Recruitment
and executive search
are two terms that are often used interchangeably in the context of hiring new
employees, but they have some key differences. But firstly…
What is executive search?
While
recruitment is a generic term for the overall process of finding and hiring
candidates for open positions, executive
search is a specialised form of recruitment. It focuses
solely on finding highly qualified candidates for senior-level or executive
positions within a company.
Executive
search firms, like Hanover, typically have a deep understanding of the industry
and market we are working in, and we use a more targeted approach to identify
potential candidates. We also use our vast networks of industry contacts and
referrals to find the
best candidates for your firm.
Executive search vs. recruitment: 6 key differences
1. Executive search focuses on
senior, high-performing talent
Recruitment
focuses on filling all types and levels of positions within an organisation,
often with people who are actively searching for new opportunities, while
executive search is specifically focused on finding top-level talent for senior
or executive positions.
Typically,
these people are happy in their roles, so they need to be expertly dealt with
to consider a move. If the approach and/or experience is poor, this lessens the
chance of them considering the role.
2. A different mandate
Recruitment
can be done in-house by an organisation's HR department or outsourced to
recruitment agencies, while executive search is almost always outsourced to
specialised executive search firms.
The
benefit of using an executive search firm in this context is that they have a
deep well of expertise to draw on and can contextualise the candidates by
drawing on this expertise.
3. A more targeted approach
Recruitment
often relies on more general advertising and job postings to attract
candidates, while executive search firms always use a more targeted and
strategic approach - including a deep network of industry contacts - to
identify and attract top-level candidates.
How
an opportunity is positioned, how you communicate with senior decision-makers
and your brand and positioning in the market all contribute to whether the
person you are targeting will be open to a new career conversation.
4. Executive search brings
specialised expertise
Recruitment
may be handled by general HR professionals or recruiters, while executive
search firms employ experienced recruiters with specialised knowledge in
finding executive-level talent and experience in specific industries.
Additionally,
some positions firms are looking to fill or refill are confidential, and having
an outsourced, expert partner can support this need for confidentiality.
5. Cost and value parameters
For certain roles, and level of seniority recruitment
can be less expensive,
however failure to recruit within a given timeframe, plus impact and challenges
on internal resources often means the true cost of a ‘recruitment solution’ is
significantly more. You will get a vastly different pool of candidates if you
use your in-house talent team or an external recruiter than you’ll get from an
executive search firm. While executive search can sometimes involve higher
fees, that’s due to the specialised expertise and resources
required to find top-level talent. And once you have your high-performing
talent, they will help to drive your business forward - ultimately paying for
themselves many times over.
6. Speed vs. quality
Recruitment
is often more focused on filling positions quickly, while executive search
takes a longer-term approach to finding the right talent. It’s not about hiring
the first person who kind-of fits the bill, it’s about turning over every stone
until you find the one that will help you lay a strong foundation.
Why partner with an executive search firm?
Executive
search firms don’t simply find candidates who are actively job seeking. We find
passive job seekers - or even those who aren’t looking for a new role, often with
very specialist or technical skills and competencies - who can make a positive
impact on your company and really hit the ground running at senior level. Put
simply, you get better access to better talent.
Partnering
with an executive search firm reduces the risk of a bad hire,
allows you to have more consistent, planned communication with your executive
search partner - making for a collaborative experience - and is a more
confidential process, which is beneficial if you’re hiring into a sensitive or
high-profile position.
But
the main draw of executive search over recruitment is the guaranteed result -
and that’s especially important when senior talent is critical to your success,
as these individuals are often responsible for driving strategy, making
important decisions and leading teams.
If
you need to fill a senior level position at your company, contact us today and one of our executive search experts will be in touch.
