have to be clear about what your specific requirements are. Give the recruiter as much information as you can, with specific details, job descriptions, expectations, salary and perks, and any other details they require. They must get specific information about your firm, products, services, business units, locations, the type of corporate strategies you use and your company’s position and prospects in the market. This will help them to identify and locate the right candidate without delay and confusion. Ask about typical time required to fill the position, their success rate and the retention rate of a successful recruit.
- Industry expertise and experience: Select a firm whose consultants have in-depth industry expertise and experience. There are several online resources that provide information about the top firms in the US. They should be thought leaders, connected with top level decision-makers and influential personalities. The search firm should work as your partner. They must be attentive to your values, goals, aspirations and culture. This means that they would be able to find the perfect fit with the right deliverables and critical factors for success. They must be an authentic ambassador for your brand.
- Specific Skills: Look for executive search firms whose personnel have good communication and listening skills. They must be able to lead their own teams, persevere with searches, be ethical in their practices, and completely committed to the project. If required, they must have the ability to conduct psychometric testing, psychological assessments and adapt their own processes to suit your requirements. Avoid firms that offer a one-size-fits-all strategy. They should work with you to provide a bespoke strategy to recruit the perfect candidate.
- Networking:Executive search firms are known to have access to passive candidates who may not be visible on the normal job market. They keep tabs on the most successful executives across industries, what their needs are, and take steps to understand how to connect with them. That’s why the best firms achieve success based on their relationships and not really on the basis of conducting competitions or assessments. Another point to consider is whether they have certain off-limits restrictions. This affects larger executive search firms where their client pool is large and may have many passive candidates whom they are not in a position to recruit ethically.
- Guarantees:Select a firm that offers not just performance guarantees but also retention guarantees. This is possible only when the right candidate has been chosen. They need to evaluate the candidate’s job-related and technical skills as well as soft skills. This comes with exploring the candidate’s background and how they have arrived at the current position they hold. The recruiter should ideally have good follow-up processes that help the candidate to integrate and immerse successfully into your company. Typically, well-established and reliable executive search firms provide retention guarantees for up to a year.
