An executive search is performed when a company needs to find suitable candidates to fill high level jobs. Regardless of qualifications, unemployed job seekers are seldom considered in the process. In fact, usually, the targets are persons currently employed in the positions in other companies. The general trend is to target persons working for competitors in their industry.

The searches can be conducted internally, often by the board of directors, or externally. External searches take place when the task is outsourced to a firm that specializes in the process. These firms can either charge a flat fee payable at the end of the process (contingency firms) or receive payment in three parts, including one upfront (retained firms).

How these companies operate:

Their purpose is to fill the necessary positions with the best possible candidate although; the persons hiring them may have specifics in mind. They must identify candidates, confirm that they are suitable then present them to the clients who hire them. For this reason there are usually three components to these firms: research, recruiting and business development.

Research firms identify their targets through two main avenues: calling persons who fit the client\’s request and, referrals. Not everyone they call is suitable; the list is fine-tuned as their research progresses. Also, not everyone who is suitable is interested. In these cases, if they are unable to persuade the persons they simply have to keep looking. The good thing is, in some cases the target may not be willing to change employers but they may point the firm to other possible candidates.

Types of firms:

Some firms have over one-hundred locations worldwide. The large firms, referred to as global firms, often provide general services. They search in all fields and in multiple markets. On the other hand, some small firms may only have a few, or as little as one, locations in major cities and may specialize both in the field and the job categories that they fill. These are referred to as boutique companies.

How payment works:

It is the sole responsibility of the client who hires the firm to cover the cost of the process therefore, the target that is hired has nothing to do with this. How the payments are made to the firm depends on the arrangement made with the client and the type of firm that is hired. There are specific rules that govern how agreements that require a \’retainer\’ work as well as rules that govern how a contingency firm is paid. However, since many firms accept both, an agreement can be made at the beginning of the search that dictates how a client pays the firm he or she hires.

Overall, executive search firms offer a very important service. In the world of business, having the best employees is one way of having the upper hand or outranking your competition. On the one hand they save companies from having to spend time and resources completing the process themselves and on the other; they may find candidates in places companies may never have looked.

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Category: Business
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