Every executive search firm has a different way to manage its search process, but there is a basic protocol that is followed by even the largest search firms in the world, as well as leading boutique executive search firms. Let’s help you know the basic steps of a retained search process, in this blog.
Step 1 – Signing up a contract There is a contract that is agreed to by the retained search firm and the hiring organization, which stipulates that the firm serves as the exclusive representative of the search for external and internal candidates. The contract also defines the timing, agreements, and every issue relevant to the particular assignment. Step 2 – Holding a meeting There is a meeting held to discuss the requirements for the role; the meeting including board members, members of the senior executive team, peers, and subordinates. This meeting helps the search firm to gather important information about the requirements of the role, as well as an insight into the culture of the organization, the management style, and every other fact and
statistics that is essential to understand what makes someone successful at the company. Step 3 – Creating the job position description and specifications The search firm then drafts the description of the job position, detailing its duties, responsibilities, objectives, and reporting relationships. It also specifies the candidate’s core competencies, preferred experience, and soft skills required. This document serves as a marketing tool. Step 4 – Setting up a strategy The search firm then develops a strategy of targeting companies most likely to yield a successful candidate, considering the level and scope of comparable roles and key data points, such as the office location, company ranking, and corporate culture. Step 5 – Beginning a research Using the strategy and the created document, the search firm starts a research to identify and profile idea candidates, mapping the reporting relationships, and building out org charts of target teams. They will also check their own candidate database, proprietary information services, and social networks to yield prospective candidates. Other sources like professional associations, journalists, and other relevant groups are also contacted. Step 6 – Contacting prospective candidates From all of the sources above, the search firm contacts prospective candidates to determine whether they actually meet the requirements of the role, gathering details on every candidate’s motivations. The list of qualified and interested prospects is reviewed to determine whether more research is necessary, or it’s time to schedule in-depth interviews. Step 7 – Interviewing eligible candidates The most eligible candidates are then interviewed where the candidates are evaluated, taking care not to jeopardize candidate confidentiality. Every candidate’s career history, past performance, and soft skills are verified, after which those who aren’t fit are striked-off the list. Step 8 – Writing the Candidate Profiles
For the candidates chosen, the search firm then presents to the client every candidate’s Candidate Profile that details the candidate’s education, honours, awards, and career history. This report serves as an analysis and appraisal of the candidates’ strengths and weaknesses, highlighting the key motivators and issues, along with deal-making details that are essential to closing the candidates. Step 9 – Scheduling client-candidate meetings Client-candidate meetings are then scheduled for the candidates that the client chooses. These meetings help in narrowing down the list to the top two or three finalists. These candidates are then checked for employment and academic credentials. Step 10 – Finalizing the candidate and negotiating a package Based on every detail, the final candidate is then selected, after which the search firm works up to position the candidate into the organization, negotiating a package that is agreeable to both the employer and employee. You can see how such a search process requires investment of a good amount of time, which is why you need one of the best executive search firms in India, one like WalkWater Talent Advisors, having a decade of experience of hiring the most suitable candidate for any kind of senior-level job.