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Executive recruitment is an organized effort by a company to find quality candidates to fill roles within senior executive positions. The process can be undertaken by an internal recruitment committee or an external executive search company. Internal recruitment is arguably the more cost-efficient of the two, but using a third-party search company negates the need for an organization to build an in-house committee or appoint a staff member for that purpose. Not only can executive recruiters become specialized in a particular niche market, some become experts in a specific geographical region or city, while others may have a global focus and recruit candidates from all over the world.
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Similarly, recruiters may choose to specialize in employee types such as IT professionals, sales managers or senior executives. An external executive search company works for a client company and actively seeks out potential candidates for a specific job.
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The search is not aimed at placing out-of-work executives looking for a new job, but on identifying qualified candidates and approaching them with a job offer. Often times, this involves persuading candidates to leave their current jobs to be employed by the client company. Executive search companies have broad networks of professional contacts and inside sources to keep them informed of an array of qualified senior executives. With the rise of the Internet, many companies have found it substantially less expensive read: up to 75 percent cheaper and more efficient to create in-house executive search committees to find the best executive matches.
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Through the utilization of white-collar social media networks and professional public databases, finding prospective candidates is now much simpler. Those same social media tools also help recruiters build relationships with candidates, and continue those professional relationships into the long-term. Additionally, internal recruiters know their companies better than any third-party and develop their expertise, connections and understanding within a company's culture.
But what you receive as a recruiter is much less. In the contingency world, typically a third of that fee goes to overhead expenses, a third to the recruiter who does the search and a third to the firm owner. If you choose to work for a contingency firm, you'll start out as a recruiter, making cold calls to land business.
If the retained-search industry is your bailiwick, you might start as a senior associate working for a senior partner, who brings in the business. There's a shortage of associates now due to cutbacks firms made during the past four years, so that might be a good point of entry. But the senior associate job is best for more junior people who want to learn the ropes.
For senior executives, a more suitable route is to talk your way into a senior partnership.
Some retained firms are willing to let an executive with good contacts in an industry come on board as senior partners without pay until they land their first assignment, says Ms. You'll get a desk, research assistance and marketing materials.
If you go down this path, be prepared to work hard and suffer lots of rejection. While Ms. Jones-Parker and Mr. Hawkinson agree the best way to enter the field is by working for an existing firm, some people have been successful going solo and opening offices in their homes. In this case, try to leave your current company with a commitment to handle several searches for it a year, and then hire independent research assistance to help you locate candidates.
After you make a successful placement, everything you earn is yours. In contingency recruiting, "an awful lot of people go on their own after the second year," says Mr. With search work on the rise as the economy remains stable, this may be a good time to enter the field. But examine your abilities and personality before jumping headfirst into something that might not suit you. Be sure you enjoy the prospect of selling and can take rejection.
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You also must be patient, as the wheels of the hiring process sometimes turn very slowly at client companies. And you need to be a skilled negotiator to align the candidate's and the client's perspectives during the offer stage. Being a recruiter means being an individual contributor.ressheswhistdanpalm.ga
HOW DO I BECOME AN EXECUTIVE RECRUITER?
The adjustment may be especially hard for executives accustomed to having their own staffs and being part of the chain of command at their former employers, says Ms. A lot of people find they aren't comfortable. Get the latest career advice and insight from eFinancialCareers straight to your inbox.