The 12 Steps of the Ideal Executive Search Process EMPLOYER ADVICE
The 12 Steps of the Ideal Executive Search Process What is Executive Search? Executive search (or sometimes referred to as headhunting) is a specialised recruitment service focused on sourcing candidates for senior level or executive positions.
Betsy Williamson Managing Director Executive Search
Work is normally conducted on a retained basis and can involve an upfront fee. Consultants work proactively with a special focus on passive candidates (professionals not actively seeking a new role). Typically, executive search recruiters do not rely on traditional methods of sourcing such as job advertising.
1. Client Research Before you meet with the client you should carry out extensive research to achieve a thorough understanding of how their organisation is viewed externally. This includes:
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Corporate history
Products & services
Leadership & strategy
Organisational strengths and weaknesses
Employer brand.
The 12 Steps of the Ideal Executive Search Process
2. Client Mandate The second part of the executive search process is the client meeting. Here you should meet with the HR team and/or the relevant hiring manager. The aim is to better understand:
the company’s unique working environment, succession planning issues, diversity challenges, culture and values
the team dynamics, working style and approach
the specific role requirements from a technical and managerial perspective
From this you should produce detailed vacancy notes to support the applicant selection process. Done well, this stage enables you to work as an effective advocate for your client in the marketplace, accurately representing and promoting its employer brand.
3. Profile Creation Create an ideal candidate profile based on the research conducted during stages one and two of the executive search process. This will form the basis of the search and selection stages. The profile should focus on the technical, professional, managerial and cultural aspects of the ideal candidate. In addition to the main responsibilities and requirement of the role, the profile supports the job description used in any external advertising (if used).
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The 12 Steps of the Ideal Executive Search Process
4. Market Mapping Taking the ideal candidate profile and your client’s unique requirements as your starting points, map the market across geographies, industries, competitors and any suitable internal candidates. This will help to identify appropriate target companies, their organisational structures, key individuals and role profiles. Special attention should be paid to companies and individuals which match or complement your client’s organisation and the role(s) in scope.
5. Candidate Search You should make use of a range of innovative attraction techniques, targeting both active and passive candidates. This could include referral and recommendation, proprietary database search, job portals, industryfocused advertising, professional forums and social media. Your overriding goal should be to identify the best possible candidate(s) for the role, not the most actively available. Depending on your client’s requirements, you may wish to extend your search beyond the domestic market.
6. Candidate Longlist From the research carried out during the market mapping stage, present your client with a long list of up to 10 candidates, including internal candidates if appropriate.
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The 12 Steps of the Ideal Executive Search Process
This report should include names, companies, positions, responsibilities and contact details, as well as notes on the suitability of each candidate.
7. Candidate Testing Candidate testing plays a crucial part in the executive search process, providing an objective assessment of the individual’s key competencies and preferred working style. There are a huge range of providers available, covering a whole host of different tests. Assessments cover technical or theoretical expertise, cognitive ability, personality and emotional intelligence. Whichever provider you choose, ensure the tests provide an engaging, straightforward and positive user experience for the candidate.
8. Candidate Shortlist Present the client with a shortlist of around 2-4 candidates. Accompany this with a detailed report. The report should include candidate CVs, analysis and the results of the testing conducted during the previous stage. Also include consultant notes based on your own candidate pre-screening.
9. Interviews Design a robust and consistent interview framework based on your client’s specific requirements. Depending on the location of the candidates, this stage may involve a combination of telephone, video conferencing and physical interviews. If appropriate, take a lead role in each interview or provide support in the form of organising, monitoring and reviewing the separate stages of the interview process. 5
The 12 Steps of the Ideal Executive Search Process
10. Offer & Acceptance The offer stage can be beset with pitfalls and bear traps. Managing this effectively can mean the difference between hiring the best person or having to start the lengthy and costly executive search process all over again. Once the successful candidate has accepted the offer help maintain dialogue between your client and its new hire. An experienced mediator you will ensure any negotiations are smooth and ultimately successful. This will protect against the risk of a successful counter offer – and even competing offer. Done effectively, this not only mitigates the risk of dropout but also increases the opportunity for the candidate to hit the ground running when they begin their new role.
11. Candidate Vetting Vetting is a critical stage in the executive search process. High standards of communication between the background check provider, your client and the candidate are crucial in speeding up completion times, mitigating the risk of applicant dropout and enhancing the employer brand. We use Core-Asset Verify, our own dedicated candidate vetting service with international reach. Based on the client’s specific requirements, we design procedures which are robust, transparent and uniform, ensuring new hires are compliant to begin work.
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The 12 Steps of the Ideal Executive Search Process
12. Onboarding & Relocation a. Onboarding Ideally, you should encourage the client to use a digital contract management service which utilises state-of-the-art technology for a fast and efficient process. This should include document download and upload facilities and a legally-binding electronic signature system. We use our own inhouse contract management services. It combines the latest technology supported by readily-available expert consultants to ensure the very best applicant journey. b. Relocation If the successful candidate has been sourced from overseas you should give careful consideration to whether you or the client will provide relocation support. Even this late in the executive search process the candidate can still dropout if he or she feels they are not being given adequate assistance. Support can range from providing information on the local property market, schools, nurseries and other local amenities to organising a familiarisation visit, a search for a new home or even a full concierge service. We work with our partner, a relocation specialist, ensuring regular communication with the candidate throughout the process.
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The 12 Steps of the Ideal Executive Search Process
Conclusion Thorough research surrounding the hiring organisation, its market and the ideal candidate needs to form the basis of any comprehensive search and selection framework. The ideal executive search process should be tailored to meet the demands of recruiting across different time zones and multiple geographies. It should place the client at the centre, providing regular reporting and complete transparency. High levels of engagement should be in place to ensure candidates receive the very best experience, helping protect and promote the client’s employer brand.
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The 12 Steps of the Ideal Executive Search Process
Executive Search at Core-Asset Consulting A compelling alternative to traditional executive search models, our exclusive assignment service lies at the very heart of our recruitment offering. It provides financial and professional services firms with the best candidates from across the globe – against a specified timeline, within an agreed budget, and supported by regular reporting. But what differentiates it most from executive search is, in return for exclusivity, we can often offer a nohire-no-fee pricing structure basis.* Acting exclusively on your behalf, we provide your candidates with a positive, consistent and engaging experience, while relieving you of the administrative burden of managing a lengthy and complex recruitment process. *Please note – if the role(s) requires extensive research, an upfront retainer fee may be required. TO FIND OUT MORE ABOUT OUR EXECUTIVE SEARCH SERVICES, PLEASE GET IN TOUCH TODAY. Betsy Williamson Managing Director Core-Asset Consulting t: 0131 718 4600 e: andrew@core-asset.co.uk
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About Core-Asset Consulting We are an independent recruitment company dedicated to asset management, accounting & finance, asset servicing, legal and the wider financial services sector in Scotland. A specialist recruiter, our expertise extends across permanent, interim, temporary and contract positions, as well as preemployment vetting and on-boarding services. Working in close partnership with clients to tailor the most effective recruitment strategies, we have the resources to target exceptional candidates - at home or overseas - and match them to roles that encourage them to excel. To do so, we put people before profit, service before sales and ethics above all.
High expertise, engagement and value Initially we made our reputation within Scotland’s asset management sector. But the success of our model has allowed us to expand rapidly. We have developed into the wider financial services market, built an accounting and finance team, established an interim, temporary and contract division, launched a vetting and onboarding service, and expanded into the legal sector.
Helping realise your business grow Whether you’re wishing to fill a specific position, keen to find out about the latest market trends or just looking for advice, we’re here to help. For more information about the services we offer, please get in touch: +44 (0) 131 718 4600 edinburgh@core-asset.co.uk www.core-asset.co.uk
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CORE-ASSET CONSULTING 37 Melville Street Edinburgh EH3 7JF t: +44 (0)131 718 4600 w: core-asset.co.uk