Executive Search Firms Get You Noticed

And for all the right reasons. Here is why partnering with an executive search firm makes sense.

You have worked too hard to leave your next career move to chance or solely on your network.

At this point in your career, you have perfected skill sets, know how to navigate office politics, and built a solid professional reputation. You have been in business long enough to know which corporate cultures fit you and where you can thrive.

If you are seeking another executive-level position or testing the waters to broaden your career, casually perusing online job boards is not the best strategy.

But you knew that.

When personal and professional networks are exhausted and confidentiality is key, your time and energy would be best spent building a relationship with an executive search firm.

Here is a general overview of how executive search firms function with a focus on the benefits they offer candidates seeking executive-level positions.

About today’s hiring environment

The economic downturn caused by the pandemic has made the job market particularly tight in most industries. Unemployment rates are improving but still high even among college-educated workers.

Working from home limits the opportunity for casual exchanges that can spark connections, and social distancing requirements have curtailed traditional networking. If you were planning to explore career opportunities before the lockdown, you might find the current restrictions dampening your enthusiasm.

Executive-level opportunities are still out there, but the competition has increased. So candidates must find ways to stand out. While no one can predict when the economy will fully recover, there are signs of improvement. And companies will continue to need well-qualified leaders in order to strategically thrive during these unprecedented times. This is critical for survival and may require switching out talent.

This is where executive search firms shine.

How executive search firms work

Executive search firms invest a tremendous amount of time developing deep relationships with their clients and candidates, as well as researching the competitive landscape. Hiring an executive is a costly investment, and it is critical for employers to see the best talent within their market, including prospective candidates that may not be actively seeking a new role. As a result, companies often engage an executive search firm rather than posting an executive role online. This is particularly true if they need to replace existing leadership and ensure confidentiality.

By working with an executive search firm, candidates will have exclusive access to opportunities they would not have otherwise known existed and can leverage the search firm’s relationship with their client to stand out ahead of other talent.

It is important to distinguish between retained executive search firms and those using a contingency recruitment model.

Retained executive search firms work exclusively on behalf of their client to fill a specific position and are paid on a retainer agreement. Retained searches are heavily researched, confidential, and involve a more intricate partnership between the client and search firm because the client has invested upfront on the search in the form of a kick-off fee. Candidates will benefit from this in multiple ways.

The search firm is involved in all stages of the hiring process, from defining the search through candidate onboarding, allowing the recruiter to obtain and deliver detailed feedback throughout the interview process, and manage negotiations in the offer process while preserving the client/candidate relationship.

Executive search team members curate and vet numerous candidates from a pool of highly qualified professionals who may or may not be looking to change jobs. An experienced executive recruiter will have in-depth knowledge about the company and role and will spend time preparing you for any direct client interactions. This increases your probability of success during the interview process and provides efficiency to the client.

Searches for the highest-level corporate positions and board appointments tend to be retained.

Contingency search firms are paid per candidate placement and tend to work on behalf of many employers concurrently. Likewise, the clients often work with multiple contingency firms at once, so there is less of a commitment to partnering on either side since there is no guarantee of placement. Additionally, contingent recruiters are incented to present a larger number of candidates to multiple clients in hopes that one will work out. Contingency firms are typically less involved in the hiring process after the candidate and potential employer have been introduced, often leaving candidates yearning for more clarity on where they stand in the process compared to others, and leaves more of the candidate evaluation on the client’s shoulders.

Contingency search firms are more appropriate for less senior roles.

Why it makes sense to outsource your search

A job-seeking executive, or one who is qualified and ready to compete for executive-level jobs, should have others networking on her or his behalf. The options are better.

Consider this scenario: Two executives, eager for their next career opportunity, begin a job search. One relies on her personal and professional network, LinkedIn, and various online job boards that claim to be geared toward executive-level candidates. The other chooses an executive search firm and registers through its platform or becomes a part of the firm’s database.

Two months later, the first candidate has had a few phone interviews but nothing compelling. Her hit rate with the job boards is unimpressive. She submitted her resume but never heard back in most cases, due to internal recruiter overload and inability to get through all of the applicants (more so the case in today’s market). She is essentially back at square one.

The second candidate had an extensive interview with the executive search firm. Soon after, she is found to be a potential fit for an executive-level position with one of the firm’s clients in the candidate’s preferred industry. The executive search team member advocates on the candidate’s behalf and gets her the interview, which results in a job offer.

There is no guarantee either scenario will happen, but the second one does sound more effective, right?

Simply put, an executive search firm has the power to conduct confidential and highly targeted networking. The firm’s contacts and experience give it access to resources and information even the most connected job seekers could not match.

It is your move

At this stage of your career, you should be found instead of doing the finding.

Executive search firms understand what constitutes a successful match from background to skill sets to culture. They know how to best represent candidates to potential employers and extract the unique nature of a candidate’s background because they have done the due diligence.

If you are ready to take the next step in your career, consider how an executive search firm could help your efforts. Drive Talent is a woman-owned recruitment consulting firm that focuses on executive-level recruitment with a niche in sales, marketing, and the cannabis industry. We work diligently to match professionals with their ideal opportunities. Contact us to learn more about our process.