Recalibrate Your Executive Search Expectations
Within the last 12 months some top HR leaders in North America, and even the CEOs of two of the largest global retained executive search organizations, have publically declared the traditional executive recruiting model broken and badly in need of repair.
A recent survey conducted by one very large jobs board indicated that among their respondents, “…almost half don’t use external agencies at all…” and that their results and interviews with experts indicated “…a move away from over-reliance on external recruiters…” Perhaps a self-selected survey sample, but none-the-less, informative.
And finally, author and search industry insider Joesph Daniel McCool, in his July 2008 interview with HR Magazine, apparently finds a “real disconnect” between executive recruiters and hiring organizations, claiming that “corporate satisfaction with executive recruiters has fallen under 50 percent for years.”
Other industry pundits portray a more optimistic future for executive recruiters, and certainly our own small boutique firm has never been busier. But I do believe that a transformation is indeed necessary and already underway within my profession. Because there is a disconnect between what executive search clients want and what executive search clients are getting. The transformation is being driven, in other words, by the recalibration of clients’ (customers’) executive search expectations.
During my executive candidate interviews one of the most critical questions I ask is a very simple one: “What do you want?” From that one question, and during the process of subsequently clarifying its response in the most detailed fashion, I obtain the clearest possible vision of what this talented individual expects to achieve in his or her next executive role, career and lifetime, and also from our immediate relationship.
As HR professionals in conversations with our external search partners, how often do we ask ourselves this same question, to clarify exactly what we want? Because, after all, whether it’s a retainer, contingency or some hybrid fee structure, the least important thing we ought to be thinking about is the manner in which we’re going to pay. What we expect from the relationship is much more critical. So here’s a short list of issues (questions) we should be pondering:
- As an executive search customer, am I truly seeking a relationship, or do I just want to get this transaction done? What’s the difference, really, for me personally, and for my organization? Have I considered the implications of my decision? Have I communicated this with my stakeholders? Have I been honest and transparent about this with the firm I’ve selected for this task?
- How will I assess the value I receive from my executive search partner during the course of the search engagement? Do I just want to recruit absolutely the right person for this role, or do I need something else? Can I clearly define and communicate what that “something else” is? Is my search partner capable of delivering on this expectation? Will they want to deliver on this expectation?
- If the search does not conclude with an actual placement, will this have been a total waste of time and money? Under what circumstances could the search still be considered a success? Will the other elements of my value expectation (as considered above) have been delivered? What does the future of our relationship look like with our search partner?
- If the search ultimately proves that our internal candidate is really the best of the best after all (think Bank of America, December, 2009), will I and we (our organization) still have gotten what we wanted? How so? If not, why not – after all, the vacant chair has been filled? Has this been a positive experience with our partner firm, or a negative one? What does the future of our partnership look like?
Perhaps I’ll add more questions in future posts. For now let me conclude with some observations related to the accounting and legal professions.
All of the major and mid-market accounting firms in the U.S. today are very capable when it comes to preparing corporate tax returns and performing financial audits for their clients. And they consider this their bread-and-butter business. And how about law firms? Certainly they can handle product liability lawsuits and the patent infringement issue that pops up from time to time. But is this all that these professional service firms do for their clients? What else do they offer, can they offer? What else are they doing to deliver value? Is there some structure within which both they and their clients can derive the long-term, mutually beneficial value that both ultimately desire? And how does this relate to your strategic executive recruiting game plan?
Tune in next time for an introduction to the concept of trusted search partner. So for now, that’s the way I see it. Adam Zak…
(Author note: this blog post was originally published last week on the new Human Capital Institute’s (HCI) Talent Acquisition Community blog. I’ve been invited to write a guest posting which will appear on the HCI site every couple of weeks or so. Please be sure to visit the HCI Web site for lots of other great articles related to talent acquisition and many other topics on the cutting-edge of HR thought leadership).
