You want to fill an open position? You are considering using an executive search firm? But you do not understand the process? If so, this article is for you.
What is executive search?
Executive search is a type of recruitment service which companies use to find out and recruit candidates for senior-level jobs (e.g., President, C-suite roles). Executive search is also known as headhunting although nowadays the term headhunting sometimes refers to any recruitment process that is used to recruit a talent for a highly skilled/ specialized or hard-to-fill position, no matter the level of that position is senior or not.
Executive search is usually preformed by an executive search firm. There are two types of executive search, including contingency recruittment and retained executive search.
See also >>> Which one is better: contingency recruitment or retained executive search?
Why do companies hire an executive search firm?
Hiring an executive search firm can help the company save a lot of money and time. Let’s think about the time you have to spend on recruiting and training new employee, as well as the money you lost due to a shortage of personnel.
You also benefit from using an executive search firm if your company does not have a good internal recuiter. Executive recruiters have their network, understand the market and have access to a talent pool. They know the working exeperience, skills, other qualities and career expectations of candidates. Thus, they can find the potential ones very quickly.
Using an executive search firm can help the company reach more candidates because headhunters will actively approach the individuals they find suitable for the positions. If you recruit candidates yourself, you usually advertise the job on job boards and then all you can do is wait for them to contact you.
One more thing, executive search firm can ensure the confidentiality of the hiring process in case of need.
Some companies even use only executive search for specific positions.
See also >>> Pros and cons of using an executive search firm
The process of executive search
Here are 10 steps that are usually used by executive search firm:
1. Conducting client research
Firstly, before meeting officially with the client, the executive search firm usually conducts a research to understand the organization they may serve.
The information they want to know includes:
- Company overview
- Your history
- Your products and services
- Your vision and mission
- Your company’s strength and weakness
2. Meeting with the client
After getting an overview of your business, they will meet with key hiring executives, senior executive team and relevant stakeholders to discuss and identify:
- The specific job requirements (including education and qualifications, skills, experience and other qualities)
- The responsibilities, goals and challenges of the role
- Benefit package the hiring company would offer
- The company’s culture and working environment
- The team working style
If they cannot meet you in person, video call and phone call can be used instead.
You should provide the executive recruiter with as many details as posible. This will help boost the quality of the searching and increase the chance of finding the right match.
3. Creating candidate and position specification
At this stage, an ideal candidate profile will be created to form the basis of the searching process. The information collected earlier during stage one and two will be the main reference for the search consultant. They use this document to find potential candidates who match with the requirements.
A role profile including detailed information about the role and the company will also be prepared. The search consultants use this document to introduce the position to the candidates and recruit them to apply to the job.
4. Developing a research plan
They need a plan to increase the chances of success. When developing a research plan, they consider these key points:
- The level of the position
- Office location
- The company’s culture
- The company’s ranking within the marketplace
- The candidate sources including
- The candidate sources, which include databases of senior executives, market analysis, online sources such as LinkedIn, Facebook and other social networks and professional forums, referrals and recommendations
- The methods and techniques used to attract potential candidates
- The list of companies of which they will not recruit due to terms and conditions of the agreements.
This plan then will be reviewed by all the search consultants and any affordable changes should be applied.
5. Searching for potential candidates
After developing a detailed plan, the search consultants conduct a search to identify potential canditates. Many search firms do most of the research online. Then they will have a long list of candidates. This list should include their names, contact details and some notes on the capabilities and suitabilities.
6. Creating a shortlist
The search consultant will set up in-person, video-conference or telephone interviews to evaluate the prospective candidates, depending on their location. Assessments should cover the candidates’ career histories, abilities, personalities, compentencies and preferred working style. The search consultant also has to determine whether the candidates are interested in the position you introduce. Those who fit the role are choosed to be presented to the client. Those who do not meet the requirements are filtered out. The shortlist usually includes 2-5 candidates.
7. Writing candidate reports
After evaluating the candidates and shortlisting the most suitable ones, the search consultant prepare a candidate profile for each of them. This is a report that provides detailed information about the candidate’s education and qualifications, work experience, awards, as well as an analysis of the candidate’s strengths and weaknesses and the suitabilities for the role. In this report, the search consultant will also put some notes on the candidate’s work expectations.
8. Presenting the shortlist to the hiring company
At this stage, the search consultant will send the shortlist of candidates, their CVs and reports to your company. After you review the list, the final interviews will be scheduled. You send them the interview schedule. They confirm the time and location with the candidates and all you have to do is carry out the final assessment to pick the one you like the most.
The consultant also has to check the candidate’s references to verify all the information provided (including employment and academic credentials).
9. Finalizing the search
After a final candidate is selected, the executive search firm and the hiring company will work together to prepare an offer letter and send to that candidate. If there is any change or disagreement, negociation should be conducted to finalize the offer that is agreeable to all three parties.
10. Onboarding
If the final candidate accepts the offer and agree to be a part of the company, the executive search firm will close out the agreement. Some reviews with both selected candidate and your company will be carried out following the employment.
If the final candiate refuse the offer, another executive search process should be performed.
See also >>> Executive Search & Selection Services of HRchannels Group
Image sources: Internet.
HRchannels
HRchannels là nền tảng tuyển dụng và thu hút nhân sự cấp cao hàng đầu tại Việt Nam.
Với hơn 16 năm kinh nghiệm tuyển dụng nhân sự cấp cao. Chúng tôi là công ty headhunter hàng đầu ở Việt Nam.
