23 Jan How Hard Is Executive Search?
Underestimating the challenges filling your executive vacancy can lead to wasted money, stressed-out employees, and lackluster executive hires that only manage to make a noticeable contribution to your churn rate.
Even professional recruiting agencies, with years of highly successful experience recruiting top-tier intermediate, and some mid-management-level candidates, may find themselves spinning their wheels when it comes to executive searches.
Well-done executive search requires a high level of discretion, access, time, and detail. That’s why the unique challenges executive search presents are best handled by firms that have devoted 100% of their organizational resources and attention to leveraging the executive talent market.
What Is Executive Search?
Executive search refers to a unique and highly specialized candidate search and selection process typically reserved for organizations’ most influential or specialized roles.
Executive search firms, and the highly skilled specialists they employ, cater to a vital niche in the business landscape. Their unique access to a global network of diverse and talented executives and niche specialists allows organizations to maximize the success of new executive and specialist hires while lowering churnover rate in these roles.
Executive search firms invest heavily in developing cutting-edge technologies and strategies that improve their access, expand their realm of influence, and support their ability to quickly, consistently, and efficiently pair their organizational partners with game-changing executives and specialists.
Executive search firms fill a unique niche left open by in-house and traditional recruiters. Good executive search firms are able to overcome the obstacles presented by the executive search process and make placements with high success rates.
What Is The Difference Between Executive Search Vs. Recruiting?
The main differentiator between executive search and in-house general recruiting is specialization.
The relationship between executive search firms and recruiters can be compared to surgeons and primary care doctors. While both play vital roles in the health of your organization, the scope, gravity, and impact of their functions are very different.
Much like advanced surgeons, executive search firms offer a level of expertise in a certain niche. They employ their unique networks and advanced technology to reach executives and specialists that would otherwise be hard to access.
What Are The Steps Of Executive Search?
The best executive search processes have clearly defined steps or phases that contribute to the identification, engagement, evaluation, and selection of ideal candidates.
Medallion Partners’ four-step executive search process is a good example of an executive search process with a high success rate. Let’s break down the steps of this approach to see why it is successful.
- Strategize
Medallion Partners conducts extensive market and organizational research at the launch of every executive search process. We believe winning the War for Talent and consistently securing top-tier candidates is a challenge that calls for the application of bespoke search strategies that have been customized to align with our partners’ unique challenges, goals, and long-term vision.
- Search
After we’ve analyzed the executive talent market and identified key metrics for cultural, performance, and leadership assimilation, we’ll begin the search process. Our executive search specialists will tap into their global networks of industry-leading executives and specialists to start building live pools of talent.
Once we’ve created a short list of high-value candidates, we’ll present them to your organization alongside our data-backed Medallion Matrix evaluation reports for review. After identifying your favorite candidate(s), we’ll transition into stage three of our executive search process.
- Secure
After you’ve reviewed your candidate roster and identified a perfect fit, we’ll discreetly and professionally approach them with your offer. During this phase of the executive search process, our talent acquisition specialists operate as advocates for your organization. We’ll promote the benefits of your role, explain the strengths of your organizational structure or workplace culture, and answer any pressing questions candidates may have about your offer.
- Success
After we’ve won a commitment from your chosen candidate, we’ll transition into supporting your new executive leader through their resignation, transition, and onboarding process. We believe intentional, efficient, and personalized transition and assimilation processes are essential to the early success of new executives and high-level specialists.
Why Is Executive Search So Hard To Do On Your Own?
In-house recruiters play a vital role in any brand or business’s success, growth, and culture. But the breadth of their regular responsibilities, limited resources, and lack of specialization can make them a less-than-ideal fit when it’s time for an executive search.
Even if your in-house team has the capacity to dive into an executive search, they likely won’t have access to the data-backed processes, advanced tools and techniques, and refined expertise executive search firms rely on for success.
Executive search is nearly impossible to do on your own because the skills, resources, and time required to generate replicable, efficient, and cost-effective successes are generally only available to full-time executive search specialists, who have spent years honing these specialized skills.
How Medallion Partners Can Help With Executive Search For Your Company.
Medallion Partners is a boutique executive search firm with more than 15 years of experience serving the executive talent market.
There is a reason over 98% of candidates we place are still in their roles after two years.
Our comprehensive executive search process eliminates subjectivity and guesswork from onboarding executive leaders and specialists. We position organizations to consistently onboard corporate leaders and niche specialists with exact skills needed to take a company to the next level.
Contact us today to learn more about Medallion Partners’ unique process for securing world-class executive talent.