The Growth Of The Executive Search Industry
“This is unlike anything we have seen in 34 years of tracking the recruiting industry,” said Erik M. Boender, who was head director of a data collection program that pulled data from hundreds of executive search companies. His data showed 48 of the 50 largest U.S. recruiting firms enjoyed double digit growth in 2021. According to IBISWorld the Executive Search Recruiters industry in the US has grown 1.2% per year on average between 2018 and 2023. The size of the executive search industry has increased a great deal within 2012 and 2021. In 2021 it was estimated that the global executive search industry is worth 27 billion euros. That is 17 billion euros more since 2012. The growth in 2023 is expected to rise even further. The database for executive search company candidates are also increasing.
What Business Leaders Look For In Candidates From Executive Search Companies
The data provided from a survey by Statista states that business leaders feel that the performance of candidates that were hired from an executive search company is one of the best measures of success. Most businesses are looking for C-suite level management for their executives. These C-suite executives can ensure that different departments of a company can work well with each other thus increasing productivity, efficiency, and promoting financial growth.
- Well Roundedness:
The vast majority of these candidates become C-suite level in their career from having extensive experience in their field, achievements, management skills, and having mastered several key elements that complements a successful business.
- Maintaining Momentum:
Companies look for candidates that have enthusiasm for their career field and exhibit efficiency while maintaining high energy.
- Self Reliant:
The applicant must be fully capable of making decisions that best reflect the company while completing complex tasks.
- Confidence:
Confidence is a key factor in hiring a candidate. It is appreciated when they are comfortable with the prospects of the new position while showing an inner determination. This makes the employer optimistic with the idea of having them work for their company.
- Intuitiveness:
Being intuitive when assessing how to solve complex problems is essential.
- Intelligence:
Hiring a candidate with an above level of intellect is a big advantage for a company. This will allow efficiency to be maximized.
- Communication:
With all the skills available it is communication that pulls everything together. This is the nucleus of a complete workflow.
- Teamwork and Collaboration
Finding solutions through real human connections is the core of teamwork. The combination of having communication skills with an intuitive mind is another leadership trait companies look for.
Executive Search Companies Can Find The Best Candidates
When employers attempt to do their own recruitment search for an executive candidate they in most cases find themselves sacrificing elements of their infrastructure while doing an extensive search. They also have a limited reach of how far their scope is when looking for the right people to fill the job positions. Companies are far too busy with their day to day work loads to properly set time and resources aside when conducting searches. Whether it is surveying job boards on LinkedIn or even posting job openings, it all takes a lot of time. It is best that an executive search company with all their resources available do the searches and vetting of the candidates. Vetting is a very detailed part of the process. Executive search companies have the best reach and can help any business that is in the market to fill a new leadership role. Executive recruiters have experience and vast resources to locate the very best candidates for the position.
Executive Search Companies Have Vast Networks
We are in an era where executive search companies have developed into services with technological advanced capabilities with vast networks reaching to every level of the professional world. This is a great asset and gives companies an advantage when looking to find and hire candidates. An executive recruiter has a database of candidates that stretch throughout all of America and in some cases world wide.
For example here at Talent Logic we have the resources and a database of the best candidates across the nation. We see first hand the importance of placing the right person for the job. We take the weight off of our clients shoulders and present them a workforce that brings great success.
Reasons Why Top Businesses Are Hiring Executive Search Companies?
1) Access to a high-quality database of executive professionals
Most businesses will exhaust their resources when searching for new hires. On top of that the list of referrals they do have rarely fits all the requirements needed. Executive search companies have a global database and network of talent that they have access to. This is a far greater resource than employers have and at a much lower cost while maintaining effectiveness.
2) When new job positions are vital to the future of a company
There are some leadership positions that must have the right person in place to ensure a business’s future growth. The executive search industry is built on vetting for those best suited for C-suite positions.
3) Having the resources for a candidate search
Filtering out candidates that are not the best fit from those that are takes a great amount of time. In houses resources can only go so far. If a company over stretches their time and money on candidate searching it can weigh heavily on the infrastructure of a successful business.
4) When a in depth vetting process is needed for a short window of time
There are times when your company realizes that it has more positions needed to be filled than you thought or vital positions that are time sensitive.
Data from the Leaders Study created by SAP and Oxford Economics shows that when wanting to acquire C-suite level candidates, executive search companies will conduct their own in depth research on all the candidates. They will also gather information and write notes on character traits that might be good for leadership positions. This helps the employer to see what stands out among all the top candidates.
5) Looking for long term employees
Unlike the standard hiring firm, who focus more on how many people are being placed in positions, executive search companies focus on quality. With that as the goal it allows the hires to be long term successes.