Recruitment companies have been around for a long time and many more continue to spring up all the time. Companies select search firms and Executive Search firms, based on their reputation in helping companies, to source the best possible candidates for upcoming or existing roles. Utilising search and executive search firms enables companies to focus upon more pressing business.
Both companies and individuals continue to benefit from the services and advice that search and Executive Firms provide to clients and individuals. However, it can sometimes be quite confusing knowing whom to trust especially when there is plethora of firms all competing to provide recruitment solutions. This is why it pays dividend to do some research before submitting your personal details.
Recruitment Solutions
The recruitment business is a lucrative business and it is continuously looking for ways to add value or provide additional services to companies seek the “best fit” candidates. However, many recruitment firms are also facing challenges with social networking platforms such as LinkedIn. Companies are always looking to reduce recruitment costs and reducing the time it takes to fill positions. For example, some companies like Accenture has already capitalised LinkedIn to source potential candidates. This trend is likely to increase and according to Fortune Magazine, 40% of Fortune 500 companies are using LinkedIn to source passive candidates.
There are so many recruitment firms offering recruitment solutions these days, so it can be hard to distinguish the good ones from the less reputable ones. So, how do you decide which is the best one for you?
Search Firms
It can be quite bewildering in selecting the best company to work, especially when you have been contacted for a potential job prospect. How do you decide whether to continue speaking to the consultant who has approached you in the first instance? The following questions will help in gaining some assurance and developing trust, with the search firm and consultant. If at any stage, you feel uncomfortable with what is being said, then politely end the conversation at the earliest convenience. Remember, recruitment is a win/win and both sides need to benefit from the process.
The following questions can act as a checklist when dealing with a search firm or executive search firm:
- Ask them how the search firms handle the search process.
- Ask them questions relating to how your resume/CV will be treated once they have it on their system. You do not want your resume/CV to be cheapened with the search firm sending it to all sorts of companies without your permission.
- Ask them to discuss the different types of roles they have on their books.
- Find out what type of clients the search firm usually tends to deal with.
- Find out the location of clients and ask what percentage of clients belongs to Fortune 500.
- Will you have your own dedicated consultant? If yes, can you speak to them first before submitting resume/CV?
- How will they interact with you? Feel free to tell them what works best for you.
- What has been their success rate? Can you see any testimonials from previous clients??
If you are satisfied with the above, then submit your resume/CV. Feeling comfortable with a head-hunter is important so therefore a bit of testing them is good for both sides!
Executive Recruitment
Executive search is a lucrative industry and many firms operate within a very competitive industry. Most firms offer two different types of service models (Retained or Contingency) to their clients. Many search firms have specific industry specialism including banking, insurance, retail, automotive, accountancy and IT.
Unlike recruitment companies, executive search firms undertake extensive searches on potential candidates before they approach the candidate in question to discuss possible executive and senior level employment. The key role for the search firm is to identify the “best fit” candidate for the job specification given by the company.
Executive Search Firms
Executive search firms make the initial client contact and usually by telephone to introduce and discuss potential job opportunities. Traditionally, executive search firms have been known to be secretive when dealing with candidates and employers. Interestingly, Business Week recently compiled the top 150 head hunters globally.
The search process may also take longer, because companies are filling senior level or executive management positions. Ultimately, this is reflected in the fee that the executive search firm will charge the recruiting employer. Usually, it is up to a third of the salary, and the fee is paid by the company and not the candidate.
To get more information on executive search firms’ standards and practices, more information can be found at the Association of Executive Search Firms website, which is headquartered in New York City with European headquarters in Brussels.
Pervin Shaikh - We all have the necessary inner tools in our tool box to make a huge impact on our personal and professional lives.
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