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A stepping stone to success
Most successful market economies have a number of key characteristics in common – free capital markets, dependable legal systems, a democratic political structure, open education and an unrestricted labour market that permits and encourages executive mobility.
Executive mobility is crucial to a dynamic economy since it unleashes talent that might otherwise be constrained, and promotes the crossfertilisation of ideas and creative thinking. Without continually seeking out executives with managerial skills and innovative ideas an economy is prone to stagnation and restriction in its orientation and outlook. Instead of a “can do” approach with people striving to achieve their ambitions, there can be a complacency and acceptance of the status quo, which in turn places real constraints on progress and development.
The US has now had many years of operating as a large integrated market that meets most of the criteria referred to above. Above all it enjoys a mobile executive market with most executives prepared to pursue opportunities in different parts of the country and to compete for jobs with the best organisations and prospects.
In a free market economy, organisations are increasingly aware of how critical to their success human capital is. Leadership, innovation and operating skills are fundamental “capital” assets and critical to competitive survival. It is no surprise that many world class organisations have now introduced talent management as a key position within their organisational hierarchies. Having the best team is one sure fire stepping stone to success.
But in order to obtain the best executives, organisations either have to know how to grow their own or they must be willing to recruit them in the market and attract them from others. Not all organisations find that they can manage their talent pool adequately to ensure smooth succession and so from time to time will need to access the market. Retained executive search consulting is there to help.
By offering a well-tried and professional approach to senior executive recruiting, retained search equips its client organisation with a powerful competitive tool that can dramatically affect its future. The search consultant acts as the market intermediary by helping the talented executive to review an alternative opportunity without breach of confidentiality and fear of impact on their current position. The search consultant can brief both parties on critical elements of a potential offer and ease the transition from one organisation to another.
At a macro-economic scale, the impact of such mobility is huge. It means that strong organisations will strive hard to recruit and retain the best talent and in the process will develop compelling recruitment propositions and retention strategies. Once in place, the well managed organisation will hope, and should expect, to gain a return from a “prize” recruitment which far surpasses the recruitment fee paid to the consultant.
So, in effect, the search consultant becomes the talent scout for the organisation – the individual executive knows that he or she is in a competitive market and will strive to reach the best organisations, with highest compensation, terms and conditions, and so on.
Thus, just as the economy at large works on the principles of free flows of capital and unfettered demand and supply, so the executive market must operate in the same way so that executive talent flows to the most attractive and competitive organisations.
Today the executive search consultant is well placed to oil the wheels between demand and supply and to act as honest broker to the parties involved. The recruitment process is only part of the added value that the consultant brings to the table. Their knowledge of their particular segment of the market, evaluations of their client’s recruiting proposition and advice and guidance on how to attract superior talent are all key if the client is to succeed in a process that will have significant implications for success or failure in the years ahead.
It is because of the sensitive nature of senior recruitment and the necessity to get it right that retained executive search consulting exists at the tip of the recruiting industry pyramid. It is crucial when approaching and recruiting senior executives that the search firm should carry the trust of the client organisation to manage the process professionally. The consultant must know that the client is committed and will do whatever they can to help arrive at a successful conclusion. The consultant cannot recruit on their own – how the client plays their part will greatly determine the outcome. With both sides committed under retainer the process can unfold with confidence that breaches of confidentiality will not occur and in the knowledge that the obligations on both sides are fully understood.
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With a well-tried and respected process in place, executives are prepared to participate in the executive job market and thus the best talent will be considered for opportunities. Just relying on advertisements in the newspaper or on the internet to attract talent will not be adequate either because the very best executives may not respond or they will be deflected by the impersonal nature of the process involved.
It is no accident that two of the most successful economies in the world, the US and the UK, have highly-developed executive recruitment markets and an open and mobile approach to executive employment. And it is not just commercial organisations that are using retained executive search. Non-profit organisations such as government, education, healthcare and even religious institutions are increasingly turning to executive search to ensure that the best attempt is made to consider available and interested executive talent, often increasingly from outside the immediate specialisation or sector in question.
The free market economy must thrive on competition and the optimum use of available resources. Among those resources the one with the largest multiplier for success is the senior executive. Retained executive search helps this crucial multiplier to work in a professional and respected manner.
About the Association of Executive Search Consultants
The Association of Executive Search Consultants (AESC) is the worldwide professional association for the retained executive search industry. The AESC’s mission is to promote the highest professional standards in retained executive search consulting, broaden public understanding of the executive search process, and serve as an advocate for the interests of its member firms.
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For more information, or to download the AESC Code of Ethics and Professional Practice Guidelines, please visit www.aesc.org. |
About Bluesteps.com
BlueSteps.com is an on-line global database of senior executives. As an exclusive service of the Association of Executive Search Consultants, BlueSteps.com enables executives to remain accessible to all member firms of the AESC. AESC members use the database as an additional resource in the initial candidate and source identification process.
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For more information about BlueSteps.com, visit the website at www.bluesteps.com. |
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