A leadership team is assembled in many ways and the best people for the top jobs can be found in numerous places. Some can be with a venture from the outset, others are ex-colleagues, business associates, friends of friends. Sometimes, however, talent can be a little more elusive, and tracking it down may require the deployment of a targeted search or “headhunt”.
Retaining the services of executive search firms can be simple. You tell them about your need for a new chief executive, agree the terms and then send them out into the world to round up the industry’s best and brightest.
From this point, a good headhunter can execute a thorough search with minimal client input. But to get the most out of the service, a collaborative and co-operative approach is far more powerful.
Get the timing right
First, it is important to give real consideration to when you will need to bring this person on board and how long it will take to do so.
Typically, an executive search firm will take around four to six weeks to produce a shortlist of candidates. Factor in your own interview process plus the predicted notice periods for the role you are looking to fill.
Be realistic – will the business be ready to appoint by then or, conversely, will it be long overdue?
Know what you want…
It is important to have a clear picture of the ideal candidate, starting with the skills and experience on which you cannot compromise. Discuss your thoughts with fellow board members – all stakeholders should be in agreement so that the headhunter has only one set of parameters to work with.
If you have specific individuals in mind, then mention them. If you can point to someone you really want, the headhunter will not just reach out to that person, but use his or her profile as a template to find others.
…and what you can offer
Attracting candidates to your venture will be part of the headhunter’s remit. However, having a genuinely compelling proposition is vital in order to gain and sustain interest.
What can you offer in terms of remit, career progression, remuneration and equity opportunities that will tempt world-class talent to your boardroom?
Knowing what you want is important but knowing why a candidate might want to join you is equally vital to a successful outcome.
Plan ahead
Momentum is key to capitalising on candidate interest, so have specific time in your diary set aside to conduct interviews. You will know from the outset when the shortlist is due to be submitted, so block out some days as soon as possible after this date.
Plan in advance which colleagues will be involved in these interviews and what format they will take.
Build interest
It is unlikely that the shortlisted candidates will be looking for a new job. They will come to you with a well-developed interest in the role, but you will need to build on this during your own interview process.
Keep the first meeting relatively relaxed – give candidates the opportunity to understand your business and the proposition. Let the discussion evolve naturally into exploring their background and what they could bring to the table. Save the more intense probing for further down the line. Indeed, much can be learned from the depth of insight and experience that drives a candidate’s own questioning. The ability to ask astute questions in the most appropriate way can be a powerful indication of whether an individual is the right person for both the job and the business.
Make the right offer
When the search reaches this stage, you might be tempted to negotiate directly with the candidate.
It is worth remembering, however, that the headhunter’s insights and experience can be key to ensuring the first offer made is accepted. Use the headhunter as a broker to balance the expectations and demands of both parties.
Salary and compensation discussions can be emotional– having that buffer should diffuse the potential for tension, ensuring your working relationship with the appointed candidate starts out on the best footing possible.