"Working Effectively with a Search Firm" (Part One)

by Mitch Vigeveno

Many firms, while they are willing to work with executive search firms, do not maximize the potential of the relationship. How do you put together a partnership that best meets your company’s hiring goals? Let’s explore some ways to get the maximum benefit from a search firm. In most cases what we are talking about is 1) putting important instructions and agreements in writing, 2) communicating more frequently and 3) taking appropriate action promptly in the hiring process.

 

Put It In Writing

• Once you have selected the firm you will be working with, have a written agreement with the search that defines the services it will perform, what is expected of both parties in the hiring process, and how and when the search firm will get paid. In most cases, you will get better results from the search firm when they are on a retainer or engagement fee. The fact that you have paid them some money at the beginning of the process creates a contract to perform, gives you the right to expect certain results and indicates to the search firm that you are serious about filling the position.  As a side benefit, it also indicates to candidates looking at your firm that you are serious about filling the position. All too often candidates go out on a number of different interviews at the same firm only to find that the position has been put “on hold.” 
• Work with the search firm to develop a solid position description or performance profile. While it is important to define the general parameters of the job and the profile of a desirable candidate in terms of skills, credentials and experience, it is equally important to put down on paper in the description/profile the 3-5 most important accomplishments that are expected from the person filling this position. Defining accurately the most critical aspects of the job to be done and some kind of a timetable to accomplish them will enable both you and the search firm to interview the candidate more effectively.  You will be in a position to have the candidate describe very specifically how he accomplished those tasks successfully before in a previous position and how he will apply that experience and those talents at your firm. By the way, make sure that you get agreement from others in management who are interviewing the candidate regarding these key issues so that everyone will be agreed on the same expectations. Otherwise, the interviews that the candidate experiences will be inconsistent and the needs of others on your team will not be met. The final result of all this is that the candidates you interview will be impressed by the consistency of expectations and the clarity of mission that is expressed by all members of your team. Good candidates want to know what is expected of them and exactly what the job will entail.
• Be clear yourself and communicate to the search firm what you are offering the candidate in terms of opportunity. Compensation, benefit programs and career track should all be well conceived before the interview process begins. This planning and forethought will impress the candidate. Again, this should all be in writing and copies of all this information should be given to the search firm at the onset of the search so that they can present the opportunity in its most favorable light.
• Utilizing an outside consultant is also beneficial to the bottom line.  When working with a retained search firm, you generally are reaching candidates who are not actively looking for a new position (passive candidates).  They are employed, quality candidates who just don’t know about your opportunity.  A search firm can present the top representative talent for your position much more effectively than general job posting.  Furthermore, the cost of a “bad hire” can add up in many ways including HR time/energy, advertising, relocation, training, poor performance on the job, then having to start the search over again. An investment at the beginning of the search will pay off in the long run.

 More in our next Issue...

                                                                                                                

About the author: Mitch Vigeveno is the founder of Turning Point, Inc., a privately held consulting and executive search firm that was founded in 1994 to provide quality, independent recruiting, executive search and consulting services to the financial services industry. Prior to founding Turning Point, Inc. he was vice president of branch development for a major national independent broker-dealer. Mitch is frequently interviewed and quoted in a variety of industry periodicals such as Registered Representative, On Wall Street and Investment Advisor Magazine, and Investment News. Mitch can be reached at 727-725-8876 or at mitch@tpisearch.com. Company website: www.tpisearch.com.