Executive job search, or headhunting, is the process of hiring individuals to fill executive positions within organizations. This type of search might be performed by the board of directors, executives within the organization or an outside executive search organization.
Executive search firms and employment agencies specialize in recruiting executive personnel for companies in different industries. Executive search professionals are people who have a wide network of personal contacts within their specialized area. They also possess detailed knowledge of the area in question. These professionals typically operate at a very senior level. In fact, they are involved in most of the hiring process by giving interviews themselves before presenting the candidates to their clients. Executive search agencies usually form long lasting relationships with their client companies and are willing to go the extra mile to get the right candidate for them.
Compensation methods for such executive research firms fall into two categories: retained and contingent. High end search firms typically get a retainer or an upfront fee for performing a specific search on behalf of a company. Usually, a company would employ the services of the retainer only for recruiting its top brass. By and large, the search fee is 33% of the annual compensation given to the executive after they are hired. It is important to note that the company is paying for the time and the skills of the search firm. The search firm is employed to conduct the entire recruitment effort until the candidate starts working for the firm’s client.
An executive search firm has to commit to an off limits agreement for its clients. This means that the firm will not approach the employees of current clients as candidate for other clients because such acts might prove to be counterproductive to one client or the other. Sometimes, job seekers tend to mistake these executive search firms for placement agencies. Though these job seekers are also looking for high level positions, they need to understand that these search firms do not specialize in placing average individuals or out-of-work professionals. They would rather work keeping their client’s requirements in mind and hunting for people who are not actively looking for a job switch. The executive search agent’s job is to persuade the right person that his current job is not utilizing his expertise and that the new job is the best fit for him or her. Hence, they find people for predefined roles rather than roles for the people.
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