26 Jan Why Do Companies Use Executive Search Firms?
Companies without first-hand experience of the power of executive search often wonder why they should invest in such a specialized approach to expanding their teams.
What exactly is executive search, and why are so many companies investing in it? Why don’t they just recruit in-house? And if they have to outsource the responsibility, why not rely on more conventional recruiting firms?
In this blog, we’ll answer all of these frequently asked questions and more, so you can make a balanced and informed decision on whether an executive search firm is the right solution for your executive hiring challenges.
What Is an Executive Search Firm?
Executive search firms are similar to most recruiting agencies, with a few key differences.
Unlike most recruiters, executive search firms and their talent acquisition specialists cater exclusively to organizations seeking the highest quality of candidates for pivotal leadership and specialist roles within their companies. The best executive search firms rely on the following advantages:
- Deep executive talent market knowledge.
- First-hand experience in corporate leadership roles.
- An extensive global network of diverse and talented executives and niche specialists.
- Access to passive candidates (candidates who are currently happily employed.)
- Discreet strategies used to access top-tier candidates with confidentiality.
Why Do Companies Use Executive Search Firms?
To put it simply, companies continue to invest in executive search because it works.
These companies understand the limitations of their in-house staff and conventional recruiting partners. While each of these recruiting niches undeniably plays a crucial role in a company’s ongoing growth and success, neither possess the experience, resources, access, or track record of success offered by top-tier executive search firms when it comes to filling specialist and leadership positions.
Executive search firms’ complete immersion in the executive talent market shapes their strategies, tools, and techniques. This helps them make difficult placements quickly. Unlike most traditional or in-house recruiters, executive search firms abandon practices like relying on digital job boards, social media, and in-house references to find candidates.
Instead, they leverage a potent combination of advanced tools, data-driven strategies, and unmatched candidate access to find candidates with the right skill-sets, temperaments, and leadership experience.
To draw a parallel in a more commonly understood profession, in-house recruiters fill the role of your organization’s primary care physician. They handle routine responsibilities and ensure everything continues running smoothly. While they play a critical role in the health of your organization, they struggle to effectively address and solve highly specialized issues (like an executive vacancy).
Executive search firms are more like specialized surgeons. They handle the most sensitive and specialized cases with expertise and understanding. They possess the advanced training, extensive hands-on experience, and extensive networks required to fill high-level leadership and specialist roles.
When Should You Use An Executive Search Firm?
As we touched on above, executive search firms are specialized solutions. That means we don’t typically recommend partnering with an executive search firm to address non-essential vacancies.
Instead, your executive search partner should be reserved for filling your most pivotal roles – positions that have the power to positively or negatively shape your organization’s future.
We also recommend exploring working with executive search firms when filling a vacancy that requires a candidate roster with niche experience, industry-leading performance records, and innovative business management and corporate leadership skills.
These scenarios represent ideal opportunities to partner with an executive search firm because they demand the unique skills, experience, and advantages top executive search firms offer, like:
- Effortless executive access.
- Global reach and influence.
- Actionable connections.
- First-hand executive experience.
- Highly advanced search and selection tools.
How Medallion Partners Can Help With Your Executive Search
Medallion Partners understands the War for Talent. Our world-class executive talent acquisition specialists boast years of experience taking on the increasingly competitive global executive talent market – and winning.
Medallion Partners provides our partners access to the best executives and specialists, empowering them to drive greater revenue and steadily secure high-value clients and customers in an increasingly challenging business landscape.
If your organization is experiencing painful leadership and specialist vacancies, don’t exacerbate the issue with a lackluster hire. Reach out to Medallion Partners today to begin outlining your executive talent search plan.