Which Executive Search Consultant Should You Hire? - WalkWater Talent Advisors Executive search is when a specialized firm is recruited to take up the job of making an exclusive search and bringing to the client a list of the best candidates that are completely apt for the executive positions within an organization. There are different types of executive search, each effective in its own way. The basic difference lies in the level of service required, and the level of experience of the desired talent.
Retained Executive Search Retained executive search involves a retainer for the services provided, where an upfront fee is decided upon, which is generally paid in three parts – 1/3rd of the fee paid on initiation of the search, 1/3rd paid 30 days later, and the final 1/3rd paid upon placement of the candidate. The executive search consultant in this type of search
acts as a true consultant, advising the client organization with regards to the search process, while identifying, qualifying, and reviewing potential candidates for specific leadership positions. Retained executive search is the most effective type of search for high level executive positions, and where it is difficult to find talent having a specific and exceptional skill set required for a particular role. This is because most of the candidates targeting here are passive, already working in a similar position in another company. The services included in this type of search include – Creation of a recruitment strategy Creation of an ideal talent profile Reviewing and revising job profiles and descriptions Research of competitive talent landscape and client competitors Conducting candidate interviews, and presenting viable candidates Positioning of passive talent Scheduling interviews between the client and candidates Continual updates and progress reports throughout the process
With all of these roles, a retained executive search consultant acts like a member of a marketing department, connecting with highly sought after talent to engage their interest in the vacant position in the client’s organization. The consultant’s loyalty lies with the client organization, which is why he will make the best attempt to bring only the most suitable talent for consideration, keeping in mind both the present requirement as well as future opportunities for the client organization. Hence, retained executive search is a partnership between the consultant and client organization, which often results in finding the best and most qualified talent for the required position! For one such partnership, you can get in touch
with WalkWater Talent Advisors (https://www.walkwatertalent.com/insights/whyshould-you-hire-a-retained-executive-search-firm/), who have emerged as one of the fastest growing, innovative, and the best executive search firms in India and talent advisory firms, with a unique mix of strengths, including client partnering, deep domain knowledge, and global coverage.
Engaged Executive Search Engaged executive search is where an initial service fee is due upon engagement, with the remainder fee due upon a talent accepting a position with the client organization. Most of the activities and services involved in this type of search are the same as that in retained executive search, with the difference lying in the matter of the search’s priority for the consultant, and with the sharing of derived competitive intelligence. This type of search is more about providing talent to consider, and less about consulting with regards to the process or search innovation. Engaged search is a mutual understanding between the consultant and client organization that results in quality candidates being introduced for consideration, while building a strong trust and relationship between the two teams. This model is most effective for finding mid-level executive talent, or for smaller company clients for whom a complete retained executive search is not possible.
Contingent Search When large organizations are looking to fill multiple positions at entry levels or junior management levels, they opt for contingent search. This type of search involves no initial upfront fee. Instead, the recruiter is compensated upon successful completion of a search with a commission based on the salary of the talent. Generally, contingent recruiters will re-post an employer’s job description on various job sites, without conducting an actual search or investigation on behalf of the client. This results in lesser quality candidates being presented for consideration to the client organization as there is lesser attention devoted to the client’s specific needs. In addition, a contingent recruiter may present the same candidate to multiple clients to maximize their chance of placement, and thus the size of their commission. Unlike retained executive search consultants, a contingent recruiter may likely omit any negative assessments about the candidate, because they are more concerned with their commission, and less about the benefit of their client organizations.
After understanding the various types of searches, you can decide upon the type of search you need to opt for, for your organization. What vacant job position you are looking to fill, and how skilled a talent you need is what will help you decide.
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