Executive search identifies the right individuals for executive-level leadership positions in all types of companies and organizations. Many organizations partner with recruiting firms that specialize in researching and networking to find qualified candidates.

Recruiting firms identify candidates by matching recommended or researched candidates to a job description provided by the organization. They identify, assess, and corporate officers, board-level executives, and candidates sought for promoting diversity.

Jobs in executive recruiting companies are highly-paid and highly competitive. The company is usually divided into three segments: Business Development, Recruiting, and Research. Research receives the lowest compensation, while Business Development receives the highest. Most also specialize in certain market sectors.

Usually, an organization hires a firm and pays either a retainer or a contingency fee. For a retainer, the organization pays one-third of the payment up front, one-third in thirty days, and final third after sixty days. For a contingency fee, the organization pays no up-front costs; instead, they submit the entire fee when the search concludes with a hire.

Search firms help organizations save time by identifying and drafting high-quality candidates for leadership. Most candidates are not actively seeking jobs. They have been recommended by someone in the recruiting network or identified through research. Executives looking for job placement should not turn to a search firm unless they have a prior successful relationship with the firm. The recruiting company does not provide placement for job seekers. They work for the candidate-seeking organization, not for the candidate.

Firms who perform executive recruiting functions usually fall into one of two categories: global or boutique. Global firms cover numerous sectors. They typically keep offices in multiple locations across the globe, and the consultants under their umbrella specialize in specific sectors.

Boutique firms, on the other hand, usually recruit for one sector or for a segment with that sector. Most of their offices are in the major financial centers. Boutique firms may combine with other boutiques so that they offer a network of specialties that can compete with large, global firms.

When considering an recruiting firm fee structure, evaluate the benefits and drawbacks of the contingency fee versus the retainer. While a contingency fee does not require an initial payment, contingency fee companies may be more likely to focus on finishing an assignment quickly and not on taking the time to find the right person. Organizations can prevent this by forming exclusive contingency agreements with a single firm. Without the pressure to do searches that they can finish quickly to collect the fee, the firm is more likely to take the time to search for a high-quality candidate.

Organizations can improve retainer firm performance by offering an incentive retainer structure to a firm, which consists of a payment when the search begins, a payment when recruiters produce a candidate, and a payment when that candidate starts with the organization. Whatever the fee structure, great recruiting firms can be invaluable in matching the right leader to the right organization. They save time and provide support to an organization during one of its most crucial searches.

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Category: Business
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