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Global Satcom Connections
Technical Fields Division
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Specialized Search Firms
What is a Specialized Executive Search?
Executive search and recruiting is a specialized branch of management consulting in which outside professionals are authorized by organizations to identify, attract and refer qualified candidates for important executive, managerial and technical positions. This usually confidential process involves research, search, and evaluation based on clear understanding of position and person specifications, and it is always employer-paid. It is further enhanced by the search firm's knowledge and experience of the industry or technical area they serve.
Filling an important post, however, isn't a task that you can farm out entirely to anyone, not even the most competent retainer-based executive search firm. The very best executive search is done on a teamwork basis or a team effort; insiders working hand in hand with professionals and sharing information, reactions, expectations, and disappointments.
A Team Effort. The term 'matchmaker' is much more appropriate than 'headhunter'. A good recruiter spends more time on the potential fit than on digging up candidates, more time reference-checking than running ads or telephoning prospects. True, executive search is widely accepted by the corporate giants, but it's even more important for smaller companies, where one hiring mistake can have disastrous results.
What is the Role of a Specialized Search Firm?
- Know the who's who of your market niche.
- Cast a wider net to increase your chances of finding a superior person.
- Preserve confidentiality, and strategic planning.
- Represent mutual commitment to common goal.
- Evaluate candidates objectively.
- Advance communication between the client and the search firm.
- Get reference-givers to really open up.
- Represent your firm fairly and ethically.
- Advise on compensation levels and packages.
- Provide ongoing knowledge of the best people in your industry segment.
Why Use Specialized Search Firms?
Look upon a professional executive search as an investment in improving the quality, timing and proximity of your managerial and technical horsepower.
The next time you have an important managerial or technical slot to fill in your company, consider putting an executive search firm to work for you. 'I can't afford it,' you might say. An executive search may certainly seem to be expensive (fees can range from 25 to 35% of first year's compensation); but it is not when you consider the real economies of acquiring value-added expertise and critically timed support.
What you really can't afford, however, is to make a selection mistake, or to settle for less than the best available. What sense does it make to 'save' a headhunter's fee and wind up hiring someone who makes a few $100,000 mistakes, or who puts in a day's work and looks the part, but doesn't really share your values or your motivation?
Advertising, costly in and of itself, simply does not approach the true quality of search research techniques. It is speculative hit or miss versus calculated target marketing.
Why has the Executive Search Profession Grown so Extensively?
- The predominant reason is today's maturing of management as a professional function. This development has brought about a realization that the success of an organization depends largely on the quality and performance of its people. The organization with the best executives is most likely to move ahead of its competitors. Therefore, ways have had to be found to develop the best from within and recruit the best from outside.
- Also responsible has been the gradual understanding that executive search firms are the main means of bringing about better utilization of scarce executive talent. There is no way that a frustrated executive can advertise his desire for a bigger job that does not exist for him in his present organization. Nor can companies and other organizations usually broadcast their confidential executive requirements. Search firms become the much needed instrument for bringing underutilized executives into organizations in which their talents could be more effectively applied.
- Confidentiality is an important consideration. The hiring organization may not want a decision or strategy to be known either internally or within the business community. Under such circumstances a third party must do the searching, thereby protecting the identity of the organization.
- Costliness of errors in executive selection have become increasingly evident. The wrong hire may hinder or even cripple an organization. The time required to indoctrinate an executive into a new position, give that person sufficient time to demonstrate effectiveness, the agonizing, time-consuming decision to replace them, and the costly internal or external recruiting process needed all over again have taught some hard lessons. Such events have led to the recognition of the need for professional assistance in finding the right person for the right position.
- Experience with executive search in turn has brought about a better understanding of the special skills needed to find and bring into the organization the right executive for the vacant position.
Among these skills needed are abilities to:
- Define the true needs of the organization and the kind of executive most likely to fulfill them.
- Realistically appraise of the difficulty in finding the right person and what it will cost to attract them.
- Thoroughly search out the very best candidates regardless of where they may be or how invisible they are.
- Possess the infrastructure and experience required to evaluate more than a hundred prospective candidates and select the two or three who would be the best performers.
- Counsel the organization on handling candidates from the first telephone contact through the interviews as well as all of the other steps until the executive is in place.
- Assume the especially useful role of a professional third party in negotiations between organization and candidate that are often difficult and complex.
- Sensitively conduct confidential and delicate inquires into the candidate's record, qualifications and reputation in a way that will not create embarrassment for anyone and yet leave no stone unturned.
- Counsel the selected candidate in extricating himself smoothly from his present organization and community as well as in establishing himself in his new position.
- Smooth out any problems for either the organization or the new executive during the beginning phase of their new relationship.
- A constant vigil for the best talent for clients, and to bring that creative power to all.
Truly successful search firms specialize in an industry function or market niche. Generalists do not succeed as well, especially because of the repeated expense of time and experience needed to relearn each company and technology.
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