Hiring managers are turning to search firms when they need to access director, C-Suite and specialist hires due to their ability in securing candidates that in-house teams just can’t reach.
A first-of-its-kind ‘Client Perspective’ survey by Executive Grapevine, which polled over 200 hiring managers and directors, revealed that ahead of direct approaches, in-house search and succession planning, Executive Search was the first choice when it came to hiring for leadership roles.
As Anna Weston, Chief Innovation Officer, Executive Grapevine International Ltd explains, the reasons that hiring managers are still turning to Executive Search firms for top level hires is because of the value they add.
She said: “Due to complex hiring criteria and the difficulty in accessing senior candidates, as well as governance and compliance within highly regulated industries, in-house teams are still relying heavily on the brand, leverage and networks that search firms can provide.
“When hiring at Board level, or indeed for highly remunerated specialist roles, often there needs to be a search consultant who can broker the move. It’s these complex negotiations, assessments and ability to hire for potential that search firms specialise in.”
As a result, Weston describes the Executive Search market as still being “alive, agile and active.”
She said: “There has been an upwards shift in the use of search firms across all levels of senior hiring and across most industries. Search is being utilised where it matters the most; in order to add value and because of the specific utility search firms can offer.
“Search firms still perform well because they are able to better attract passive candidates than in-house teams and there is a benefit to using a third party when attempting to hire senior talent.”
Executive Search Market report release
Today also marks the release of the 19th Edition of the Executive Search Market Report – which tracked the activity of the Executive Search market between April 1 2018 to March 31 2019.
The report provides an overview of the whole Executive Search market: tracking the overall volume and value of searches for the defined period, as well as a breakdown of activity for different remuneration categories and an industry-by-industry breakdown, including Global Banking and Technology & Telecoms.
The Market Report also ranks search firms by their market share for specific business sectors and by different assignment categories.
To access the Market Share report, alongside insights into how hiring managers engage with search firms, please click here.
