29 Feb Executive Search: Ever-changing, never-changing! (Part 1)
Executive search is all about looking for people who pursue the remarkable while fleeing the mundane.” ~ Anon
An unforgettable comment to the Association of Executive Search and Leadership Consultants (AESC) President and CEO – Karen Greenbaum – set this piece rolling. It came from the audience at an AESC panel discussion in Mumbai, India and went thus: ‘This business has stayed the same for twenty years. They would be identical if I compared today’s proposal with one written 20 years ago.‘
The reality is that executive search, ours, is a vibrant, competitive, and profoundly relevant profession, not simply keeping pace with the global market for talent but delivering sophisticated advisory work, elevating leadership worldwide.
Looking back
In the mid-1940s, as businesses in the US and Europe began to grapple with postwar competition, a dire need arose for experienced professionals from virtually anywhere in the world. Therein lay the genesis of executive search – a US $12 billion industry today. Technology has further impacted the massive global market shifts over the last two decades, causing a paradigm change in executive search.
How it all began
According to Karen Greenbaum, perhaps everything has stayed the same if one looks at the highest level. However, a deep dive is necessary here. AESC research shows that the most important criteria for selecting an executive search firm today are expertise across industry, function and market. Clients expect a ‘management consultant’ who understands their industry and function and can quickly bring ‘generalist’ skills, which technology can actualise.
Diversity is another client ask today. Diversity goes beyond gender to encompass race, ethnicity, diversity of skills, expertise and even age. The belief is a diverse team creates a diversity of thought – a driver of innovation and the ability to connect with customers and employees.
The assignment
Gone are the days when the search assignment called for finding someone experienced in a specific role for a minimum number of years. Servicing mandates today demand a comprehensive understanding of the organisation’s market, regulatory environment, culture and strategy to deliver results. The quest Executive search today calls for great networks, knowledge and proprietary databases. Meanwhile, talent hunt methodologies encompass Boolean and Xray searches, social media leverage, industry news scans and thought leadership profiling.
Through it all, what hasn’t changed is human connection. The assessment and ref checks Effective candidate assessment still depends on in-depth interviewing and a deep understanding of candidates’ industry and functional expertise. Assisted today by a suite of technology-based tools, role-playing, case studies and challenging situational responses.
Pulitzer prizewinning author Thomas Friedman opines that: “The best jobs in the future will be “STEMpathy jobs — jobs that blend STEM skills with human empathy.” A candidate’s political views, public interactions, and what they do outside work could greatly influence a hiring decision. The ‘yes’ word and onboarding Getting to the ‘yes’ still entails developing solid relationships and earning a candidate’s trust. So is enabling the candidate to contextualise the right opportunity. With an increasing demand from candidates for more help with onboarding, all clients have the same goal: hiring the candidate they want so badly to succeed. Consultants have a synchronous goal: enabling clients to succeed. Stay tuned for Part 2…
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