What are the Steps of the Executive Search

1
What are the Steps of the Executive Search
Process?

• The executive search process varies little from
  retained executive search firm to retained search
  firm.
• Of course, since retained search process and
  pricing looks are pretty much the same at every
  traditional search firm, it can be challenging
  for executive search buyers to figure out which
  firm to select. We will have more on discerning
  the differences in another post. However, before
  we get into the nuances, you first must learn
  the basic steps of the retained search process.

2

• Engaging the Retained Firm
• Retained executives search firms work by
  retainer and exclusive contract. The standard
  retained search contract stipulates that the firm
  serves as the exclusive representative of the
  search for external and internal candidates.
  It also defines engagement timing, off-limits
  agreements, and other issues relevant to the
  particular assignment.

3

• Holding Launch Meetings
• The retained search firm meets with the
  hiring executive and relevant stakeholders to
  discuss the requirements of the role. The
  meetings often include key board members, members
  of the senior executive team, peers and
  subordinates. These meetings enable the search
  firm to gather important information about the
  requirements of the role. More important, the
  search partner witnesses first hand the
  management style and corporate culture, which are
  essential to understanding what makes someone
  successful at the company.

4

• Creating Position and Candidate Specification
• The retained search firm drafts a description
  of the position, detailing its reporting
  relationships, responsibilities, and objectives.
  The candidate specification details core
  competencies, preferred experience, and soft
  skills the personal qualities that sought in
  the ideal candidate. The document serves as a
  touchstone, defining all the requirements of the
  role, preventing searches from veering off
  course. Once the client approves the document, it
  is used as a marketing tool with candidates.

5

• Setting Research Strategy
• The search team develops a strategy targeting
  companies most likely to yield a successful
  candidates, including the initial list of target
  companies agreed to in the launch meeting. The
  strategy considers the level and scope of
  comparable roles as well as other key data
  points office location, corporate culture, and
  each companys ranking. Companies that are
  off-limits are also delineated companies out of
  which the firm will not recruit due to sensitive
  client relationships or because the firm has
  client blockage.

6

• Conducting Original Research
• Using the strategy as a blueprint, the
  search team conducts original research to
  identify and profile idea candidates, mapping the
  reporting relationships and often building out
  org charts of target teams. Traditional search
  firm usually do the most of the research
  online. The search firm will also query its own
  candidate database, proprietary information
  services, and social networks such as LinkedIn to
  yield prospective candidates.

7

• Querying Sources
• Search firms sound their network of sources
  for candidate referrals and calibrations. Sources
  include journalists, professional associations,
  and other relevant groups. Prospects that meet
  the requirements of the role are added to the
  initial list of prospects.

8

• Qualifying Prospects
• The search team contacts prospective
  candidates to determine whether they meet the
  primary requirements of the role and gathers
  details on the candidates motivations what it
  would take for that candidate to make a move to a
  new company. The search team reviews the list of
  qualified, interested prospects to determine
  whether more research is necessary or whether it
  is time to schedule in-depth interviews.

9

• Interviewing and Pre-referencing Top Prospects
• The search consultant interviews and
  evaluates top prospective candidates in a
  deep-dive interview that steps through the career
  history. The executive search partner evaluates
  the candidate against the candidate specification
  through in-depth, in-person or video-conference
  interviews. Taking great care not to jeopardize
  candidate confidentiality, search firms
  pre-reference candidates whenever possible to
  verify past performance and essential soft
  skills. Those who are not a fit are closed out.

10

• Writing Candidate Profile
• For those candidates the search firm
  presents to the client, they prepare a written
  Candidate Profile, a report that details the
  candidates education, career history, honours
  and awards as well as an analysis and appraisal
  of the  candidate strengths and weaknesses and
  appropriateness for the position. The report also
  highlights any key motivators, issues, and
  deal-making details essential to closing the
  candidate.

11

• Presenting Candidates and Tracking Progress
• The search firm presents candidates at
  regular progress meetings. Working closely with
  the client, the list is refined to a slate of 3
  to 6 strong contenders for the client to meet.
  Client-candidate meetings are then scheduled.

12

• Scheduling Client Interviews
• Client interviews of the candidates scheduled
  to winnow selection down the two or three
  finalists.  Those that are eliminated are closed
  out.

13

• Checking References
• The search team checks the candidates
  references, contacting the contacts provided by
  the candidate as well as other sources available
  to the firm. The team makes every effort to
  ensure discretion and confidentiality.
  Verification of employment and academic
  credentials is often performed by third party
  services.  It is the consultants responsibility
  to ensure that such checks have been conducted.

14

• Extending the Offer
• When a final candidate is selected, the
  search consultant works closely with the client
  and candidate to position the offer with the
  candidate, and to negotiating a package that is
  agreeable to both parties.

15

• Closing the Candidate and Search
• The search team closes the candidate when
  the executive accepts the offer, agreeing to join
  the company. The search firm then closes out the
  engagement by thanking those involved for a
  successful outcome.
• Given the many steps involved in the
  retained search process, the recruitment of CEOs,
  CFOs, CMOs, CTOs, and CIOs requires an investment
  of time to do it well.

16

• Thank You