Hiring
Guide to Executive Search and Selection.
by XPRESS,
23 November 2012
Guide to Executive Search and Selection.
Executive search (informally headhunting) is a specialised recruitment service used to source candidates for senior, executive or other highly specialised positions in organizations. The method usually involves commissioning a third-party organisation, typically an executive search firm, but alternatively a standalone consultant, to research the availability of suitable candidates working for competitor or related businesses. Having identified possible recruits that match the client’s requirements, the executive search firm may act as an intermediary to investigate whether the individual might be interested in moving to a new employer and also carry out initial screening of the candidate, negotiations on remuneration and the employment contract.
With Executive Search the model best suited will depend on how senior and sensitive the position is, the following models should be considered
Retained search
High-end executive search firms get a retainer (up-front fee) to perform a specific search for a corporate officer or other senior executive position.
In a retained search the fee is for the time and expertise of the search firm. The firm is employed to conduct the entire recruitment effort from startup until the candidate has started working.
Retained recruiters work for the organizations who are their clients, not for job candidates seeking employment, in some countries, such as the UK, recruiters are not legally permitted to charge candidates.
In addition it is sensible to agree an “off Limits” with the search company to place executives in their own company out of consideration for roles out with the company.
Delimited or engaged search
Another form of high-end executive search, delimited or engaged search, is often improperly categorized as retained search, although there are distinct differences.
Similar to retained search firms, delimited/engaged search firms require an up-front fee before engaging the search. Unlike a conventional retainer, however, the delimited/engaged search commitment fee is refundable if the recruiter fails to achieve a hire or other deliverable specified in the contract.
Both retained and delimited/engaged searches involve partial payment prior to filling the job, and the contracted recruiter has the search exclusively. Therefore, the search can be customized to the client organization’s needs, with the search professional providing a consultative service throughout the process.
Contingent search
As stated, contingent search firms are remunerated only upon the successful completion of the search—typically when the candidate accepts the position.
Executive Search Firms
Whatever model is preferred the selection of the Search agency is critical, the consultants must be Industry specific and adept in executive recruitment with a support team of industry specialist researchers who have expertise in identifying TOP TALENT
Executive search (informally headhunting) is a specialised recruitment service used to source candidates for senior, executive or other highly specialised positions in organizations. The method usually involves commissioning a third-party organisation, typically an executive search firm, but alternatively a standalone consultant, to research the availability of suitable candidates working for competitor or related businesses.
Having identified possible recruits that match the client’s requirements, the executive search firm may act as an intermediary to investigate whether the individual might be interested in moving to a new employer and also carry out initial screening of the candidate, negotiations on remuneration and the employment contract.With Executive Search the model best suited will depend on how senior and sensitive the position is, the following models should be consideredRetained searchHigh-end executive search firms get a retainer (up-front fee) to perform a specific search for a corporate officer or other senior executive position.
In a retained search the fee is for the time and expertise of the search firm. The firm is employed to conduct the entire recruitment effort from startup until the candidate has started working.Retained recruiters work for the organizations who are their clients, not for job candidates seeking employment, in some countries, such as the UK, recruiters are not legally permitted to charge candidates.In addition it is sensible to agree an “off Limits” with the search company to place executives in their own company out of consideration for roles out with the company.
Delimited or engaged searchAnother form of high-end executive search, delimited or engaged search, is often improperly categorized as retained search, although there are distinct differences.Similar to retained search firms, delimited/engaged search firms require an up-front fee before engaging the search. Unlike a conventional retainer, however, the delimited/engaged search commitment fee is refundable if the recruiter fails to achieve a hire or other deliverable specified in the contract.
Both retained and delimited/engaged searches involve partial payment prior to filling the job, and the contracted recruiter has the search exclusively. Therefore, the search can be customized to the client organization’s needs, with the search professional providing a consultative service throughout the process. Contingent searchAs stated, contingent search firms are remunerated only upon the successful completion of the search—typically when the candidate accepts the position.Executive Search FirmsWhatever model is preferred the selection of the Search agency is critical, the consultants must be Industry specific and adept in executive recruitment with a support team of industry specialist researchers who have expertise in identifying TOP TALENT