5 things you need to know about executive search

Have you ever heard about executive search? What does ‘executive search’ mean? What are things that you should know about executive search? Let’s find out in this article.

#1: What is executive search?

Executive search (also known as headhunting) is a type of recruitment service engaged in the identifying and recruiting of high-level positions. In addition, executive search is also used in searching for highly specialized positions or positions that require unique skill sets.

This method of recruitment involves researching the availability of suitable qualified candidates, creating a shortlist of candidates who meet the hiring company’s requirements, screening the candidates and representing them to the client.

Executive search tends to deliver the best results in recruiting although the fees for this type of service are usually not low – about 20-30% of first-year salary of the hired candidates. If you use a retained search firm, you may have to pay additional fees.

#2: What is an executive search firm?

An executive search firm is an organization that provides executive search services. An executive search firm specializes in recruiting senior-level and executive-level jobs. However, more and more companies use executive search for lower positions due to the fact that there are less candidates applying for certain positions.

There are two types of executive search firms, based on the way the firm gets paid and approaches candidates: retained search and contingency search. A retained search firm gets an up-front fee for conducting a search for talents. This search does not always result in employment. A contingency search firm conducts a search for fee and gets paid only when one of the candidates they represent is selected by the hiring company.

Executive search professionals usually have a large network (including personal and business contacts) and detailed knowledge of the field. This allows them to find suitable candidates in the shortest possible time.

Executive recruiters may approach potential candidates personally and try to recruit them to apply for the job they want to fill. Then they may be involved in evaluating the candidates. Then they will represent the best candidates to the client. Some executive search firms may conduct interviews with the candidates then create reports on the results. They all you have to do is pick the one you like the most. Some companies want to carry out final interviews. It depends on you.

It is important that executive search firms maintain a high level of confidentiality.

#3: What positions do executive search firms recruit for?

Executive search firms usually work to fill:

1. C-suite roles

C-suite is a group of officers who are senior executives. C-suite roles are extremely important roles in any company. And bad hires can lead to extremely serious mistakes. In addition, many companies do not post C-suite roles on job boards because the chance of receiving

Some C-suite roles include CEO (Chief Executive Officer), CFO (Chief Financial Officer), CMO (Chief Marketing Officer), COO (Chief Operation Officer), CAO (Chief Accounting Officer), CLO (Chief Legal Officer),...

2. Management roles

Management roles are also hard to fill. Many people do not want to apply for a management position due to the fact that they think they will not be hired. Some management roles include managing director, operations director, area manager, branch manager,...

3. Highly specialized positions

Highly specialized positions are those which focus on a particular area such as medicine or nuclear. Some highly specialized positions include medical technologists, technologists in the medical field specializes in nuclear medicine, psychologists, socialogists, database administrators, software developers, computer programmers...

There are usually less candidates who have background in these fields or have the skill sets that the jobs require. Some others who meet the requirements do not want to work in such areas. Executive search firms will work to help you solve these problems.

#4: Why companies use executive search?

1. Companies cannot find candidates themselves

Companies use executive search usually because they do not have internal research resources, professional contacts or proper recruitment skills to hire the best talents they need. The HR departments have a variety of tasks to complete everyday, including hiring and recruiting, training and development, employee benefits, employee relations and other related issues. They may not specilize in hiring and they also may not have time to complete an effective recruitment process.

2. To recruit the best candidates available

Using an executive search firm also allows them to recruit employees from competitors in an indirect way. With this method, you also have the ability to approach passive candidates (some candidates are not looking for a new job but open to opportunities). You can choose among the best candidates available (not only the candidates who are applying for the job).

3. To reduce time and cost

Also, using an executive search firm can help reduce the amount of time spending on looking for candidates and the amount of money lost due to a lack of personnel. Executive recruiters usually have their talent pools, their contacts. Therefore, they can find the most suitable candidates in the fastest way. They have skills and experience in finding people. They can screen CVs more effectively to find out key points to consider.

#5: How to find an executive search firm?

An executive search firm may contact you to offer you their service. If you post your job online, they may have your contact and try to contact you. However, if you want to fill a position urgently, how can you find an executive search firm? Social media? Your network? Or search for a firm online?

Your friends or business contacts may recommend you some good executive search firms that they prefer working with. This is a good way that you should try. And this is why you should build a large network.

A good headhunter may have a strong online reputation – even if they do not show too much about their recruitment process. In addition, recruiter influence has grown on social media in recent years. Therefore, you are able to search for them easily on the internet.

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