Recruiting or hiring a new member of your C-suit can be burdensome due to the high volume of applicants that you need to review and evaluate. But this job position is crucial to your company and hiring the wrong candidate will lead to disastrous consequences for your business. If you are looking for other ways to hire the ideal candidate for your executive-level positions without taking much of your time searching and relying on your job listings, you might want to consider an corporate xecutive search firm to assist you.
What is an executive search firm?
The executive search firm is a recruitment firm that specializes in searching and providing the right candidate for executive-level positions as well as other positions that requires specialized skill sets. A comprehensive understanding of their client’s goals, needs, and standards is their priority to find the most qualified candidate. Their meticulous research, thorough screening process, and networking ensure a positive outcome both for the client and the candidate.
What are the advantages of reaching out to an executive search firm?
Bias screening process
The major problem in every hiring process is the biases, especially if there are internal candidates involved. Hiring internally is the easiest way to fill every position but it is not efficient if the screening process is unfair, and the recruiter is very partisan to their internal candidate.
Unlike executive search firms, they do not hire just on whom they know but their objective is on a third-party perspective to avoid biases and to guarantee that their selection of candidates is based on their skill sets that will complement their client’s standards and needs.
Solely dedicated to their client
Most people are unaware of the two different types of recruitment firms: contingent search and retained search. Contingent firms focus on filling the role quickly because they will receive the payment or fee once the company hires a candidate. They will simply move on to another vacancy or client once the revenue on a project is recognized. With retained firms, they will charge an upfront fee to the client to search. They work exclusively with their client and will arrange a meeting with their client to discuss their preferred quality of a candidate, job requirements, timeline, and will use the agreed methodology to find the “perfect fit” candidates.
Because executive search firms are retained search firms, they are solely dedicated to their client-side of the hiring process and are committed to ensuring that the candidates are placed with the right organization based on their overall quality. Additionally, executive search firms engage actively with their client to enhance their search process and recruitment process. The client will be informed and involved in the process since it is important to have their stamp of approval.
Sourcing high-quality candidates
Executive search firms have a global network of contacts to various industries, meaning they have extensive access to a database of candidates (pool of talents) that are more exclusive and of higher quality. They do in-depth research and networking to identify qualified candidates that have been successful in similar companies.
That is why executive search firms proactively seek candidates that are not currently looking for a new role or opportunity (passive candidates). Their approach would be connecting with these candidates and enticing them to consider the specific opportunity. Majority of the time their successful candidates are passive candidates that submitted their resumes.
Brings great diversity and inclusion
According to the Leaders 2020: The next generation executive research, conducted by SAP and Oxford Economics, most organizations lack in terms of diversity. It was stated that scarcity in diversity and lack of leadership is an issue with their executives. In addition, 45% of HR leaders was reported that their leadership lacked diversity as well (Gartner 2019 Future of HR Survey). Because the organizations failed to see the importance of diversity and inclusion, the majority tend to lose their valuable employees.
Based on the preliminary findings of the global survey, 55% of the respondents believed that unconscious bias is the reason for the lack of diversity and inclusion. Therefore, many executive search firms provide focus on developing diversity and inclusion capabilities to better serve their client. This gives them the ability to give consult and advise their client on how to find, attract and retain diverse highly qualified employees.
Long-term guarantees
In executive search firms, if the candidate leaves or doesn’t work out for any reason, they will find another replacement without additional cost. To avoid this situation, they perform a comprehensive recruitment process for them to compile the list of skills and personality traits of the candidates to see if they are qualified and be able to provide long-term success to the business’s future growth. By their meticulous process, their client can avoid hiring candidates that don’t align perfectly with their standards.
Confidentiality
Confidentiality is of the utmost importance for executive search firms. Clients might be looking to replace someone who is still in the role. Keeping it under wrap is essential. The process of searching for qualified candidates should be very confidential from the very start.
Saves time and money
Outsourcing the hiring process to an executive search firm allows the client to focus more important priorities in his/her business. And because they have extensive access to a database of candidates and will perform a thorough screening and comprehensive recruitment process, the client can rest assured that their new executive hire’s values and skillset will be the perfect fit for the organization.
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