The global recruitment sector is now worth more than £348.5 billion, of which executive search recruitment account for £9 billion. The executive search makes up nearly 2.5 percent of the recruitment market. Executive search is quite different from contingent recruitment.
Executive search consultants are usually retained to help research the whole market. On the other hand, a contingent recruitment agency is usually hired to provide a pool of qualified candidates to the client organisation. In most cases, executive search assignments require a team of consultants to guide the project.
The executive search involves engaging and interviewing the right applicants for the job. Conversely, many recruitment agencies only utilise one consultant to recruit the right talents and the consultant may lack the right expertise and experience compared to executive search consultants.
Most contingent recruitment agencies do not interview the candidates in person but make recommendations to clients to assess the qualification and the suitability of the referred candidates.
However, executive search recruitment entirely relies on the partnership between the client and the search firm to better understand the fundamental requirements of a given role.
The recruitment firm then identifies the most competent applicants who suit the job requirements and the culture of the organisation. Not every recruitment role needs the assistance of an expert executive consultancy since most of the global recruitment industry relies on recruitment agencies.
The right time to engage an executive search firm
– Urgent timelines: If the HR internal recruitment function is pressured by several priorities, it is advisable to seek assistance from a reputed executive search firm to fill specific roles within the agreed timelines. A contingent recruitment agency or in-house recruitment team may help to source other candidates to fill other junior roles.
-Targeting competitors: Sometimes it is advisable to recruit the top talents from competitors, especially in the infrastructure and transport industries. Executive search recruitment agencies function as an intermediary between the organisation and its rival businesses to poach qualified and experienced candidates without fueling any friction between the two organisations.
– Confidentiality: Executive search agencies help to recruit candidates without leaking sensitive organisational information. Confidentiality is of paramount importance while replacing top directors in an organisation. Executive search firms more often ask applicants to sign non-disclosure contracts before sharing any information about the client.
– Specific challenging roles: An organisation can find it quite hard to fill roles that require particular skill sets. Even experienced hiring executives with vast network find it quite challenging to fill the niche vacancies. In some cases, you may lack the right contacts to help you perform an extensive search for top talents.
– Seniority: If the firm lacks internal resources for recruiting senior executives, it can hire the services of an executive search recruitment firm for assistance. A reputed executive search firm is likely to have a vast relationship network across the sector with the exceptional ability to reach out to the top talents in the industry.