Before Initiating an Executive Search

• Exhaust your options for filling the position internally.

• Have an up-to-date position description.

• Define the candidate specification.

Choosing an Executive Search Firm/Consultant

There are two types of executive search: contingency and retained. Contingency Search

• The search firm receives a fee only if you hire their candidate.

• Frequently focuses on candidates who are actively looking for a new job.

• Is typically more appropriate for positions below the managerial level.

• Typically involves less rigorous candidate screening and qualification.

Retained Search

• The search firm receives a fee for doing substantial research and

conducting a thorough search of both active and passive candidates.

• Is most appropriate for management positions or mission-critical staff

positions.

• Involves extensive candidate evaluation and assessment.

• The client is ultimately presented with a list of highly screened, pre-qualifiedcandidates.

Factors to consider when choosing a search firm

• The track record and reputation of the search firm/consultant.

• The familiarity of the firm with your industry and the type of position you aretrying to fill

• Their ability to access the level of candidate you seek. • The amount and structure/terms of the fee

Working with a Search Consultant • Develop a strong, open, and trusting relationship with your consultant.

• Expect a high level of performance and commitment.

• Share all relevant information about the search. • Communicate often and openly. The Retained Executive Search Process • Critical first step is an initial meeting or conference call where important

information about the assignment is exchanged.

• The letter of agreement, which describes the consultant's understanding of the

assignment, is your contract for the search. Make sure you agree with this

document before proceeding.

• Costs for a search include: • The fee, usually a percentage of first-year cash compensation (base salary

and bonus). Some firms also offer a flat fee.

• Expenses, which include consultant and candidate travel expenses, if

any. Keep in mind that the fee is negotiable, but a lower fee does not

always represent the best deal.

• Research and early candidate development takes some time due to the

greater effort spent in qualifying candidates. Be patient and allow the

consultant to thoroughly search the marketplace before presenting

candidates.

• All presented candidates in a retained search should be well qualified,

interviewed personally and in depth by the consultant, and available to join

your firm. Don't be too quick to dismiss a presented candidate from a

retained search consultant on the basis of a review of the paperwork only. Importance of Good Communications

• Communicate often, directly, and fully with your search consultant.

• Return phone calls promptly. • Communicate with candidates in a timely manner.

The Selection Process

• Keep the selection team small to facilitate the decision-making process. • Conduct effective selection interviews:

• Be well prepared for the interview.

• Use a structured interview format to gather consistent information from

each candidate.

• Ask behavioral-based questions to assess the candidate's abilities relative

to the key competencies and deliverables required.

• Balance the interview between information gathering and generating

interest in your firm.

• Focus on cultural "fit", assuming the candidate matches the specification. • Give timely feedback to the consultant and the candidate.

Dealing with Candidates • Keep in mind that good candidates have options and need to be recruited. • Don't be put off by an apparent lack of enthusiasm in the first meeting.

Viable candidates will often demonstrate their interest in a second meeting.

• Show your interest and respect for candidates by demonstrating a high

level of professionalism throughout the recruitment process.

• Make sure the unsuccessful candidates you have interviewed are

informed of that decision in a timely and professional manner.

Negotiating the Deal • Be prepared for some give and take in setting the terms of an offer. • Get detailed information on the candidate's current

compensation/benefits package and do the necessary analysis to

understand the issues.

• Structure an offer that the candidate can accept. • Consider that good candidates often require an above-market premium

as an incentive to make a move.

• Make your written offer a confirmation of terms already agreed to; in

other words, don't put an offer in writing unless you know it will be

accepted. It's not over 'til it's over!

• Stay close to the candidate until there is no chance he or she will back away from acceptance of the offer.

• Keep your search consultant involved in this critical phase of the search.

New Hire Orientation • Complete the process with a good transition and orientation program for

your new hire. A good "on-boarding" process is very important.

• This is the finishing touch to a well managed search. • You want your new manager to concentrate on the job and not be

distracted by problems with the transition.

For further information, please contact:

Mitch Vigeveno President & CEO mitch@tpisearch.com 813-475-5525

Debra Grier Vice President deb@tpisearch.com 813-475-5525

www.TPISearch.com