5 Tips for Selecting an Executive Search Firm
When a business needs to fill positions, they usually advertise openings and allow their Human Resources department to sort through CVs to find candidates to interview. However, when a company needs someone in an executive position, such as a CEO or CFO, then it’s better to work with an executive search firm. These five tips will help you find the best executive search firm to work with your business.
Look for Industry Knowledge
To help your business select the best executives to work for you, the executive search firm needs to be familiar with your company’s industry. Many search firms specialise in certain industries, so you need to look for one with experience recruiting people for the industry your company is in. One way to judge their familiarity with your industry is to ask their knowledge of what your company does and the terminology used within the industry.
Ask for References
You need a search firm who is going to be a good advocate for your company when they are searching for executives to fill an opening. A good way to find out how well the firm advocates for their clients is to ask for client references. If they have nothing to hide, they should have prepared references to provide you. Follow up with the references to find out how well the firm represented their company and how successful the candidates they hired did with the clients’ firms.
Check Success Rate
When speaking to client references, find out what type of positions the executive search firms helped them fill and how well the hired candidates are working out for their companies. If the hired candidates are no longer with their companies, ask about how long they worked with them and about how experienced they were within the industries. These questions will give you an idea of their ability to find good, qualified executives for your business.
Database of Candidates
The firm you select for executive recruitment in Perth should have a good database of candidates they can use to find someone to fill positions with your company. The database is usually comprised of executives they’ve found through recruiting for other companies who didn’t take or get the job for some reason. They should also be able to find possible candidates from doing research and finding them working at the level for which you’re hiring, whether they are looking for another position or not.
Charge for Services
Most executive search firms work on a contingency basis, so they don’t get paid until you hire someone, and then they get a percentage of their salary. However, the percentage they receive may vary from firm to firm, but you shouldn’t pick the firm with the lowest charges. It’s more important to find a successful candidate for the position for which your hiring than to save a few dollars and make a bad decision.
Working with an executive search firm will save your company time and money when looking for the best candidates for open positions.