Ever wondered how executives get recruited for the positions they occupy? Well, if you did, then the people at Pierce Grey, the executive search and recruiting firm, have got you covered.
They’ve come up with a handy infographic that covers all the major angles of the executive hiring process and all the steps leading up to it. In fact, you can check out the infographic itself right here, on their website.
Now, let’s get down to a summary of the details.
What Are Executive Search Firms?
Executive search firms are the companies in our economy that look for and find the right leaders or executives to hire through networks of relationships that exist in the business world at various industry and cross-industry levels.
Their search and hiring process can be enabled by three different payment mechanisms, these are:
- Retainer: in which payment is rendered up front to the recruiting firm.
- Container: a process by which payment for recruiting is rendered partially up front and partially upon executive placement.
- Contingency: in which payment is made in full only once an executive has been placed in a position.
The Steps that Lead to the Job Offer
What Executive search firms do as the steps in their process of finding the right executive for you and your company involves three key Selection procedure categories. These are followed through in sequential order as a sort of selection and filtration process for getting the right executive selected and delivered to the firm that best serves the needs of both parties.
Each of these three major selection procedure categories have their own three step process for being effectively completed. Let’s now go through all three procedure categories and their specific three step processes.
Executive Search firms:
Define Requirements
- They first meet with the hiring company to gather job requirements and present the position as an attractive choice for an executive.
- They then identify core competencies that will be required for success in the position
- Following the core competency selection process, the executive search firm will then create a strategy for finding qualified candidates and will gain the hiring company’s buy-in to their search process
Develop the Right Candidates
- The executive search firm than goes on to their next selection procedure by researching potential candidates through the use firm-wide tools and connections.
- Marketing the executive position through consultant-candidate communications.
- Conducting in-depth interviews with the most qualified candidates that they can find and root out.
Select a Finalist and Get Him or Her On-Board
- Once the search firm has narrowed down their selection of potential executive candidates to a select few, they then meet the hiring company for what are called “scorecard” sessions in which the different candidates are compared and weighed against each other.
- Based on the client’s main selection or selections, the executive firm then conducts a background check and verifies all qualifications of the candidtes that have been picked.
- Upon verifying final candidates for hiring, the executive search firm then facilitates acceptance of all terms and conditions of a position by both executive and hiring firm in order to reduce uncertainty about compatibility. They will also work to arrive at an acceptable agreement that benefits both sides of the equation and the search firm itself as well.
This is the essential executive search, selection and hiring process in a nutshell. It’s effective, thorough and has been used as a powerful tool for the selection of highly successful executives by companies worldwide for years.
Again, to garner more details and see the infographic itself, check out the original infographic in the link already introduced.
