Finding the most capable executive to fill a vacancy in the leadership ranks can be a daunting task for a company. Frequently, companies engage an executive search firm to assist in the process. Together, they form a partnership based on a clearly defined set of criteria aimed at identifying the most qualified candidate available through a rigorous process which involves search specification documents, research packages, networking, and clear, concise and constant communications between the parties involved.
Smart Business asked James M. Peters, a vice president with TNS Partners, Inc., to explain the creation and use of the tools used in a search, a step-by-step explanation of the overall “networking” process, and how they work together.
How is the search specification document utilized in the executive search process?
The search specification document — which must be compiled before the research and networking phases of the process can begin — becomes the backbone of the executive search process. The document identifies a wealth of information regarding the client, responsibilities associated with the assignment, and qualifications sought in potential candidates. With this information, it is virtually assured that the client, search firm and candidate share a common basis of knowledge.
What does the research package include?
Initially, the research package represents a compilation of industries and companies in which candidates who possess the credentials and experiences chronicled in the specification can be located. Often, this list begins with the same industry, and is then broadened to include industries that share commonalities such as customers, technologies, geographic region and processes that relate to the specific assignment being considered.
Once the industry list is complete, it is time to identify specific companies. The primary focus is on companies that share commonality with the search firm’s client. Obviously, direct competitors are the quickest to be identified. But to ensure that the ‘slate’ of candidates represents the most qualified and capable executives, the search firm identifies companies that have activities in common with those of the client.
What is the search firm’s commitment to the clients?
The search firm’s commitment is to present the most qualified candidates for the assignment. This includes the combination of functional industry knowledge and leadership ability.
That doesn’t necessarily mean that the slate of candidates will be clones of each other. The slate may include executives who might be considered to be ‘out of the box’ as it relates to their functional experience. These individuals possess outstanding leadership, or other, skills that will contribute to their overall success in the assignment.
Should clients focus solely on specific skills with comparable industry experience?
More often than not, the answer is a resounding ‘No.’ Candidates from outside the industry may provide the best potential to shatter industry/company paradigms that may exist.
A trend in business today is utilization of multifunctional teams for problem-solving activities. This trend has reinforced the importance for businesses to look at projects with several sets of functional eyes. Today, it is not unusual for clients to place a higher value on leadership versus functional skills when seeking director level (and above) talent. Enlightened organizations have determined that true leaders can lead teams to success with or without an initial solid functional knowledge.
Once search executives identify prime industries and companies, are they ready to start networking?
No. The identification of industries and companies simply prepares the search executives for the more difficult work: the identification of specific individuals possessing the skills and experience that would enable them to become potential candidates. The difficulty of this task varies dramatically.
Obviously, C-level executives are easy to identify due to their exposure to the public, but often very difficult to reach and engage. The deeper into the organization search executives must go, the more difficult the identification process becomes. A wide variety of reference sources are used in this effort, including proprietary databases, company Web sites, commercial databases, professional organizations, etc.
When does the networking phase begin?
Once the potential candidates have been identified. The objective is to contact each of the potential candidates and determine their respective desires to consider alternative employment. While these networking efforts are critical to establish the dialogue with potential candidates, the specification remains an equally important communication tool.
It bears mentioning that the research phase of the search process does not stop. As networking efforts continue to reveal new market intelligence, this information promotes new research efforts that broaden the target audience.
JAMES M. PETERS is a vice president with TNS Partners, Inc. Reach him at (214) 369-3565 or [email protected].