What is executive search?
Executive search, also known as headhunting, is a specialized recruitment service that focuses on attracting skilled executive talent.
Many organizations often rely on third-party search firms or executive search agencies to fill crucial strategic roles such as Chief Executive Officer (CEO), Chief Human Resources Officer (CHRO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Vice President, Executive Director, and more.
In executive search, you’re tasked with scouring the depths of the talent pool and searching for the best candidates to fill senior-level positions for your clients.
Executive search vs. recruitment agencies: What’s the difference?
Before diving into the difference between recruitment and executive search agencies, let’s first understand what an executive search agency is:
Executive search agencies
An executive search agency is a staffing business specializing in filling senior-level and C-suite roles for companies. These are key positions that are critical for a business.
A lot of executive search firms specialize in particular industries such as technology, healthcare, retail, defense, construction, and so on.
Executive search firms are an excellent resource for making the best hiring decision, as there is a focus on ensuring the right fit through rigorous screening and post-placement support.
Executive search firms are the ideal choice for filling:
- Senior management and executive roles
- Difficult to fill roles
- Confidential roles
- Niche or specialized roles
Recruitment agencies
Recruitment agencies are better suited for non-executive or junior-level roles where the focus is on filling a skill gap rather than ensuring an impactful hire. These agencies are better if an organization wants to fill a role immediately.
Recruitment agencies are the best choice for filling:
- Entry-level to mid-management level roles
- Positions that don’t require specialized skills
- Filling multiple roles or high-volume hiring
- The step-by-step executive search process
Executive search is a relationship-driven recruitment process.
An executive search agency will work closely with their client to understand their requirements and suggest the most effective strategy to deliver qualified talent.
This process is typically carried out in 5 key steps:
1. Defining position requirements
The first stage of the search process involves knowing precisely what an organization is looking for. To find the most qualified candidate, an executive search team must understand the organization’s mission, goals, and expectations from a leadership role.
An executive search firm is responsible for determining the skills, knowledge, and abilities required for an open position. The search consultant will also offer fresh perspectives on how the organization can address its hiring goals.
2. Delineating desired candidate attributes
Fulfilling the hiring requirements of your client organization involves developing a customized brief for the position.
This includes gathering specified company details, responsibilities, key challenges for the position, and candidate requirements, including experience, qualifications, and competencies from the hiring manager.
Once this is done, the search agency conducts targeted research to find relevant talent who fulfills the required skill set, experience, and qualifications.
To find relevant talent, executive recruiters must have extensive knowledge about the field and a wide network of industry experts.
3. Attract & persuade candidates
Executive search is different from recruiting for junior-level roles as it requires persuasion to keep such C-level candidates interested.
So recruiters will have to develop a robust recruitment strategy to attract and persuade these candidates to stick around.
After developing a list of the best talent for the role, recruiters will contact them to identify the best ones. They will have to tap into their network and consistently communicate with these candidates to engage with them effectively.
Persuading top-tier candidates requires a highly personalized approach. Reach out to them either via a professional LinkedIn message, InMail, or an email and drop in your calendar link for them to take action and schedule a call at their convenience. Value their time to the core.
A focused and strategic approach to understanding the needs and motivators of candidates will help determine their goals and interests.
C-suite candidates will not actively spend time searching for new opportunities. In fact, 97% of executive candidates would like to be approached by headhunters.
So make sure you are actively reaching out to potential candidates and taking the time to understand what they are looking for.
4. Assessment & evaluation of candidates
Proper assessment and evaluation of candidates for executive roles is a crucial step. A thorough evaluation is not very common for junior-level roles, but you must carefully assess candidates for senior-level roles.
Luckily, the internet provides access to online assessment tools allowing recruiters to evaluate strengths and weaknesses, skills, and even personality.
Online skills assessment tools can significantly raise your hire quality by providing the most objective and accurate judgment. Recruiters can quickly identify candidates’ hard and soft skills through these tests.
Cognitive ability tests and psychometric testing are the best way to identify specialized traits and skills for a role and provide insight into predictors of job performance.
5. Selection of desired candidates
Once extensive assessments and interviews are done, the client organization will select their preferred candidate after conducting a thorough background check.
When a client makes its final hiring decision, the executive recruiter’s responsibility is to assist in negotiations and mediate to help conclude the search.
A recruiter’s role does not end until the candidate joins the organization. So, keeping a candidate engaged throughout the recruitment process is important.
Regular communication and periodic follow-ups with the organization and the candidate allow a smooth transition and onboarding.
Most importantly, recruiters should focus on aligning the organization’s interests with the candidate’s ambitions. This will help establish a positive connection between the two, making negotiations easier.
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