A company usually hires an executive search consultant to tap a valuable asset. Of course, the ultimate goal is to get qualified people with the expertise a company needs. But other factors like cultural fit are also important.
In Toronto alone, employment prospects are looking up. In September 2021, 49% of the workforce were already full-time, permanent employees. Only 9% were doing temporary full-time jobs. These numbers show that more companies are now ramping up their efforts to hire people.
Investing in an executive search firm often provides the best hiring solutions. Executive search firms can help in finding and hiring the best people for your organization. But how do you pick the right firm for your needs?
Below, we will discuss the things you must know in choosing an executive search firm.
What is an Executive Search Firm?
An executive search firm is a recruiting company with experts in sourcing qualified candidates. They provide either retained or contingency searches, but sometimes they do offer both.
It is a search firm’s role to look for a high-quality candidate for a vital position in an organization. What they usually do is they won’t forward the resumes to you. Instead, they’re the ones who will approach the target candidates.
Choosing an Executive Search Firm for your Organization
1. Has Extensive Expertise in Your Industry
You need an executive search team that is an expert in the industry you are in. This will ensure that they can find the right talent for your business. Also, your search firm must have a high-ranking partner and support team. They must know what it takes to drive success and development.
They must be continuously expanding their set of connections. Also, they need to keep up with industry trends.
2. Has Credibility and Connections
Your executive search team must be credible enough to engage leaders currently leading top companies.
Make sure the owner or managing partner of the firm is leading your search instead of a junior associate. A senior executive is more willing to revisit a call than a newcomer to the field.
When conducting an executive search, especially if substituting a leader, confidentiality is critical. This firm must have a track history of representing companies. Check references to know the firm’s reputation between clients and peers.
3. Has a Solid Foundation in Research
They must search for potential candidates to see if they meet the client’s needs. It not only guarantees the client has viable options. But it also protects executives from wasting their time. Time-wasting can damage a client’s reputation and damage the future job.
4. Has Proven Commitment to Diversity, Equity, and Inclusion
Diversity, Equity, and Inclusion (DEI) are becoming crucial in executive leadership teams. In a world where many are “jumping on the DEI bandwagon”, your executive search firm must know the value of a diverse leadership team. They should have a proven strategy to help you build one.
5. Has Full Transparency Into the Talent Search Process
A top executive search firm must not hide its search process from you as the client. So, choose a firm that is transparent and shares information with you at every step.
It is even more beneficial for you if they have a software system that can provide analytics on candidates.
Ask these questions upfront when evaluating a firm:
- How long does it take from outreach to closing?
- How many candidates do you screen per month?
- Do you have figures on candidate response and engagement? (It is best to look for a 30%+ response rate)
- How do you test a candidate’s enthusiasm?
- When do candidates usually drop off?
- How many will you screen, and how many will we review?
6. Has a Strong Focus on Discretion
The executive search and recruitment process are confidential. Quality search firms avoid damaging a candidate’s trust at all costs.
7. Has the Capability to Grow With You
You want an executive search firm that can grow with you. But, at the same time, finding the perfect candidate is your top priority.
Opt for a firm that can solve your leadership mystery. Find a team that could grow with your company throughout its design phase.
An executive search firm that knows your field must understand the required personalities. The team must know who these people are and how to find them.
Since they understand your business, they should provide candidates who will contribute to your company’s success.
The points mentioned above will help you find the executive search firm in Toronto that will serve your needs. Find one that assists businesses in Canada and the USA in finding and hiring top talent. A reputable firm will provide the solutions to your hiring problems.