Finding the ideal candidate is a challenge, let alone trying to hire for a senior-level position.
This is why a lot of companies resort to executive search agencies to fill their senior, executive, or specialized positions faster.
Executive search is by far the best way to ensure a smooth hiring process and helps organizations make the best hiring decision.
The search process is different from the average recruitment process, which is why we’ve created this guide that will cover the following areas:
- What is executive search?
- The difference between executive search and recruitment agencies
- The executive search process
- The benefits of executive search
What is Executive Search?
Executive search, also recognized as headhunting, is a specialized recruitment service that aims to attract skilled management-level talent. This type of search typically involves recruiting important strategic organizational roles including CEO, CHRO, CFO, COO, etc.
A lot of companies rely on a third-party search firm or executive search agency to fill such senior-level positions.
Difference Between Recruitment & Executive Search Agencies
Before determining the difference between recruitment agencies and executive search agencies, it’s important to first understand what is an executive search agency.
In short, any key position considered critical for a corporate is often filled by an executive search agency. The primary focus is typically on senior-level or C-suite roles.
Usually, larger retained firms fill executive roles, and contingency-based firms fill lower-level roles.
A lot of executive search firms specialize in particular industries such as—technology, healthcare, retail, defense, construction, and so on.
If an employer is searching for a specialized skill set, an executive search agency can be a valuable resource to source and persuade top talent.
Executive search firms are an excellent resource to make the best hiring decision as there is a focus on ensuring the right fit through rigorous screening and post-placement support.
On the other hand, recruitment agencies will be 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
In comparison, executive search firms are the ideal choice for filling—
- Senior management and executive roles
- Difficult to fill roles
- Confidential roles
- Niche or specialized roles
Understanding the differences between recruitment agencies and executive search agencies can help employers select the correct type of firm to maximize the chances of a successful hire.
What is the Process of Executive Search?
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.
Executive search is typically carried out through 5 key elements—
1. Defining Position Requirements
The first stage of the search process involves knowing precisely what an organization is looking for. To fill the ideal candidate, executive recruiters 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. An executive search recruiter will also offer fresh perspectives on how the organization can address its hiring goals.
One of the basic ways to perform an executive search is to define target companies and hunt candidates as per their preference.
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.
The search agency will then conduct targeted research to find relevant talent who fulfill the required skill set, experience, and qualifications.
To find relevant talent, executive recruiters must have extensive knowledge about the field, and they should have a wide network of industry experts.
3. Attract & Persuade Candidates
Recruiters will have to develop a robust recruitment strategy to attract and persuade these candidates.
Remember, executive search is different from recruiting for junior-level roles as it requires persuasion to keep such C-level candidates interested.
After developing a list of qualified prospects for the role, recruiters will contact prospects to identify and qualify them.
Recruiters 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 employers 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. Through these tests, recruiters can quickly identify candidates’ hard and soft skills.
Cognitive ability tests and psychometric testing are the best way to identify specialized traits and skill
s for a role and provide insight into predictors of job performance.
5. Selection of Desired Candidates
After thorough assessments and interviews, 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. Therefore, keeping a candidate engaged throughout the recruitment process is important.
Regular communication and a periodic follow-up 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 candidate and the organization, making negotiations easier.
Top 5 Benefits of Executive Search
1. Provides Solutions, Not Just Candidates!
One of the key benefits of executive search is that this process isn’t just for sourcing qualified job seekers in the market.
Instead, it’s a process that will help an organization achieve long-term business goals by matching their needs with talented individuals.
Executive search provides organizations with highly skilled candidates who share a common vision to achieve the best results.
From rigorous assessments to in-depth interviewing, executive search firms help identify the perfect candidate for leadership roles.
Read more: How to hire leaders for your clients?
2. Provides Access to Top Talent
Most highly skilled candidates in the job market are passive job seekers, and executive search helps uncover and attract this talent pool.
An executive search agency can provide access to otherwise inaccessible industry-leading candidates by mapping the market and benchmarking for particular skills.
3. Offers an Objective Approach
With a more objective approach to hiring, making a wrong hiring decision reduces.
In addition, executive search strategies can encourage headhunters to think outside the box to find candidates who will help contribute to business growth.
As a result, working with an executive search recruiter or agency can significantly reduce the chances of bringing the wrong person into an organization.
With their expertise, they search intelligently and recruit smarter, bringing a serious competitive advantage in talent acquisition.
4. Confidentiality is Key
Filling an executive role (at times) requires confidentiality.
Executive search agencies help maintain strict confidentiality, as these recruiters come across highly sensitive information during the recruitment process.
If maintaining discretion is necessary for the role, executive search agencies will know how to work discretely and handle such sensitive engagements.
5. It’s Cost-efficient
From job advertising costs and recruiting campaigns to in-depth candidate screenings, the costs of in-house hiring can be much higher than the cost of aligning with an executive search firm.
Hiring an executive recruitment agency is an investment that will ultimately improve the quality of your C-suite hire while saving time and money.
With an increasing number of executive roles in the job market, executive search is in more demand in scaling companies.
In this competitive job market, conducting a successful executive search requires more sourcing expertise and recruitment skill than any other traditional job search.
While the process may prove challenging and time-consuming, the ultimate reward will result in discovering the ideal leader that a team needs!