How does executive search work?
Executive search involves working with a specialist firm to match a business’ requirements to the best talent. In a competitive market it can be tricky to find the right skillset and having the time and resources to identify outstanding candidates can be a challenge for most companies. Using the expertise and knowledge of executive search consultants allows organisations to discover quality, senior individuals that fit their culture that they wouldn’t otherwise have had access to.
At New Street Consulting Group, we follow a strategic set of steps to ensure we identify the best leader for a role and organisation:
- Determining the business goals the leader needs to deliver - Together with the organisation, we identify what an outstanding leader would look like and how this differs from just a good one. We take into account the culture of an organisation and the type of strategies and approach needed to propel a company towards further success.
- Conducting specialist research - We use insight and tools such as market and competitor analysis and performance benchmarking to gain a detailed outlook on talent that’s perfectly suited to a company’s needs.
- Working alongside industry experts - Our expert teams are armed with unparalleled knowledge of the market, have access to diverse networks and are able to offer new perspectives from a variety of sectors when needed.
- Approaching top candidates - Based on our unique insight and research, and we identify and approach top quality individuals with the skillset and expertise required.
- Developing a shortlist - We’re able to provide businesses with shortlisted candidates who are stellar matches for senior level roles.
Throughout this process, our highly skilled experts draw on their extensive experience, to achieve the goal of identifying the right individual.
How long does it take to complete an executive search assignment?
Because the process of finding the right talent to fill an executive or leadership role is much more stringent than the general recruitment process, it typically takes longer to achieve. An executive search can take around three months to complete and secure the final appointment.
How do executive search retainers work?
Executive search firms often work on a retainer basis, meaning that an amount is paid upfront before the search starts. The initial fee is generally non-refundable and is set up to secure the exclusive agreement between a business and the executive search company. Because only one executive search firm is tasked with sourcing a high-level individual, there is a dedicated effort and commitment from both sides for a successful outcome, often not seen when multiple recruitment firms are involved and therefore competing to identify the best candidates.
This model allows the search company to conduct thorough and intense market research to identify high-calibre individuals and is typical when organisations are recruiting the most senior roles. A business benefits from this as the methods used to find talent are in-depth and robust and are carried out by a dedicated team of professionals who are not involved in a race with other firms to source candidates as quickly as possible.