Qualified executive talent is becoming harder and harder to recruit. The U.S. Department of Labor states that California’s unemployment rate is 4.3 as of February 2018, an all-time low which has dramatically impacted the scarcity of available talent. Companies are more open than ever to hire retained search firms for executive recruitment as opposed to a contingency search.
Current national data indicates that the average search time to secure an executive is taking between five to eight months, depending upon the complexity of the search. Human resource executives are now recognizing that applying a short-term structure to a long-term goal is counterintuitive and misaligns the interests of both parties. This new reality has placed tremendous pressure on the contingency search approach. The data also shows that less than 40% of the searches conducted are completed. This is because of the time it takes to identify, cultivate and recruit the executives and to begin the new position.
Statistics now indicate that recruiting qualified individuals with demonstrated experience requires all parties be invested in a long-term relationship where both sides, the client (company) and retained search professional (service provider), are equally invested and accountable to communication and follow-through. Further, this relationship requires both parties’ interests to be aligned. It’s when the relationship is not balanced, the goals are not achieved.
Today, companies whose management team are not aligned internally are struggling. Before looking to recruit outside talent, an organization should first look internally to deal with any issues before bringing in a variable.
The ‘same-day’, one-time formula that was popular with human resource executives in the past is no longer productive.
At Executives Unlimited, we believe in building strong relationships. The right candidate is hard to secure and only through an actuarial process, that includes technological tools, rigorous systematic methodology and creative innovative thinking to connect the right long-term candidates with companies.
This meticulous undertaking begins with an exhaustive national sourcing process, including upwards of 300 initial targets developed down to a shortlist of 3 to 6 quality prospects. These relationships must be created, built and cultivated for both parties to invest in established long-term goals. We apply the same value to our own relationships. To us, our investment to our client is as important as the investment made by the candidate. There’s no break in the chain, no weak link.
The word, “retain”, by definition, means to continue to have (something); not discard, or alter, keep in one’s memory. Simply put, we’re invested in building relationships, not a one-time exchange.
Over 90% of the executives placed since 2011 remain in their positions or have been promoted. While this statistic defines our standards, what truly stands out are the stories…stories of individuals staying 10 years at their roles when they’d only had jobs up to 3 years before. Stories of candidates rising to the top of their companies and making them better because of it. With interests aligned, so much is possible.
Our process is built on this foundation and doesn’t waiver:
- STEP ONE
- Learning & Evaluation – We begin each search assignment by learning about your company’s industry, conducting a competitive analysis and evaluating your business and hiring needs to ensure t
hat we understand your specific objectives.
- Learning & Evaluation – We begin each search assignment by learning about your company’s industry, conducting a competitive analysis and evaluating your business and hiring needs to ensure t
- STEP TWO
- Research & Identification – Our experienced in-house research sources, identifies and assesses prospective candidates. We present our findings on a regular basis to keep you informed of our progress, as well as to further benchmark the “must haves” vs. the “nice to haves” initially identified at the start of the search.
- STEP THREE
- Prequalification – Once we have identified an initial slate of possible candidates, we begin a deep dive into their backgrounds to determine their overall viability for the search. Through our prequalification process we not only consider the skill level and achievements but leadership style, drive, initiative and overall character. We know that cultural fit is as important as experiential fit when finding the right candidate and ensuring a long-term hire. We work diligently to provide you with a comprehensive view of each candidate before you even meet them face to face.
- STEP FOUR
- Presentation & Interview – We provide detailed presentation packages for each candidate we recommend for consideration. We will review the candidates with you and share our impressions to assist you in selecting the strongest interview pool. We will also assist you by providing suggested interview questions, identifying key constituents in your organization to assemble an interview team, and provide interview training, if requested.
- STEP FIVE
- Placement & Onboarding – Once final candidates have been selected we undertake an additional level of due diligence through professional and criminal background checking to complete the evaluation process. When you determine the ideal candidate for the position, we will help in the negotiation of terms of the offer, financial incentives, relocation, and objectives for success in the first 18 months of employment.
Careful attention to onboarding a new employee in the first months is critical to significantly increase effectiveness and retention. In keeping with our consultative approach, we track the placed executive for up to 18 months, obtaining input from both client and employee, and will collaborate and consult as needed.
There are many variables to successful executive recruitment. The factor that determines success is the strength of the relationship between the company, the retained search firm and the candidate. This defines a partnership. Results of how long placements last is the difference between a partnership and a one-time, project-based exchange.
For 17 years, Executives Unlimited has been committed to responsibility, integrity and leadership in helping our clients bridge the gaps in their strategic executive workforce planning, and we’d be happy to help you with your changing needs. For information about our services, call us at (866) 957-4466 or contact us online today.
Reference
[1] U.S. Department of Labor – Bureau of Labor Statistics: California’s Unemployment