7 key principles of executive search

How do excutive search firms work? Is there any principle that they are following? Let’s get to discover these 7 key principles of their works.

What does an executive search firm do?

An executive search firm is a type of professional service firm that is in charge of locating and recruiting individuals to fill executive-level and senior-level positions, or positions requiring specific skills and qualifications. Executive search firms work for hiring companies and get paid by finding the best matches.

Executive search firms are involved in stages of the recruitment process. They usually have long-lasting relationships with their clients (here mean companies who pay them for conducting searches). Executive search firms typically ensure the confidentiality of the process.

Companies often hire executive search firms when their internal recruitment department cannot find suitable candidates, they do not have professional networks, or they are unable to assess the candidates themselves.

See also >>> Which one is better: contingency recruitment or retained executive search?

Different types of executive search firms

Executive search firms are mainly divided into two types, simply based on the method of payment. They include contingency recruitment and retained recruitment. Contingency recruitment firms are paid only when one of the candidates they presented gets hired. Until then, they search for free. Retained recruitment firms are paid for conducting the search which usually – but not always – results in an employment contract. The hiring companies have to pay them an upfront fee before they get in the process.

7 key principles of executive search

Executive search is seemed to be a complex process. Have you read about the 10 steps of the process? Now, let’s get to understand the key principles that executive recruiters are following.

1. Sell first, buy later

Many business owners think that their employees love their work and never want to go for a new position. That is why recruiters have to sell the hiring company’s business first. Then talents will come to them.

Many talents do not switch jobs for higher salary. They move to a new role for more opportunities, challenges and the chances to lead an amazing team to success. The phrase‘sell first’ means that you sell the hiring company first. The phrase‘buy later’ means that you buy the candidates later. You have to remember that the company who hires you wants to fill an open position but the top talent you want to recruit is not sure about changing a job.

2. They do not recruit a liar

Sometimes, you want to hire a person or extend offers because your first impressions with him or her are great without considering if he or she fits the job. The executive recruiters will help you decrease these recruitment errors and ensure their client will not hire an underperformer. They check the candidate’s referees and background. They have methods to assess if the candidate is just a smooth talker.

This is one of the advantages of using an executive search firm.

3. They are opportunistic

They are opportunistic. They are always looking for the best candidates. They know when the best employees of a company have desire for a change, for example, when new products are lately released, or when the management of the company changes. They may approach these employees for the purpose of offering them the opportunity to work with you and recruiting them for a new position.

4. They use search tools

When looking for qualified candidates, they cannot use only their networks or waiting for candidates to apply. There are websites and tools where candidates can upload their CVs. Executive recruiters may search for potential candidates’ resumes on these sites. Then they will contact the candidates and try to attract them.

5. This is always a seller’s market

Who are you looking for to fill open positions? The best of the best, right? However, most of the best of the best already have jobs. And they rarely look for new jobs. The executive search firms have to look at the competitors of the hiring companies and catch their employees. They are not only looking for candidates who are currently unemployed or not happy with their current positions but also trying to entice individuals who do not have a desire for a new job.

In other words, if you cannot offer the best conditions, your employee may leave you to work for another business. This is always a seller’s market. You have to do your best if you want to win.

6. They make a deal with benefits

When executive recruiters talk to their candidates, they will not mention only money but also other benefits that may make them want to apply for the job. These benefits include things the candidates need to achieve their goals – such as challenges at work, the fast growth of the company and industry, chances to learn and improve their skills, promotion opportunities, and so on. They are marketing your business. This is why executive recruiters usually research their clients before starting any recruitment process.

Many qualified candidates do not consider salary first. They pay more attention to opportunities for developing their career. Therefore, executive recruiters who can make the best offer including the best salary range and supplement it with the best benefits will have more chances of landing the best individual.

7. They do not try to hold on

Be the first to walk away if needed. Executive recruiting tends to take more time and effort than locating the average candidates. Although good recruiters always try their best to intice qualified candidates into the recruitment process, they will not add presure of time to their work. If finally they cannot deal with one candidate (the company cannot accept the candidate’s expectations, for example), they will be the first to walk away as they have to control over the whole process. They will not spend too much time on one candidate. This is also because they have to keep their business’s value.

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