Posts Tagged headhunters
Current Headhunter approach is out of date
Posted by Frank Mortimer in CEO jobs, Executive Search, Uncategorized on February 11, 2010
Finding a new chief executive or chairman has become a transactional process. The mechanics are well established but the search touches only a fraction of the available talent pool.
Unfortunately, today’s headhunters are professional interviewers who do not understand how chief executives work in practice. Top chief executives focus on winning by hiring strong leaders with the right personal qualities. In contrast, their headhunters rely too much on narrow job briefs. There are more fundamental, structural problems within the industry. Headhunting firms are staffed by highly experienced and dedicated professionals, but their incentivisation, approaches and leadership are out of date.
Individual search consultants earn low base salaries, with bonuses driven by the number of searches they sell and execute. This means that they are heavily incentivised to get as many searches done as quickly as possible. Ideally, a client would want a search across as many geographies and industries as possible. In contrast, consultants cut their own pay if they share the work widely with other partners.
With a pressure to transact searches, and client relationships in the hands of individuals and not firms, knowledge growth is slow, built case by case. What they should do is proactively identify the best leaders and emerging leaders wherever they are in the world. Search consultants typically charge a third of the successful candidate’s estimated first-year package, irrespective of whether the chief executive search is successful. It is not surprising that clients hate this.
The search industry must move towards much lower retainers, a success fee for completed searches and far more significant upside if they place a highly successful boss.
We need firms that understand the different types of chief and how they work. A winning firm is a proactive talent scout constantly building a base of the best global leaders.
It transacts fantastically still, but now shares richly in success and is not paid for failure.
We need to move from a passion for clients and fees to a passion for clients and global leaders and a firm belief that fees follow good work. Imagine, a headhunting firm that clients love and employees are proud to be part of and whose candidates create the next generation of global companies. What a prospect.
Extraction of an article by S. Tappin, The Times.
IT and Cleantech hot growth sectors in 2010?
Posted by Frank Mortimer in Executive Search, Uncategorized on January 19, 2010
Polachi, a provider of Access Executive Search™ services to technology, clean tech, venture capital and private equity clients released its top trend predictions for executive recruiting in 2010. As the economy pulls out of a recession, the job market is changing with information technology and clean technology gaining speed.
Although the job market will take time to stabilize, the economy is turning and economists are optimistic about 2010. “At Polachi, we have taken aggressive steps to meet the anticipated demands. We recently added Sean Carroll as a Partner based in the New York metropolitan area, specializing in situating C-level technology executives in the software, digital media and technology enabled services sectors,” said Peter Polachi, Partner.
Information Technology and Clean Technology Sectors To Grow: As 2010 approaches, there will be significant growth in the clean technology and information technology sectors. With an increasing demand for C-level executives in technology and a shortage of talent, there are a number of opportunities. “Since Labor Day, we have seen a dramatic increase at the executive level in start-ups to publically traded companies in the information technology and clean technology sectors”, said Charley Polachi, Partner.
New demand for a Chief Sustainability Officer – The new Environmental Chief: President Obama’s administration is dedicating a substantial amount of money towards energy efficiency. Polachi believes that based on this major push for corporations to become more green that companies will have the need to create a new executive level position for a Chief Sustainability Officer. According to Jim Poe, Partner, “In the next 5 years the demand for a CSO will dramatically accelerate as companies will need a CSO who is accountable to both the owner and share holders.”
Diversity at Larger Companies: “All companies are especially putting on a big push for diversity,” says Brigid Siegel, Partner. “They recognize that having a more multicultural representation leads to improved products and services for the ever-expanding minority and international markets.”
Innovation is key ingredient: Innovation is vital to today’s economy as it will create business, and in turn create jobs. “We see with our west coast clients that the west coast is climbing a little bit quicker than the east coast, but the tech market is gaining a lot of strength at the executive level in both general management and sales,” said Charley Polachi.
Decline in Venture Capital: As the economy rounds the corner, the 2010 executive job market will see a shift. “Although there is still money to be made in Venture Capital, it will not be at the same rate we have historically seen,” adds Rebecca Foreman Janjic, Partner.
Global Interest from PE Industry: “An increasing number of private equity firms will progressively seek international exposure,” said Karen Burke D’Agostino, Partner. “There is a particularly high level of interest in China and India. We are well positioned to address these levels of interest through our Access Search Partners™ partnership.”
Overall, the Polachi team remains bullish on demand for high caliber executives across all of its practice area sectors.
Polachi. December ‘09
How to get headhunted in 2010
Posted by Frank Mortimer in Executive Search, Finding A Headhunter on January 13, 2010
Below an article from Efin.careers. Quite all right although you could add a lot of other stuff to it: P.e. make sure you’re listed in the relevant social networks. Also the time that a candidate waits until he or she is approached by an executive search firm is long past us.
In this day and age candidates are actively involved in managing their next steps and professional online tools are available also to high end candidates (p.e. www.lintberg.com) to get in touch with head hunters and to be informed of new opportunities. Anyway for what it’s worth:
1) Put yourself about
Most articles on how to get yourself headhunted (and there are many), suggest you need to get your name out there. And how better to do this than to become known as a great authority on your subject? This can be achieved via appearances at conferences and frequent citations in the media.
Such things tend to have a snowball effect: once you’ve appeared at a conference or in the press once, you’re more likely to be asked to speak or provide a quote in the future. With luck, headhunters and their researchers will then spot you, add you to their databases and call you when a suitable opportunity presents itself.
2) Frequent the company of respected professionals
If putting yourself about publicly is helpful, putting yourself about in the right circles privately is crucial. All the headhunters we spoke to for this article told us they source candidates through recommendations from people already known to them.
“Most of our people come from referrals,” says Alex Tracey at Clifden Partners. “You need to make sure you have a big network of people who like and rate you.”
“It’s all about the company you keep,” says Ray Baptiste of search firm Marlin Hawk. “Good people recommend good people. Everyone understands that the people they put forward reflect on their own reputation.”
3) Let your frustrations be known
As well as knowing ‘good people,’ you need to let those people know that you’re ripe to be headhunted. This carries the risk that your boss may become aware of your frustrations. However, it also makes it more likely that your name will crop up if one of your esteemed friends is headhunted themselves.
“The most effective way of getting someone to call you is to let your friends know that you’re actively looking and are open to conversations,” says Tracey. “The best referrals we get are those where someone recommends Bob Smith because he’s fed up and will be receptive to a call.”
4) Ensure your clients rate you
As well as asking peers in the market for recommendations, headhunters and line managers will also ask clients for names.
“If we want to hire someone, we simply phone our most friendly clients and ask them who their favourite people in the space are,” says the head of research at one brokerage firm. “We then tip the headhunter off. The same applies for any client facing role.”
5) Be a big earner
This may be a slight chicken and egg situation, but you’re more likely to be headhunted if you earn lots of money and are at VP level or above than if you’re an analyst or associate.
This is because headhunters are paid a percentage fee according to first year total compensation of the person they’re placing. The incentive to move a lowly paid analyst is therefore minimal. However, headhunters do exist to ferret out top analyst/associate talent for private equity funds.
6) Fall into a minority group
Needless to say, you will have little control over this, but your allure to headhunters may be increased if you fall into a minority group. “Most of our shortlists are full of white, upper class males,” says the director of one financial services search firm. “If we find someone who can do the job and who doesn’t fall into this category, they make the shortlist more diverse.”
The Global top 5 Executive Search Firms
Posted by Frank Mortimer in Uncategorized on June 18, 2009
The worldwide top 5 Executive Search Firms in 2008 were:
4. Russell Reynolds Associates
Source: www.allheadhunters.com
Finding Jobs with Headhunters
Posted by Frank Mortimer in Finding A Headhunter on June 5, 2009
Not easy to find the right job via an Executive Search Firm. Why:
1. There are many intermediaries calling them selves “Executive Search firms” whilst they almost never have 100k+ jobs or jobs that can be described as ‘executive jobs’
2. The head hunter is supposed to search and to find the candidate (the head). This concept has changed significantly in recent years however. Even the most senior candidates will not longer wait for a headhunter to approache him and will contact them themselves (discretely) or will make his or her profile visible in one of the limit number of database that cater the Executive Search firms (www.lintberg.com)
3. Headhunters will, generally, only be able to discuss a small number of positions with you when what you really want is a good overview over the available positions in the market. You want choice.
Some useful links to locate decent Executive Search Firms:
http://www.onlinerecruitersdirectory.com (US only)
http://www.allheadhunters.com (world)
Kind Regards,
Frank Mortimer
What is Contingency Search?
Posted by Frank Mortimer in Executive Search, Uncategorized on June 5, 2009
Contingency search firms are compensated for their services only after they have placed a candidate with a client company.
Generally, a contingency firm takes a broader approach to a search, typically uncovering a wider range of resumes than retained firms. They are also more likely to focus on filling mid-level management positions.
Some contingency firms concentrate on specific industries, but most of the companies serve a wide variety of industries and clients.
What is Executive Search?
Posted by Frank Mortimer in Executive Search, Uncategorized on June 5, 2009
The executive search profession has two distinct fields, contingency search and retained executive search. Retained search firms are paid a retainer fee to locate and evaluate potential internal or external candidates for a senior level position.
Retained executive search firms are firms paid a retainer by companies to locate and evaluate potential internal or external candidates for a senior level position. The retainer is paid regardless of the outcome of a particular search.
This type of arrangement is typically implemented for senior-level management, such as CEO’s, Presidents, Vice Presidents, Directors, or in larger organizations, persons at the Manager level. There are large, global firms who engage in this activity, as well as regional “boutique” firms. Some smaller firms act together as a network to compete with the large integrated ones. Some firms specialize in specific industries or functions ore roles, while others are generalists.
There are basically two types of Retained executive search firms
1. – Global
2. – Boutique
Ad 1. Global executive search firms:
Such executive search companies will have many offices all over the world and the consultants will typically be split by which sector they are expert in. These executive search firms cover different sectors including financial services, logistics, automotive, life sciences, consulting, consumer, energy, pharmaceutical, telecommunications, technology, media companies, real estate and other industries.
Example: www.kornferry.com
Ad 2. Boutique executive search firms:
Such executive search companies focus on one or two specific sectors or functions. For example, there are a number of boutique firms that operate within financial services and tend to look only at senior positions (Director, CEO, MD, President and Vice President) within Trading, Investment Banking, asset management and Capital Markets. These firms will have representatives in the major financial centers in the world: New York, London, Hong Kong, Shanghai, Tokyo, Dubai, Mumbai, Singapore, Amsterdam, Paris, and Frankfurt
Example: www.mullersearch.com
Source: www.allheadhunters.com

Comments