No matter what level you’re recruiting, talent should always be seen as an investment. When it comes to recruiting top executives, however, a company should use a more strategic and objective approach. Executive Search firms understand how crucial it is for a company to recruit the right leaders the first time round. At this level, there is no room for error.
A good Executive Search process can only work if there is an open and honest communication between client and candidate. The best Executive Search firms know that building strong, trusting relationships is critical to this process. Executive roles are those of a paramount sensitive nature and have to be treated accordingly for all parties concerned, from client to potential candidates.
Identifying and attracting talent requires a rigorous approach, a thorough understanding of that particular industry, access to senior executives and impeccable judgement. Each position is unique and needs a custom research process based on specific requirements.
A complete package needs to be offered by the Executive Search firm, which includes informed research, understanding employment branding, screening, interviewing and shortlisting the right candidates. This needs to be done while working directly with senior management and the board.
The Executive Search firm should guide companies on rewards and remuneration, as different sectors offer different packages. Guidance must be given to the client on how to attract high-quality candidates. Clients need to be updated on the market salary package in line for the particular role they are trying to fill.
The pool of candidates for executive positions is continuously evolving and recruiters have the opportunity to develop deep networks with high-performing executives which enable them to source top people quickly. This is their main activity, they know what the clients want and they are valued for their deep knowledge of each industry, market-wide perspective, honest advice and commitment to the success of clients and candidates.
For a company that has never looked into external support to recruit and build their team, deciding on the best investment for the business or the type of support one needs is a difficult decision; for some even alien. However, as time passes, the stigma with reaching out for assistance in this area is slowly fading.
Executive Search firms are very popular overseas and they are a key channel for sourcing best top talent. In Malta, Executive Search is still developing. However, companies are realising that they do need external help when it comes to recruiting senior talent. After all, selecting leadership is one of the most crucial decisions in running a business.
Why do companies look to use Executive Search firms?
• New generation – Baby boomers are retiring and companies are turning to professional management (outside family circles) to lead their business forward.
• Company growth – Executive Search consultants are hired when a company requires someone with a specific set of skills and experience, which can grow the company to the next level.
• Competitive advantage – Gaining competitive advantage in different sectors by hiring stronger leadership and in turn having stronger organisations.
Why is Executive Search a worthwhile investment?
• Top leaders are the face and ambassadors of the company. The chosen candidate needs to have good reputation and personality reflecting the same company values.
• Top level employees are the decision-makers and the future of the company – they are a key determining factor towards the success or failure of the business.
• The client has to get it right the first time round. Stability is necessary in every company, as continuously changing company leaders creates uncertainty. Employees rely on top-level executives to provide clear directions for the whole team to succeed.
Nikki Farrugia is senior consultant at search and consultancy firm Castille.