Executive search is a specialized recruitment service that organizations pay to seek out and recruit highly-qualified candidates for senior-level and executive jobs like President, Vice-president, and CEO. Finding such top talent can be challenging, which is why companies hire specialized executive search firms to help them recruit. This could also be because the company may not have the internal resources, network, or evaluative skills to recruit on their own. Then, hiring such executive search firms can also help recruit indirectly from competitors, allowing to find candidates that might not be able to be found otherwise.
What makes executive search firms stand out?
- Executive search firms focus on filling senior-level, executive, and high-level management positions within a company.
- Executive search firms are high on communication skills, which is most important to attract top talent.
- Executive search firms have high volumes of roles and candidates on their database, which is reliable to find relevant candidates for any job.
- Executive search firms are capable of finding candidates that are not immediately identifiable in the market, by utilizing a range of personal contacts in the industry and in-depth knowledge of the trade.
- Executive search firms combine deep industry and functional knowledge with a proven executive search and assessment process to find candidates who can best fit an organization’s unique needs.
All in all, identifying and attracting high-performing talent requires a rigorous approach to assessing executives’ ability to be successful in the required roles and situations, which is just what executive search firms can do through their thorough understanding of different industries and functional roles, and an impeccable judgment.
Procedure of recruitment adopted by executive search firms
Executive search firms use the recruiting industry’s best practices in order to get the best candidates for executive positions. Here’s a detailed list of the procedures that they follow.
1) Strategy and Research – It all begins with a strategy, which considers the level and scope of comparable roles and other data points like office location, company culture, company ranking, etc. They then target companies within specific industries and within specific geographic locations to have a list of potential leaders to go after. But, they’ll approach a candidate only if a contact in their network can verify that the candidate is solid. They also do a lot of research with a variety of tools, previously conducted market analyses, and alternative internet sources like social networks.
2) Technology – Only the best updated technologies are used to source and screen candidates, such as customer relationship management software, recruitment software, etc. After all, executive search firms need to stay on top of the latest technology trends to get things done effectively.
3) Networking – Executive search firms always take advantage of the wide network that they have with prospects, candidates, and hires. They tend to this network to strengthen existing relationships with regular communication, and also constantly stay on the lookout for new relationships.
4) Client and Market Analysis – Next comes thorough analysis of the hiring company, so as to identify key opportunities for the new executive, and define a candidate profile that fits into the corporate culture and organizational structure. In addition, a deep analysis of the market is done too to create a compelling job profile, as market analysis can help outline the competitive environment and influence the type of executive the search firm will look for.
5) Research and Reference Checks – Next, a research is done to identify and profile idea candidates, mapping the reporting relationships and building out charts of target teams. The executive search firm will also query its own candidate database, proprietary information services, and social networks to yield prospective candidates. Then, these candidates are checked for references, making every effort to ensure discretion and confidentiality.
6) Interviewing – The executive search firm will get in touch with the hiring company to outline search requirements, the organizational strategy, the company’s mission, and timelines to get an idea of the corporate culture. The requirements of the role are further discussed with key board members, members of the senior executive team, peers, and subordinates. Top prospective candidates are then interviewed and evaluated in a deep-dive interviews, to be able to compare the candidate against the candidate specification. After such multiple interviews, the candidates will be shortlisted to somewhere around 10, based on their background, interests, and competencies. Finally, the list is refined to a slate of 3-5 strong contenders.
7) Closing the Candidate – The 3-5 strong contenders are then brought in to be interviewed by the client company, so that the most apt candidate is selected. Once the final candidate is selected, the executive search firm will negotiate a package that is agreeable to both the client company and the candidate. When the offer is accepted, it is considered a closed deal.
With such a systematic process in place, an executive search firm can help arrange for both the client company and candidate their own needs to be effectively met. If you are interested in working with such an expert recruiter, WalkWater Talent Advisors is one of the top retained executive search firms in India you can rely upon, for hiring the best candidates for your firm.
Comments
Post a Comment