Executive Search is the most modern way to source candidates for senior, executive and specialised level positions in big companies. It is also known as head hunting.
An Executive Search company is like a third-party provider or a consultant usually hired by a corporation to study the availability of suitable candidates who might be working for its competitors or allied industries.
In India there are a large number of executive search firms working internationally and across many industry sectors.
After spotting possible recruits who match the client's requirements, an executive search firm usually plays the role of an intermediary to woo the candidate to a new employer. In the process the search firm also carries out the candidate screening, his demands, arrange negotiations on remuneration and finally leading to the employment contract with the new client.
Why Executive Search?
Talent is very scarce in the corporate world and when MNCs are looking for people to fill top positions demanding high experience and niche expertise, only an Executive Search company can get it done . Spotting candidates and putting the best offers is how Executive Search Consultants outshine others. In recruiting, there are many methods and style too.
These days, many corporates retain several Executive search firms to locate the most suitable candidates to fill roles on a paid basis. This is mainly for senior-level jobs where a limited pool of qualified candidates exists.
Benefits for companies
Companies using executive search firms benefit for various reasons. A key factor is the firm's knowledge and access to a particular sector in an industry or its grip on the pool of candidates.
Search firms organize their domains on the basis of practice and function, with focus mainly on experts from finance or human resources. For companies hiring search agencies mean absolute discretion, and an external perspective and doing away with time constraints.
Search firms have the expertise not only to find the best candidates for a position but also to convince candidates on new offers on the basis of good packages and get them on board even if they may not have been looking for a sudden career move.
Among the kinds of recruiting are,
Contingent recruiting refers to a recruitment mode in which money is paid to the recruiting firm for the placement it makes. In some cases, a contingency firm may not have the exclusive relationship with the client company. So Corporate clients use the services of multiple firms to track the best talent. In the liberal search, even roles in the lower salary bands, temporary or contract positions will also be looked at.
They include secretarial positions, accountants to sales and marketing professionals.
In online recruiting job portals aggregate jobs from a variety of sources but their flaw is, very rarely senior executives get the right kind of opportunities. The online firms operate with freebies with a mix of automation like online registration and profile updating and personalization features like newsletters and alerts on new openings.