To begin with, executive search firms are not similar to employment agencies for it focuses more on upper management positions. Companies turn to these firms so that they would be able to conveniently fill executive positions that the company needs. For instance, if a certain company has a job opening, these firms will conduct a candidate search in order to provide applicants for their clients. This can be beneficial for it can save companies from consuming additional time and resources in conducting job searches. Most of the time, companies prefer to just simply look for possible candidates on their own, which is risky and labor intensive. Also, the traditional way of candidate hunting often yields hundreds of responses from candidates that the human resource department must take time to sort through which, most of the time, are from unqualified applicants. With the help of executive search firms, they would be able to gain access to the firm’s wide range of professionals in which they can freely choose from. Additionally, the company will just simply set their requirements and the executive search firm will pre-screen from their pool of candidates. This may be advantageous for a company because the process of initial screening of candidates would help them determine suitable applicants for a certain job position before sending them to the company for further interviews.
Since executive search firms are more on upper management positions, they are targeting candidates that are likely to be employed in another company. With the assistance of an executive search firm, their client companies would have access as to what these executives need. Because of that, they may be able to propose better offers so that these candidates can choose to work with them and leave their current role.
Why do companies enlist the help of executive search firms?
Executive search firms are now becoming a trend in the Philippines because typically, some companies do not have enough resources and connections that is why they seek help from these kinds of firms. Also, the recruiting process is a very tedious task to partake in which some companies opt not to perform it by themselves in order to save time and resources.
The steps of the executive search process
Definition of the search priorities
This is the process wherein the clients set the necessary requirements before conducting the executive search. Potential candidates are then assessed by their skills, experiences, and abilities. Furthermore, clients must also provide the detailed job description that includes the goals and challenges that the candidate may face if he/she opted to take the role. In this way, they may be able to effectively find qualified applicants for the certain job position.
Search strategy development
This is where the networks are thoroughly analyzed in order to be able to come up with the list of companies that are to be included as they conduct the executive search. Research tools such as internal and external databases of executives and market analysis are utilized as well in order to complete the process. Furthermore, this is done in order to ensure that they will be able to look for the top talent in their network.
Potential candidates identification
With their long list of candidates, it would be narrowed down with the use of the requirements set by their clients in order to identify which among the list of applicants are actually qualified. In order to accelerate the process, communication between the client and the search firm must be kept consistent because the search firm provides regular updates with regards to the search and profiles of the candidates. In this way, both parties may be able to evaluate which candidate is the perfect fit for the job position.
Listing of qualified applicants
This process is wherein the list is further narrowed down. This is done after the thorough evaluation of the applicants based on their background and competencies. However, it is important to take into consideration if the candidate that was to be chosen is still willing to push through with his/her application.
Completion of the search
This is the final step of the process in executive search where the selection is being finalized. The selected executive will then be interviewed by the company to negotiate on certain matters related to the job offer. Also, in order to ensure a smooth flow in the overall process, the recruiter would assist the client during the placement process. Once the applicant has been hired, regular follow-ups and evaluations are still conducted in order to determine the progress of the executive in his/her role.
Why should companies turn to executive search firms?
Upper management positions are crucial to the success or failure of a company. They are responsible in handling the various aspects of the organization, which requires them to be critical thinkers and problem solvers in order to effectively handle certain matters in the company. Ineffective executives can be detrimental to any organization that is why it is essential for them to turn to an effective and efficient way of recruiting, which is by seeking the support of executive search firms. Listed below are the reasons as to why they are beneficial to a company.
The process of recruiting, hiring, and attracting applicants is a monotonous task to conduct and it requires a lot of time, money, and resources. It can be harmful to a company if they have an ineffective and inexperienced staff as their hiring manager. Furthermore, executive positions involve bigger responsibilities placed under them that is why hiring the wrong person for upper management positions can negatively affect the organization in many ways. Having said that, seeking the service of executive search firms can be cost-effective in the long run.
These search firms have a wide array of connections with top executives that most of the companies do not have access to. Just by simply posting a job opening would not be enough to attract executives because they are usually employed by other companies already. Most of the time, these executives look for new job opportunities through referrals and connections. Also, executive search firms know what the candidates want and they possess the capability of attracting these executives to choose to work for their clients by providing better offers and opportunities.
Allows you to interview the best among the pool of candidates
Posting an advertisement for a job opening may result in hundreds of applicants, which are mostly from unqualified applicants. Having to sort through many applications can be time consuming and costly for companies. However, with the help of executive search firms, they will be the ones to fulfill these tedious processes. They will narrow down the number of candidates by only including those that are actually fit for the job position in order to help their clients to save time and resources. In this way, companies would be able to quickly fill difficult roles and crucial job positions.
In the event that a certain executive is underperforming, executive search firms can help in discussing certain traits and qualities that he/she lacks and the reason as to why the company is opting to hire a replacement for his/her current role. This transition can be done with utmost confidentiality by these search firms in order to protect the reputation of the executive and the company as well.
These are just some of the advantages that executive search firms may bring about. By utilizing the services of these search firms would enable companies to have access to better applicants and lesser workload on their part. Lastly, the return on investment in investing in such services can be much higher and be more beneficial on your business.