Executive Search Firms for Multiple Industries Key Terms

Terms you might find as you investigate executive search firms for multiple industries

By Ann Starr

Executive search firms for multiple industries offer special expertise to companies that need to find good employees quickly and efficiently. Because headhunting is their specialty, they are in constant contact with qualified candidates that are not even in the job market. They do this by maintaining an extensive database of candidates they have placed before and that they stay in touch with.

Executive search firms for multiple industries also have an extensive network they can tap into for those executives who want to transfer their skills to another discipline. As you research this topic you will find some jargon you could benefit from understanding when working with executive search firms.

Executive recruitment

Executive recruitment is the major task of executive search firms. They identify potential matches and then solicit them to fill jobs openings.
Try: Korn/Ferry International is a well-known executive search firm that explains how the process works.

Retained vs. contingent

Executive search firms may either be retained by a client company, or work on contingent. A contingent search is one in which the firm gets paid only when the recruit actually gets hired. Retained executive search firms are paid a retainer at the beginning of the search and as the search progresses by the company seeking candidates for their positions. Typically, retained search firms work on filling senior-level positions such as presidents, vice presidents and directors.
Try: The Management Recruiters of Philadelphia offer both retainer and contingency services.

Recruitment process outsourcing

Recruitment process outsourcing is usually for companies that are smaller or have limited resources. They transfer all their recruiting activity to an outside agency that can manage recruiting for them. Oftentimes large companies outsource their executive searches because the firms usually have more contacts and resources for high-level positions.
Try: The Recruitment Process Outsourcing Association has more information.

Talent management

Talent management refers to all the processes related to attracting potential employees, bringing on new employees and developing current employees. Executive search firms provide talent management services because they want the employees they recruit to stay with an organization.
Try: Buildingvalue.com offers a good explanation of this process.

Succession planning

Succession planning is the process of defining current and future human resources that are needed or will be needed. It also includes understanding the knowledge, skills and abilities of the current employees and defining what additional programs are needed for them to complete for future positions. Some executive search firms offer succession planning as one of their services.
Try: The Business Monthly has an article on succession planning.

Competency-based interviewing

Competency-based interviewing is the process of identifying specific skills or attributes necessary for a position, then building a series of questions that test candidates for those competencies. The answer the candidate gives is then compared to the original criteria as defined. Executive search firms can help an organization build a competency-based interviewing processes.
Try: Interview Skills Consulting spells out the various elements for you.