Business Management Review |
An executive search firm adds value to an organization throughout the entire executive search process.
FREMONT, CA: Executive search is critical to understand why a company should hire an executive search firm to find its next successful CEO, COO, board director, or other C- or board-level position. The process shows how executive search firms identify the organization's best executive candidates strategically and confidentially through an arduous and time-consuming process. An executive search consultant's exclusive knowledge, networks, and connections, as well as years of experience qualifying candidates and placing senior executives, are valuable assets during the stages of the process.
Consultations and research
Executive research begins once an organization engages an executive search firm. During the consultation, the consultant's team of researchers and associates will learn as much as possible. Their assessment covers the company's history, values, mission, products, services, brand, financials, strengths, weaknesses, and culture. It is common for firms to schedule meetings with key stakeholders within the organization. Longstanding relationships with search firms mean they already know your company, customers, and industry well.
Search priorities and mandate
For each position, the search firm prepares a brief and a candidate profile that details the company, position, ideal core competencies, goals, preferred experience, qualification, responsibilities, and challenges. A firm will often schedule additional meetings with stakeholders ranging from the hiring manager or committee and human resources to the board and executive team to understand the position's requirements fully. Stakeholders and the search firm discuss ideal candidate qualities through these discussions. Both new and experienced organizations participate in assignment discussions and brief development.
The search firm will begin outreach to passive and active candidates as soon as it qualifies the former. Consultants gauge prospective candidates' interest and highlight the organization's value during an initial conversation. Potential candidates are piqued interest in the position by consultants after they identify the strongest prospects. Candidates are also interviewed on behavioral competency based on their skills.
Identify qualified candidates and negotiate
The consultants present the organization with qualified candidates. Reports typically include each prospect's name, company, current position, responsibilities, core competency scores, contact information, resume, and notes. Search firms present up to 10 candidates before conducting further evaluations. Further evaluations result in only 2-4 candidates presented to the client. Shortlisted candidates and critical stakeholders usually conduct interviews once the search firm receives the shortlist. Upon selection of a candidate, the search firm presents the offer and negotiates acceptance, compensation package, and additional terms with both parties.
This content is copyright protected
However, if you would like to share the information in this article, you may use the link below: