Common Misconceptions About Executive Search Firms
June 8, 2021 – In the world of recruiting, misconceptions often run rampant when talking about executive search firms. Despite the value that dedicated providers bring to the table, many organizations continually question whether outsourcing a high-level executive or C-suite search is worth the cost, according to a new report by TalentRise. “To educate our audience on the advantages of aligning with a proven executive recruiting firm, I’m here to disprove some of the most common misconceptions about executive recruiting,” said Pete Petrella, the report’s author. “Here are four of the most common myths related to executive search firms—and why they are all untrue.”
Myth No. 1: Anyone can execute an executive search by using a job board.
With an abundance of digital job boards available on the market today, many companies assume that posting their position to a site like ZipRecruiter or LinkedIn can help discover their next executive hire. “What these organizations fail to realize is the amount of behind-the-scenes work that goes into an executive search,” said Mr. Petrella. “When recruiting for a C-suite position, the best-fit candidates are not usually found on the job market. Rather, these individuals are typically high-quality professionals currently employed by another company—which makes finding and recruiting them all the more difficult.”
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Mr. Petrella said that by “partnering with a proven executive search provider, your organization will gain access to a comprehensive network of passive candidates—ones that have been carefully sourced and screened. The search firm will help you to engage with these individuals and sell them on the role. If quality of hire is atop your list of priorities, it pays to connect with an executive search firm that can deliver upon important recruitment objectives.”
Myth No. 2: Executive search firms are pricey and provide low return on investment.
It comes as no surprise that executive search firms charge a premium fee for their premium services. But Mr. Petrella notes that when you consider the cost of making an improper hire—particularly at the executive level—and the crippling effect that it can have on your organization, aligning with a dedicated search firm is common sense.
“Instead of relying on your internal recruiting resources to source, recruit, and hire a qualified executive candidate, it pays to outsource this function entirely,” he said. “By choosing the right executive search partner, your provider will present a suite of finalists—often paired with behavioral and predictive performance assessment results—for your organization to review. This data can prove to be a critical indicator of the candidate that will align best with both the role and your organization as a whole.”
Myth No. 3: Internal talent acquisition teams can produce the same caliber candidates as an executive search firm.
“We have a team of internal recruiters. Why do we need to align ourselves with an outside firm to do the same work?”
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Questions like these are frequently posed to executive search firms. “Ultimately, the answer lies in the complexity of the search,” said Mr. Petrella. “It’s likely that your internal talent acquisition team is primarily focused on filling lower-level positions within your organization—roles that can be easily replaced. When executing on a search for a C-suite position, however, the nuances that accompany this recruiting effort can be entirely foreign to internal recruitment teams. Not only will recruiters need excellent sourcing skills, but they’ll also require superior salesmanship to sell the candidate on the role—especially if it is at a competitive organization.” Mr. Petrella notes that by aligning with an executive search firm, you’ll gain access to a team of proven executive recruiters that know what it takes to get the job done.
Myth No. 4: A contingent search firm offers the same value as a retained search firm.
Contingent and retained search firms operate on two different pricing structures. While contingent providers only receive a fee if the candidate that they present is hired, retained search firms work with their clients every step of the way throughout the recruitment process.
If your organization is looking for a search partner that will ensure the success of your executive hire, look no further than the retained model. After getting acclimated to your company’s needs and objectives, your search provider will be diligent in selecting right-fit candidates to address your hiring needs. To help facilitate more effective recruiting results, be transparent about the type of skillset that you’re ideally looking for. This will ultimately help the executive recruiters in carving out an effective talent strategy that’ll find the right candidate to round out your C-suite.
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The value that executive search providers can bring to any company can’t be understated. When looking to fill an executive-level position within your organization, aligning with a proven executive recruitment firm can be the difference between choosing the perfect candidate and making the wrong hire. With help from professional search experts, your C-suite team will improve its performance and optimize your company’s success.
Best Practices for Working with Executive Recruiters
Recruiting is a nebulous industry with a lot of common misconceptions, according to report by Derek Gracey and Jacob Watkins of search firm Charles Aris. The recruiters provide a review of best practices they’ve found to be helpful when working with recruiters. Among them: be open, talk early and often, and be familiar with smart phone technology.
“When we tell you about an opportunity, we want your genuine thoughts in response,” said Mr. Gracey. “If it’s a slam dunk, great! If it’s a huge miss, no problem. If a specific opportunity does not align with your career goals, simply tell us. The more open you are about your interests and objectives, the better aligned we can be in future outreach.”
Founded in 2008, TalentRise supports companies in nearly every vertical — retail, manufacturing, technology, financial services, healthcare, life sciences, E-commerce, and more — with custom and comprehensive talent acquisition solutions.
Mr. Petrella is managing director at TalentRise with responsibility for developing client relationships and executing search assignments within the FlexSearch delivery model, a highly tailored solution for companies who are looking to add executive and emerging leadership talent. He also leads the team sports division of TalentRise, while bringing over 20 years of business development and marketing experience in a variety of sectors of sports marketing, from teams to client-side organizations. Areas of expertise include sports management, sponsorship sales and service, marketing, and strategy. Additionally, Mr. Petrella serves in a dual role at Aleron Shared Resources and works in conjunction with Viaduct, which helps start-ups and emerging businesses find talent.
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Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media
