Executive Search 101: What Do Executive Search Firms Do?

Executive search firms

The job outlook for executive positions is expected to grow by 4% over the decade. These positions are in demand as companies look for talented executives that excel in strategy to grow the organization.

These jobs take months, and sometimes years, to fill. Executive roles are important to get right the first time. A bad executive hire has severe ramifications.

It sends the message to the media and employees that the company doesn’t have its act together. A bad executive hire costs thousands of dollars.

Executive search firms exist to take the pressure out of the hiring process and find the right candidate for the job.

Read on to learn more about these firms and how to find the best executive search firm for your next hire.

What Does an Executive Search Firm Do?

Executive search firms start by asking questions about your hiring needs. They’ll take the time to learn about the open position, the role of the position, and your company culture.

Executive search firms work differently from general recruiting companies. General recruiting companies hire based on a match on a resume. Executive search firms look at the big picture of the position.

They often don’t look at whether a candidate is actively looking for a job or not. They look at a person’s experience and then approach that person about an open executive position.

The executive search firm interviews candidates at length. When they find a few worthy candidates, they’ll present those candidates to the client.

Executive search firms work based on two different business models. A contingency model means that you pay only when a candidate is hired. A retained search firm means that you pay for the executive search process.

How to Find the Right Executive Search Firm

You can find an executive search firm based on your industry, such as nonprofit executive search and healthcare executive search.

There are executive search firms that have a broad reach but have a deep network in a particular geographic area.

You should know what your needs are for the position. If your organization has a search committee, get that committee together and create a job description. Be as detailed as possible.

As you interview executive search firms, ask them about their search process. Do they analyze a candidate’s soft skills as much as experience? Who handles the search?

The executive search firm that you choose is your business partner. They represent your brand. It’s important to know that they will make your company look good.

Get Executive Search Firms to Fill Your Important Positions

When you want to hire a leader to take your organization to the next level, you need to work with an executive search firm.

They have the networks and skills to ensure that you hire the right person for the job. That can improve your company’s reputation and save thousands of dollars.

If you enjoyed learning about executive search firms, you’ll enjoy the other business tips on the blog. Check them out today!

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