10 Global Payroll Best Practices to Implement in 2024
13/04/2024
What Is HR Compliance? Definition, Checklist, Best Practices, Key Issues
17/04/2024
A strong leader is an asset to the company. Sometimes you may be at it as a founder trying to hire the right person but always fall short. Executive search firms help bridge the gap between senior leaders and companies looking for them. They help you hire a visionary leader who will, if you are a startup, put things in order so you can grow as a business. And if you are a larger business, a leader will help you prioritize and push forward in your endeavors.
What is an Executive Search Firm?
An executive search firm is a company that provides a recruitment service specializing in placing candidates who are highly qualified in senior executive level positions. The functions of an executive search firm are to attract leader profiles, shortlist them and provide support to them after onboarding.
Who Uses Executive Search Firms?
Executive search firms work with the employer to find, shortlist and interview profiles for managerial positions. Organizations of all sizes use executive search firms, ranging from smaller companies to medium and large ones. Organizations may be on a short-term or a long-term contract with such executive search firms.
The Executive Search Process
1. Strategy
The company and the executive search firm agree on four points. The four points in focus in the strategy phase are: (a) what are the expectations? (b) how can we define the roles and responsibilities of the leader? (c) do we have a benchmark to compare against and (d) do we know where to look?
2. Research
This is perhaps the most important step, where the executive search process starts to move in a direction. The executive search firm then looks in the demographics the company is interested in to find a good fit. If the executive search firm already has access to a large database of potential candidates, then the research phase is truncated.
3. Outreach
This is where the benefits of research bear fruit. The research data and the internal scores assigned to each candidate is used by the outreach team to contact the candidates, understand their needs and explain the responsibilities of the role. Top leaders are hard to engage, because they think on a much higher level. So, as an executive search firm, always put your best agents on the job.
4. Assessment
In the assessment phase, tests, screening and interviews are considered. Make note of the candidates’ behavioural attributes, leadership skills, intrinsic motivators and competencies at each stage. At the end of the assessment phase, another internal score is assigned to each candidate to make decision-making easier.
5. Decision
The last phase of executive search involves the executive search team arriving at a decision. Next, extend an offer. What are the compensations and benefits that you can offer? Once the offer is signed, then the onboarding process is strategized and personalized for each candidate. With this, the executive search process ends.
What are the Benefits of Using an Executive Search Firm?
Organizations today approach executive search firms to get their jobs done. The management and the founders in many companies today have clear insights into what kind of leader the company needs and what their roles and responsibilities must be.
The most important benefit of an executive search firm is the objectivity it brings in the search for a leader. You can hire the best leader from the list of those chosen by the executive search firm or give them a free hand for the entirety of the process.
And that brings us to the second benefit of using an executive search firm when you want to hire your leaders. An executive search firm has access to passive candidates too who may be a great fit for the role. It is not possible to hire from among passive candidates except through an executive search firm.
An executive search firm also takes less time to hire the right leaders, as they would have hired for similar roles in similar industries with companies working in similar areas or similar technologies as well.
An executive search firm is also more cost-effective and efficient as the executive search process happens in a prearranged format, with payments being made at the expected times.
Lastly, an executive search firm works empowered by the right technology and tools, automating the repetitive tasks, so that they can focus on those that require strategic thinking. As an organization looking to bring on a leader, you may not have access to such technology or know what works best for you.
The Role of the Executive Search Consultant
An executive search consultant is a term either used for an HR company which provides an executive search function to a business or for an executive search manager within the HR company who is managing the executive search function. Here are some of the roles and responsibilities of an Executive Search Consultant.
- Partner with clients and understand their strategic needs as a business.
- Do competitor and industry research to ascertain who would be suitable as a leader.
- Create a role persona based on attributes required for the role and those specified.
- Use various social media and other channels to track the candidates who may be a fit.
- Ensure cultural fit for the role in addition to a skill fit.
- Conduct interviews in a confidential manner.
- Follow up on references and conduct a detailed background check.
- Present the shortlisted candidates with a profile summary for each.
- Assist with the negotiation process to meet both client and candidate demands.
- Assist with candidate’s transition and onboarding process.
- Build a good and loyal partnership with each client.
What is the duration of a typical executive search?
An executive search can take as long as 15 weeks or as less as 7 weeks to complete. It depends a lot on the industry, the level of expertise required, the organization that needs the candidate and some other factors such as remuneration too.
Cost and Fees Associated with Executive Search
Sometimes the sum of money is paid upfront by the organization, and sometimes in phases. This will depend on the terms in the contract that is signed between the recruitment firm and the organization.
Are you looking for an Executive Search Partner?
An executive search partner can help you in a myriad number of ways, by sourcing the best, guiding you in picking the best from them again and even planning so that you find the best leader there is. But first you need to find an executive search firm that is dependable, organized and maintains a good relationship with you without compromising on the efficiency of the executive search process.
You would need to do some research, or you could just drop Alp Consulting a line. We have been into executive search for more than two decades for several Fortune 500 companies and would be able to help you.
