Executive Search Firms

Top Questions to Ask when Selecting Executive Search Firms

Your company may have already identified its need to fill a critical executive position. That post could play a significant role in facilitating strategic business objectives. In the current competitive and highly dynamic business environment, finding and selecting an executive with the right skills and credentials could be difficult. Thus, your company should hire the services of top executive search firms.

Many organizations and companies fail to effectively screen executive search firms before making their final selection. Unfortunately, the results of such failures are often disastrous. First, a less qualified executive or candidate may be hired as a result. Second, a very critical position in the company may be left unfilled. Thus, when looking for an executive search firm, you need to properly evaluate a recruiter’s capabilities.

Here are several important questions that you could ask as you assess executive search companies. These questions could help you strategically identify and select the best executive search firms in the market.

What is the industry focus of the executive search firm?

The answer to this question could help you assess the executive search firm’s current grasp of the market, as well as its functional knowledge that could be relevant to your hiring needs. You could ask the firm to name some of its current clients. This way, you can determine its industry focus. It is important that you develop confidence in the ability of the recruiter to search for the best candidates for executive level positions in your company.

How many accounts does the firm simultaneously handle?

In general, a reliable search firm for executive placement could comfortably and effectively handle about six or seven executive search projects at any given time. An executive search firm that handles more than that at one time could be of dubious quality. You should feel confident that your requirements will receive ample time and attention so that the right candidates for your executive position can be found and hired.

What are the required fees and expenses?

Retained executive search firms usually bill about 30 to 33% of a successful candidate’s first annual total cash compensation. The amount could be collected in equal installments within the first three months after the search. Executive search companies could also bill you for all costs directly attributed to the implementation of the executive search, including communication expenses. You should reach an agreement with your search firm as to whether you will be paying a single flat fee or a significant discount based on the overall volume of the transaction.

How long would the executive search last?

In most cases, a search for the best candidates for an executive level position could be completed in about 90 to 150 days. The best executive search firms can readily provide a detailed outline of the executive search process and its expected timeline. Ask for a detailed progress report of your search, including a preliminary list of pre-qualified and pre-screened candidates and their backgrounds, about four to six weeks after the process has started. You should expect to start meeting prospective candidates face-to-face on the sixth to eighth week.