Every executive search firm has a different way to manage its search process, but there is a basic protocol that is followed by even the largest search firms in the world, as well as leading boutique executive search firms. Let’s help you know the basic steps of a retained search process, in this blog.
Step 1 – Signing up a contract
There is a contract that is agreed to by the retained search
firm and the hiring organization, which stipulates that the firm serves as the
exclusive representative of the search for external and internal candidates.
The contract also defines the timing, agreements, and every issue relevant to
the particular assignment.
Step 2 – Holding a meeting
There is a meeting held to discuss the requirements for the
role; the meeting including board members, members of the senior executive
team, peers, and subordinates. This meeting helps the search firm to gather
important information about the requirements of the role, as well as an insight
into the culture of the organization, the management style, and every other
fact and statistics that is essential to understand what makes someone
successful at the company.
Step 3 – Creating the job position description and
specifications
The search firm then drafts the description of the job
position, detailing its duties, responsibilities, objectives, and reporting
relationships. It also specifies the candidate’s core competencies, preferred
experience, and soft skills required. This document serves as a marketing tool.
Step 4 – Setting up a strategy
The search firm then develops a strategy of targeting
companies most likely to yield a successful candidate, considering the level
and scope of comparable roles and key data points, such as the office location,
company ranking, and corporate culture.
Step 5 – Beginning a research
Using the strategy and the created document, the search firm
starts a research to identify and profile idea candidates, mapping the
reporting relationships, and building out org charts of target teams. They will
also check their own candidate database, proprietary information services, and
social networks to yield prospective candidates. Other sources like
professional associations, journalists, and other relevant groups are also
contacted.
Step 6 – Contacting prospective candidates
From all of the sources above, the search firm contacts
prospective candidates to determine whether they actually meet the requirements
of the role, gathering details on every candidate’s motivations. The list of
qualified and interested prospects is reviewed to determine whether more
research is necessary, or it’s time to schedule in-depth interviews.
Step 7 – Interviewing eligible candidates
The most eligible candidates are then interviewed where the
candidates are evaluated, taking care not to jeopardize candidate
confidentiality. Every candidate’s career history, past performance, and soft
skills are verified, after which those who aren’t fit are striked-off the list.
Step 8 – Writing the Candidate Profiles
For the candidates chosen, the search firm then presents to
the client every candidate’s Candidate Profile that details the candidate’s
education, honours, awards, and career history. This report serves as an
analysis and appraisal of the candidates’ strengths and weaknesses,
highlighting the key motivators and issues, along with deal-making details that
are essential to closing the candidates.
Step 9 – Scheduling client-candidate meetings
Client-candidate meetings are then scheduled for the
candidates that the client chooses. These meetings help in narrowing down the
list to the top two or three finalists. These candidates are then checked for
employment and academic credentials.
Step 10 – Finalizing the candidate and negotiating a
package
Based on every detail, the final candidate is then selected,
after which the search firm works up to position the candidate into the
organization, negotiating a package that is agreeable to both the employer and
employee.
You can see how such a search process requires investment of
a good amount of time, which is why you need one of the best executivesearch firms in India, one like WalkWater Talent Advisors, having a decade
of experience of hiring the most suitable candidate for any kind of
senior-level job.
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