Are you ever tasked to identify the perfect candidate for an executive position? If yes, then you’re aware of the process involved in choosing a candidate for the senior positions is more demanding, time-consuming and extensive than hiring for an entry-level or middle-management job.
In the case of recruiting employees who are intermediate it is common to post your job on a job site or two, then run these resumes by an algorithm and then review the candidates to find the most suitable candidates. The process could take anywhere between days and weeks. But when it comes to executive position in an organization ranging starting from C-Suite and the Boardroom various methods are required to locate the ideal candidate to take over an company. The process of hiring executives typically involves you seeking out the most competent candidates rather than doing the opposite.
That’s where executive search companies can help. A firm that is executive-search is a business that specialises in placing highly skilled candidates in executive positions across the private, public as well as non-profit. Executive search consultants aim to know the specific requirements of a job, identify the essential skills required for an effective selection, and identify candidates who meet a certain profile. The positions are the President, Vice President, CFO, CEO COO, department heads and others.
The Executive Search Landscape
It is true that the work done by executive search agencies could often be misinterpreted as the services provided by contingent recruiting agencies. But there are significant differences in the scope, method processes, scope, and so on that separate them from two completely different fields. In essence retained executive search companies collaborate with companies to offer the expertise they require in their particular field or field, which ultimately leads to the selection of a qualified candidate.
Working in executive searches with an company is not only a one-time deal, it’s an ongoing partnership.
For example, if you use an executive search company to hire an executive in a new position You’ll probably enlist them when you require the services of a new CMO as well as a CFO. If your company requires executive coaching, assessment of culture or mapping of organizational structures or other high-level solutions You’ll probably re-engage with the executive search firm.
A Short Background on Executive Search Firms
Originating from the traditional consulting business, this profession has a long history of more than 60 years and led to the development companies for executive searches around the world.
In the time period of 1870 until 1914 (the Industrial Revolution era) the business landscape drastically changed and led to the introduction of management consultants. This position was that was created to assist business leaders adjust in the face of size and the evolving business environment. Executive search grew out of the need that was recurring for companies that provide management consulting such as McKinsey & Company and Booz and Allen & Hamilton to identify the most suitable executives that could execute the recommended strategies and resolve the problem of a client. The first executive search firm that was retained, Thorndike Deland Associates, was established in the year 1926, by Thorndike Deland Sr.
The final days of WWII during the time period of 1950 and 1973, saw companies jumping at the chance to broaden their reach, resulting in an end to the traditional practice of internal promotion. Leaders were more often seeking skilled executives from outside their companies, allowing for the rise of executive recruitment companies.
Organizational leaders today have the same challenges that led to the development of the field disruptors, rapid-changing technology, changing economic factors, and intense competitiveness for the best talent around the globe. The importance of advisory services continues to increase and so does the executive search profession to meet the demands of an ever-changing world.
The way an Executive Search firm Work
Executive search firms may specialize in a range of areas like function, industry and service. They also provide services across many different areas and tasks. For instance, some firms specifically focus on placing senior-level candidates in the accounting, financial and private equity industries, while others may specialize in natural resources, energy/utilities, and transportation/logistics. Additionally, some firms may narrow into a particular function or service like the CEO position, CMO and CFO post. Consultants in executive search are in a position to help companies fill new and emerging roles , such as Chief Information Security Officer or Chief Data Officer as well as Chief Diversity and Inclusion Officer.
Through collaborating with the organisation’s leadership team executive search consultants are able to assist businesses in gaining an edge in a rapidly changing business environment. Executive search professionals an asset to in the leadership team is their deep-rooted knowledge of the field together with the tested and reliable assessment as well as coaching and onboarding. A specialist in one field will increase the likelihood of hiring a good candidate and a more high-quality candidate pool.
What are the best times to use an Executive Search firm?
Below are a few examples of situations where your company should work in executive searches with a firm.
If your business is looking to hire top talent for an executive or board director’s role. This type of candidate is generally include people who aren’t actively seeking the opportunity to be a part-time employee.
If your business is looking to minimize the chance of an unsuitable executive hiring that can cost companies billions of dollars or hours and have an impact on the morale of employees and performance, productivity and image.
If your business is looking to conduct a confidential search.
If your business has just established an executive position that is new and requires assistance in with defining the job and creating an overview of the position.
If your business is looking to gain access to diverse and unusual candidates that can speedily bring about change and innovating.
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