- November 4, 2021
- Executive Search, Latest News, Recruitment
Why Executive Search is Critical to the Talent Hunt
In this article, we’re exploring the major advantages of using a retained executive search for critical business placements.
Firstly, let’s define retained executive search and also contingent recruitment.
Retained Executive Search
Exclusive search consultants work with clients/companies to locate, evaluate, and select C-level professionals. Executive Search companies are mostly centered on the client needs and thoroughly concentrating on their specifics.
Contingent Recruitment
Recruiters are engaged on projects with junior and mid-level vacancies in which they present a list of potential job applicants. Usually, these recruiters are paid through a placement fee, which encourages them to get as many candidates placed in the shortest time possible.
Basically, an executive search company does a deeper research and assessment to find relevant candidates for your executive search needs. All things considered, there’s a reason why executive search firm services can be more complete. That is why they charge an upfront fee. It can take one or two months to hire a serious professional. During this time executive search consultants are doing thorough research to find appropriate specialists. It should also be pointed out that most retained executive search companies have a replacement guarantee. So, if an applicant doesn’t fit in a certain period, they’ll find a replacement for free.
Additionally, executive search consultants interact with mainly passive as well as active specialists. Many leading executives have a rich network of these passive candidates by industry sectors, which is why an executive search company is so beneficial. Your company will receive a greater pool of talents who have been intensively researched to match the specifications of the professional profile you are looking for.
When to partner with an executive search company
Businesses don’t use retained executive search company services for all hiring needs. The advanced competence of these consultants is mainly applied for top leadership and C-level hires. These leadership openings within your company are essential to business prosperity. Here the deal breaker is finding a winning professional through the deeper research and broad industry information of an executive search company. Partnering with a professional executive search firm is worth the money if it means dismissing a bad placement.
According to a study by Censuswide, 83% of executive leaders agreed that they would rather prefer to utilize an executive search firm over their internal recruitment when it comes to hiring senior leadership vacancies.
Why executive search is so critical to your leadership hires
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Reach to the best talents
You only want the best when it comes to critical business placements that are very important to business performance and growth.
To find and hire the best fit in a senior role you need to be aware of more than the job description and Google’s advanced search settings. Executive search partners are well-informed about leadership fit, job requirements, particular competencies, professional specifics and industry qualities. They know exactly what to seek for and how to detect it.
Finding senior passive professionals and convincing them to think about an opportunity that they weren’t seeking for takes significant skill. The goal should be to find a perfect fit between the role and candidate, and this can be an obstacle if you don’t have a full comprehension of a person’s current state, objectives, motivations, and salary expectations. But an executive search partner isn’t just an expert in the research and conviction. They’re both observant and cautious to defend both the applicant and your reputation throughout the whole project.
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RIO (Return on investment)
Executive searches are often considered more costly than traditional recruitment processes. While this may be true for everyday positions, it is not true for senior hires.
Filling a senior position using traditional recruitment methods can take a plenty of time as you wait for the perfect match to apply, and in the meantime, interview many inappropriate applicants. On the other way round, the active search and pre-screening methods of an executive search result in less lost time and more time onboarding your new placement.
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Time and money
An executive search isn’t an assignment. It’s a project. At the beginning of the process, in order to find the right professional, the company, position, requirements, critical role outputs and team are examined in detail. This stage results in critical placements who execute better and quicker. And better performance leads to higher profit.
Take Away
If you use a professional service of the retained executive search to find you the perfect match, the return on investment can be much higher and have a greater influence on your company.
Executive search firms are mastered in making appropriate, direct approaches to understand a prospective applicant’s interest in a possible move and whether the available role, salary and culture fit at your firm is something that could change their mind.
Whether you are expanding or replacing leadership vacancies, using an executive search firm can help move your business forward. For more detailed information on partnership with Horizons Executive Search, please contact us today. We are here to help you build a talented team!
Photo credit: Freepik
Cited Sources:
- https://cowenpartners.com/
- https://www.omnirms.com/