In an increasingly candidate-driven job market, more and more forward-thinking organisations have started to see the value of hiring executive search firms. For organisations that haven’t tried it yet, we appreciate that it would be helpful to know more about what executive search firms do and how we carry out our work.
Here at The Works Search, we have over 20 years of experience to share – so read on to find out about the inner workings of an executive search firm with in-depth market and industry knowledge, which delivers results with passion and a huge amount of care.
1. What is executive search?
A lot of people think that executive search and recruitment agencies perform the same services. While both the firms help companies help locate top talent, there are certain differences between the two. An executive search consultancy focuses more on placing senior people, often in particular industry sectors or certain types of roles and in specific geographies.
The way we will fill roles is a little different from generalist recruitment agencies as a lot more time and manpower is spent carefully matching people. Executive search consultants frequently map out all relevant people in a market for a role, looking out for the highest performers. It’s about finding the best fit and/or the highest performers for the role and we will proactively approach professionals – even those who are happy in their role, although may consider a new one if it’s right. Generalist recruitment agencies may not have the depth of contacts within a sector and often rely on advertising roles on job boards to fill roles.
In 2021, only 12% of our placements were sourced from advertising. We never rely on advertising as it doesn’t necessarily attract the best fit or the highest performers in the industry.
2. Why use an executive search firm – what are the benefits?
The calibre of the candidates you will interview will far outweigh the ones you will source yourself or an in-house HR team will ever source. We know exactly where to look to find the best people for the job and we have the expertise to recognise what great looks like.
We can work quickly too and find great people for a shortlist in a matter of just a few weeks. No one has time to undertake lots of interviews so we will only present 4 great people for our clients to interview.
A huge benefit is giving our clients peace of mind – when we commit to a role, we will fill the role. It really is that simple. We take character references from candidates’ former bosses too, just to be thorough.
Working to a timetable of delivery is helpful for everyone. Candidate and clients will know when interviews are taking place and can make room in their diaries.
A timetabled plan also means we know when we will be offering a candidate and it provides a really good idea of when they will be starting in their new role.
3. Whose side are executive search firms on – the client’s or the candidate’s?
We are the go-between in this scenario. We are paid by the company, not the candidate but in our eyes, they are of equal importance, and we are representing both parties fairly. The funny thing about corporate communications is that everyone knows everyone, and caring about the people we work with is key, as we have had relationships with people for years (some for decades).
We are here to provide a seamless service for both our clients and candidates. Candidates often become clients and so it’s important that we work in both their interests rather than our own.
4. What are your areas of expertise?
We place high-flying senior corporate communications professionals into PR consultancies in London and Heads of Comms and PRs into a huge array of PLCs and private companies. Over the years, we have placed great corporate comms professionals at Battersea Power Station, Deloitte, Man Group, Freshfields Bruckhaus Deringer, Franklin Templeton, Klarna, Net-a-Porter and Sainsbury’s to name a few. Our clients cross financial and professional services, energy, technology, consumer brands, industrials, real estate and many more.
5. How do you get your clients?
In a few different ways, although 80% of our searches come to us from repeat business, referral, or recommendation. 20% comes from us proactively approaching companies we consider are attractive employers. We only take on executive searches we think we can fill, which means we turn away as much as we take on. We fill every executive search we take on, and that’s unheard of in the industry, but then we have more grit and we hate to fail!
6. Which recruitment tools do you use to build your internal database?
We have a great bespoke database called Firefish, which we selected because it’s highly sophisticated when it comes to candidate searches. If a client is looking for a particular skill, it will be easy for us to find.
We have an enormous number of corporate communications professionals on our database and we have met many of them face to face. When you have been focussed on a specific industry sector for nearing 20 years, you end up knowing exactly what a client needs and where to find the perfect skillset. We have built whole comms teams, some from scratch.
We use LinkedIn too, although more for double-checking that we have covered all bases rather than relying on it. In terms of placements and results – in 2021, 70% from our database and referrals from this network; 18% from LinkedIn, and 12% from advertising.
7. How do you register and screen candidates?
When we receive details of a candidate, who we think we have a role for, or a role in the future, we will speak to them for 30 minutes over the phone. If we have a role for them, we will want to meet them. Firstly, we ask them to fill out a registration form and request proof of ID. A Consultant from the team will conduct an hour-long interview where we look for evidence of good performance – ideally this is face to face, although we also undertake these meetings over Zoom depending on diaries.
When we present the shortlist of recommended candidates to interview, we will share details of candidates with a company and then talk through each candidate to bring each one to life.
8. How are executive search firms paid?
Executive search firms are often paid differently from a typical recruitment agency. The company who has the role to fill will be paying the bill. A search firm will be paid a fee by a company at the start of a search campaign, sometimes when we present a shortlist of people to interview, and an additional payment once we have completed the assignment. A typical recruitment agency will be paid by a company once the candidate starts in a role.
9. Do you offer salary advice?
Yes, often before we will agree to take on a search for a role or a team, we will make sure we have agreed on a market rate salary with the company. If budgets are restricted, we will look at creative solutions such as making the role part-time or a job share. Getting the salary right from the start is important to attract the candidates with the right amount of experience for the role.
In fact, we are probably best known in our industry sector for producing a highly detailed annual Salary Guide. We know that our candidates use it to achieve pay rises and our clients use it to benchmark what’s happening across the industry.
To sum up
Executive search really is our passion. Through every stage of the process, we act as a partner to the company rather than a supplier, providing a sounding board and a vital fresh, external perspective and expert advice that can make all the difference. Our caring and detailed approach has allowed us to place senior candidate in exciting companies all around London and beyond and we enjoy seeing them flourish.
For a free download of our full Annual Salary Guide 2022, click here.
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