Are you ever tasked to identify the perfect candidate for an executive position? If yes, then you’re aware of the process involved in selecting a person to fill the senior positions is more demanding, time-consuming and extensive than hiring for an middle or entry-level job.
If you’re looking to hire intermediate employees You’ll usually post the job on a job site or two, then run these resumes by an algorithm and then review the applicants to determine the best candidates. The process could take anywhere from a few days to weeks. But when it comes to executive position in an organization ranging all the way from C-Suite up to Boardroom Different methods must be employed to identify the perfect candidate to manage an organisation. The hiring process for executives usually involves you seeking out those who are most qualified rather than the reverse.
This is where executive search firms can help. A firm that is executive-search is a firm that is skilled in placing highly skilled candidates in executive positions across the private, public as well as non-profit. Executive search consultants aim to know the specific requirements of a post, determine the key skills required to make a good hiring, and then target candidates who fit a specific profile. These positions include the President, Vice President, CFO, CEO COO, department heads and other positions.
The Executive Search Landscape
Executive search companies’ work may often be misinterpreted as the services provided by contingent recruiting agencies. There are however, key differences in the scope, method processes, scope, and so on that separate them from two completely different fields. In essence retained executive search companies work with businesses to provide the expertise they require in their particular field or field, which ultimately leads to the hiring of a suitable candidate.
Working in executive searches with an firm isn’t only a one-time deal, it’s an ongoing partnership.
If, for instance, you employ an executive search company to find an executive in a new position You’ll probably enlist them when you require an additional CMO and CFO. Also, if your business requires executive coaching, culture assessments and mapping services for organizations or other high-level solutions You’ll probably re-engage with your executive search company.
A Short Background on Executive Search Firms
The idea was born out of conventional management consultancy, this profession has been around for more than 60 years and led to the development and expansion of search companies around the world.
In the time period of 1870 until 1914 (the Industrial Revolution era) when businesses drastically changed and led to the introduction of management consultants. This position was that was created to assist business leaders adjust in the face of size and the ever-changing business environment. Executive search grew out of the constant need of companies that provide management consulting such as McKinsey & Company and Booz and Allen & Hamilton to identify the most suitable executive who could implement the recommended strategies and resolve the problem of a client. The first executive search firm retained, Thorndike Deland Associates, was established around 1926. Thorndike Deland Sr.
The conclusion of WWII during the time period of 1950 and 1973, saw companies jumping on the opportunity to increase their reach. This led to an abrupt departure from the norm of promoting internally. Leaders were more often seeking skilled executives from outside their own organizations, which led to the rise in retained search companies.
Leaders in the workplace today confront similar issues to those that led to the development of the field in the past: disruption, rapidly changing technology, changing economic factors, and intense competition to find the top talent available. The importance of advisory services continues to increase as does the executive recruitment profession as it responds to the ever-changing world.
The way an Executive Search firm Works
Executive search firms may specialize in a range of areas like function, industry and service. They are also able to serve many different areas and roles. For instance, some firms specifically focus on placing senior-level candidates in the accounting, financial and private equity industries, while others may specialize in natural resources, energy/utilities, and transportation/logistics. Additionally, some firms may narrow down to a specific job or service, such as CMO, CEO CMO as well as CFO posts. The executive search experts are in a position to help companies fill new and evolving roles such as Chief Information Security Officer Chief Data Officer or the Chief Diversity and Integration Officer.
In collaborating with an organisation’s leadership team executive search consultants can assist businesses in gaining an edge in a constantly changing business climate. The reason executive search experts are a valuable for leadership teams is their deep-rooted knowledge of the field together with the effective and proven assessment techniques of the candidate, onboarding, and coaching. A specialist in one field will increase the likelihood of hiring a good candidate and a better selection of candidates.
What are the best times to use an Executive Search firm?
Here are a few examples of situations where your business should collaborate in executive searches with a firm.
If your company is looking to hire the top of the best for an executive or board director position. A high-quality candidate will generally include people who haven’t been actively seeking the opportunity to be a part-time employee.
If your business wants to lower the risk of an unsuitable executive hiring that could cost your company thousands of dollars as well as work hours, and also have a negative effect on morale of the company and performance, productivity and image.
If your company is looking to conduct a private search.
If your company has recently created an executive position, and you need help to define the position and creating an overview of the position.
If your business is looking to have access to diverse and unique candidates that can speedily bring about change and innovating.
