- As the executive search industry continues to evolve it’s the mandate of executive search firms such as Curran Daly & Associates to build on their capabilities to help them identify top-tier talent for their clients with robust, tried, and tested search methodologies.
- With the advent of social media and the massive technological advancements in recruitment over the years, it’s safe to say that the future of executive search is bound to undergo some changes.
- Here are some examples of innovative strategies in the executive search industry that are great investments for the future – using data analytics, a professional resourcing team, and technology.
Executive leadership is a critical success factor for an organization and its stakeholders. There is a dire need to innovate and look for smarter ways to optimize the corporate workforce that only top executive talent can deliver nowadays.
This means that executive search firms will have a more difficult time finding candidates who are both qualified and interested in working for their clients.
Executive search refers to finding organizational leaders that focus on senior-level talent, particularly senior managers and above. Since the executive talent pool is often high in demand, sourcing qualified candidates require a specific skill set.
What the future holds for executive search
As the executive search industry continues to evolve, it’s the mandate of executive search firms such as Curran Daly & Associates to build on the existing capabilities that will help them identify top-tier talent for their clients with robust, tried, and tested search methodologies
With the advent of social media and the massive technological advancements in recruitment over the years, it’s safe to say that the future of executive search is bound to undergo some changes.
Here are some examples of some innovative strategies in the executive search industry that are great investments for the future:
· Use of data analytics: to understand where the candidate is coming from
In a world where data is essential, executive search specialists can now harness the power of data analytics. They can gather data on potential candidates, particularly their online activity, such as what they liked on social media and the websites they visited. This helps them have a better understanding of the candidate’s professional interests.
· Use of a professional resourcing team: introduce an additional resource that will aid in finding top candidates
Nowadays, executive search firms often invest in highly capable resourcing and research teams. Research has become an integral part of the executive search process to provide support to executive search specialists. These teams would usually map out target industries and ensure that all variables have been covered to provide clients with an exceptional list of shortlisted candidates.
· Use of technology: transition from traditional recruitment strategies to digital
Technology has always been integral to executive search. From online candidate sourcing tools to applicant tracking systems, investing in technology provides is essential. As other technologies develop further such as artificial intelligence and machine learning, firms will be able to tap executive job seekers and allow them to submit applications for roles they are interested in easily.
Executive Search Best Practices for 2022 and Beyond
BEST PRACTICE 1: International hiring: looking for leaders beyond borders
Due to the global skill shortage, executive search firms increasingly need to look for talent beyond borders. In order to widen the pool of potential candidates, Executive search specialists need to more frequently conduct international searches. Globalisation and digitisation have seen the need for global leaders whose experience will pave the way for bridging cultural differences and building diverse teams.
BEST PRACTICE 2: Cultural fit as an essential matching factor
Forward-thinking organisations understand that building great teams will significantly influence their long-term success. In the near future, executives will have a hand in becoming coaches and mentors to various teams in the organization. Having the right teams in place is essential to help organizations grow and thrive.
BEST PRACTICE 3: Millennials as a new demographic for executive search recruiters
In the not-so-distant future, three or four generations will work together in the workplace. Since the last two generations have grown up in different environments, Millennials and Gen Z workers have different needs, attitudes, and priorities. They are the kind of workforce that desires meaningful action, social relevance, and sustainability. As such, the principle of upholding “Work-Life-Balance” will change significantly in the coming years.
BEST PRACTICE 4: Enhancing the candidate experience
Candidate experience has been making a lot of noise over the past few years, and now it has been an essential factor in the executive search process. Developing a candidate’s journey will help applicants become allies of the organization. The entire executive search process requires impeccable candidate experience, which often includes discretion, a personalized approach, and the willingness to go the extra mile.
BEST PRACTICE 5: Leadership diversity matters
Research has proven that a diverse team will have more chances of success. It also goes without saying that increasing diversity among executives will strengthen the power of organizations to innovate. However, the purpose of diversity is often overlooked and reduced to a PR stunt. The question of hiring diverse leaders should not start with: “Who do we let in?” Instead, it should be: “Who are we bringing purposefully?”
BEST PRACTICE 6: Data-driven recruitment
Technology has been essential to executive recruitment over the past few years. Chatbots and matching algorithms are bringing more efficiency to recruitment. Recently, data-driven recruitment has offered more opportunities for clients to harness a large number of executive candidates.
Executive Search Tips to Get the Best Talent
TIP 1: Start with an organisational audit
Organisations will always find qualified business leaders who boast a history of success in their field. However, not every one of them is the right fit for the company. To hire a high-impact executive, companies need to identify what they want in their business to grow. It requires a deep understanding of the organisation – what it does and doesn’t do well and what it uniquely offers to the market. Once you know the company inside and out, then there’s a better chance of knowing what to look for in an executive hire.
TIP 2: Remove unconscious bias in screening candidates
While it may be impossible to have an entirely objective screening process, conducting a multi-dimensional assessment will generate deeper insights into potential candidates and significantly reduce unconscious bias. Create a scorecard of quantitative metrics and grade each applicant with the same standard. Conducting multiple cross-checks with potential hires will help identify blind spots in the existing executive search process. It makes it easier to come up with the most logical decision regarding hiring a new executive.
TIP 3: Prioritise diversity
Diversity will help make the organization more effective. Prioritising diversity, equity, and inclusion (DEI) at the executive level will make the company more attractive to a broader pool of candidates. Building a team across diverse segments such as race, gender, sexual orientation, professional background, and socio-economic history within the leadership team will help improve productivity and business outcomes.
TIP 4: Create a standardised search process
Every level of the executive search process requires careful thought and consideration. Sometimes, an organisation’s search process may lack depth. This will be apparent when time is wasted conducting interviews with potential hires that lack the necessary skills. Alternatively, companies may have a robust process, but the screening methods may be outdated. Overall, this can lead to making the wrong decision since candidates on the shortlist are not the right fit. By formalising the search process with an executive search partner, companies are more likely to hire the best candidates for the right role.
Why partnering with an executive search firm is a smart move
REASON 1: Saves time and resources
This is one of the most common reasons for working with an executive search partner since companies may find it challenging to find the time to conduct a proper search. More often than not, companies may not have the right in-house expertise to vet potential candidates thoroughly. Allowing an executive search partner to work for them relieves the organization from the painstaking job of filtering qualified candidates from their talent pool.
REASON 2: Prioritises expertise
Even if the company may have the time and resources to conduct the executive search themselves, they may not have the right expertise to do it effectively. The years of experience that executive search firms have under their belt will help companies quickly narrow down relevant candidates and help them present a shortlist of potential hires that suit the organisation’s needs.
REASON 3: Gain access to a larger talent pool
Without the help of executive search firms, companies will not be able to access a wider range of potential candidates. Executive search specialists have access to a network of talent that are actively looking for a new career opportunity. This provides an organisation with greater access to talent than they would have themselves.
REASON 4: Get better-shortlisted candidates
One of the most significant advantages of working with executive search firms is that organisations can quickly receive a list of qualified candidates that have already been vetted. This is essential for companies with time-sensitive vacancies since it’s a more efficient method of finding the right person for the role instead of spending valuable resources on candidates that do not meet the requirements.
REASON 5: Engage in confidentiality agreements
Given the sensitive nature of executive positions, it’s not uncommon to require confidentiality agreements from executive search firms before beginning any search process. This is an added security for companies that ensures that proprietary information about the company or the candidates will not be revealed without prior authorisation.
Your executive search partner should be a trusted partner.
An ideal partnership includes trusting your executive search firm to find the best fit for your business. Here at Curran Daly & Associates, you can have full confidence. We get to know your business and aim to represent you to potential candidates in the best possible way.
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Hall, J. (2022). Trends In Executive Recruiting That Will Help You Get The Best Talent. Retrieved 6 September 2022, from https://www.forbes.com/sites/johnhall/2021/04/04/trends-in-executive-recruiting-that-will-help-you-get-the-best-talent/?sh=7d2c6d876291
Search, C. (2022). What is the future of executive search. Retrieved 5 September 2022, from https://www.collingwoodsearch.co.uk/insights/future-of-exec-search