Apparently finding top talent can be difficult, which is why some corporation's higher executive search firms to help them recruit. Executive search firms are specialized recruitment services that find top-level candidates for senior, executive, or other highly specialized positions for clients. Many clients use them to find candidates that may not be immediately identifiable in the market and, essentially, avoid the cost of a bad hire.
Executive search agents utilize a range of personal contacts in their industry, as well as their in-depth knowledge of their industry, to find suitable candidates for clients. They conduct detailed interviews and then selectively present candidates to their clients. Executive search firms also help clients draft accurate and enticing job descriptions to draw in a pool of qualified candidates.
The relationship between a client and executive search firm can be either contingent or retained. Contingent recruiters are paid upon the successful completion of a "search" and retained executive search consultancies are paid for the process of it. Contingent search firms rely heavily on their contacts, which is why clients often work with many contingent recruiters at once to maximize the amount of resumes they receive. On the other hand, clients usually go with retained executive search firms to find candidates for senior level roles. Clients and retained executive recruiters generally develop stronger, more long-term business relationships.
Most corporate companies who decide to use an executive search firm do so because they don't have the internal resources, network, or perhaps even evaluative skills to recruit themselves. Some companies may even use them to recruit from competitors indirectly, allowing them to find candidates they might not have been able to find otherwise. If you would like to use an executive search firm for your candidate search, is recommended to use a firm that has experience placing candidates in positions similar to your open position. If you are an executive and looking to make a move make sure to look for a firm that places people in your industry. Let them know you are looking to make a move.
Author: Rhett Power, article "How Executive Search Firms Work?" was published on Nov 2014 at Inc. Magazine