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For most companies, finding executive level talent can be a difficult and time consuming process. Finding high level executives takes a lot of work and handling the hiring process can be more than many companies human resources department could handle. For those companies that are looking to hire an executive, but do not have the time or resources to handle the hiring process, using an executive search firm could be an excellent option.
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Executive search firms help companies find executive a number of different ways. The first way executive search firms help is by finding candidates. While executive search firms will place ads for executive positions on websites, they also get more invasive in trying to find the right candidates. These search firms will call industry leaders and attempt to get a list of executives at various firms. From there, the executive search firms will call each candidate to determine the candidate’s interest in both leaving their current employer and taking the new position.
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The executive search firms will also screen each candidate. They will review the candidate’s resume as well as have a couple phone interviews with the candidate. The search firm will then determine which candidates have the experience necessary to qualify for the position and the search firm will schedule onsite interviews for each of the candidates.Â
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After the candidate goes through the interviewing process, the executive search firm will act as the liaison between the candidate and the company. If needed, the search firm will organize additional interviews, or they will contact the candidate to tell them that they are no longer being considered for the position. If the executive search firm decides that they would like to hire one of the candidates, the search firm will continue to act as the liaison. The search firm will help negotiate compensation and benefits as well as determine when the start of employment begins.Â
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While executive search firms can provide an excellent service to an understaffed company, the service that is provided can be quite expensive. Executive search firms often charge a fee of 3 to 6 months worth of the executive’s negotiated salary. Â
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How to Determine Whether or Not an Executive Search Firm Is Right For Your?
company There are clear benefits that can be associated with using an executive search firm or head hunting company. By enlisting their services you will be making sure that the prospective candidates are the crème de la crème of their respective sectors, and that their profiles highly match the job opening in question. It can be difficult to ascertain whether or not an executive search company is the right avenue to go down, as oppose to using other forms of recruitment such as: your HR department, or a contingency recruitment company. If you are uncertain it’s best to follow these steps: Step 1. Only use an executive search firm if the position in question is a role which requires specific high-end requirements. Usually an ESF, will only be used if the job role is a demanding one that requires a certain level of experience and expertise. Typically salaries for these executive roles are well over $150,000 per annum. Step 2. Understand more about how these firms operate. Remember that they will often approach candidates that are not actively job-seeking, but because their profile matches your requirements they will be approached. Step 3. Executive search firms are bound by a code of Professional Ethics and Business Practices. They will also be members of a worldwide organization known as the AESC (Association of Executive Search Consultants). So often the price for employing their services will be higher than say a contingency recruitment agency. But, with an ESF the onus is on employing someone who matches the job profile perfectly and in the long-run you will be getting greater productivity out of this person. There are many recruiting methods, and for different roles your company may use one method of recruiting for one role and another for a different role. In order to determine if an ESF is right for your company, first you need to ascertain if other methods of recruiting can be used. If they can, will they still produce the desired results? If they won’t then the answer is simple- use an ESF.
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