Unit 51-LO2 Examine the role of executive recruitment for effective talent acquisition-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

The role of executive recruitment is to identify the best candidates for vacant positions within your company by thoroughly researching both externally and internally, and then presenting those individuals to the hiring manager.

Judgment of character, expertise in understanding corporate culture, networking knowledge are vital qualities an executive recruiter must possess. Executive recruiters must be trustworthy people that fully understand the demands of a company’s culture as well as its needs before approaching potential employees. Recruiters should also have a solid understanding of all jobs available within the organization and be able to discuss them proficiently with qualified potential candidates.

The Role of an Executive Recruiter:

Defining executive recruitment, traditionally know as headhunting, and the executive search role

Executive recruitment is a key activity that needs to be engaged with flair and enthusiasm when sourcing high-quality candidates. Managing and executing searches often requires strong diplomatic skills. Polished negotiation skills are always required and you must excel at influencing people in positions of power, regardless of the industry or geographical location.

Executive recruitment is classified as either traditional or modern. The former employs a headhunter to find a qualified candidate for an open position, while the latter includes an executive search that actively looks for potential candidates with experience in similar positions. Criteria are set up in advance and shared with the recruiters who identify suitable candidates and then notify you who they think might be right for you to meet. Online searches take this one step further by allowing you to create your own criteria so that whenever a job is posted on a search site, you are notified immediately.

Executive searches and contract appointments will typically pay a retainer consisting of a percentage of the executive’s salary. The retainers are usually paid monthly or quarterly. Additionally, an executive recruiter receives payment for successful placements and/or re-locations in some companies. The fee structure is determined before any search begins and you can expect to pay between 10% and 25% of the executive’s first-year salary.

The differences between the key roles of executive recruitment and the key roles of recruitment

Executive recruitment is more about identifying the best man or woman for a job, recruiters usually provide job and salary information. Recruitment often has a short-term focus and may not have an in-depth knowledge of how the position fits into the company’s long-term strategy. Recruitment often covers all areas of expertise from secretarial to executive positions.

A recruiter focuses on finding candidates who are suitable for positions that are advertised by client organizations and assisting with initial assessment thereafter before passing them onto employer representatives to conduct initial interviews, checks on references, etc

The benefits of using an executive search

One benefit of using an executive search is that agencies are experts in identifying qualified candidates. It can be difficult to know who the best candidates might be, but these agencies do this all day every day and will usually stay abreast of new talent by networking with their professional networks. If you don’t have the time or resources to invest in a hiring campaign, this alternative is worth exploring!

On top of research and interviewing skills, many firms offer additional services which may be crucial when finally making a decision – they’ll provide negotiation assistance, background checks on certain important employees within your company (such as those handling finances), post-employment support should you make promotion and need someone for an open position, etc.

The different types of executive recruitment e.g. direct, indirect, and third party

Direct recruitment involves advertising positions within a company for which an applicant has to apply.

Indirect recruitment is the process of spotting new talent in a specific area and promoting them internally through training, mentoring, or job rotation.

Third-party recruitment takes place when companies either outsource their recruiting needs to external agencies or use agencies as both indirect and direct recruiters.

There are good things about if the person who is looking for a job goes to a third-party site. They do not have contact with the company they want to work for, so they might trust them more.

Fulfilling the client brief and timely project delivery

The best strategy for any successful project is to build a trusting relationship with the client. To do this, show them that you are willing to listen and take their needs into account when coming up with or giving feedback on ideas. Meet in person often, as this allows clients a platform to get ‘pitchy’ about what they want. Finally, be responsive throughout the project cycle.

A Project Manager’s top priority is serving the customer by delivering a quality product or service within budget and time constraints by managing projects through all phases of development. The essential attributes of professionalism include honesty, on-time delivery; flexibility, attention to detail and accuracy; open communication; documentation that is accessible and complete.

Building the talent pipeline e.g. creating a trusted network of inactive, passive, and active and candidates

Building the talent pipeline e.g. creating a trusted network of inactive, passive, and active candidates is labor-intensive but an important and necessary starting point for organizations that intend to grow or replace people for key roles in their company often on short notice.

It is challenging to find high potential people who are not looking because they think they might be stranded in one place until retirement, but by building a more competitive environment with less time to transition to other companies they start looking now when the timing for new openings presents itself.

Moreover, the decisionmaker needs to proactively identify which employees will leave first so as not to have too many vacant positions at once and also sets up avenues for training so internal incumbents can fill any gaps should they arise quickly. e.g. outsourcing part of new project development to an external vendor or using a virtual workforce, etc.

Ethical issues and requirements e.g. confidential searches, sharing of confidential information and data, data protection

There is a problem with people who want jobs. They might tell their friends and family about the job they are looking for. But it is not a job search, it is an evaluation. This can lead to some pretty challenging conversations when recruiting individuals via Facebook or Linkedin – straightforward access to their social media accounts could ensure greater discretion regarding personal matters.

If you are working with a recruitment agency then data protection is always something to be aware of. Work with your recruitment agencies and make them sign non-disclosure agreements so that they’re not giving information out freely – this will keep your candidate pipeline strong and force candidates to consider both of you during the interview process.

A third ethical issue that can arise in recruiting is a lack of disclosure regarding salary, conditions, or benefits offered by an employer compared to their competitors. If there is any question about whether or not a job applicant knows what you’re offering to conduct an objective decision on whether it’s competitive enough for them to even continue the interview process, these details should be disclosed upfront.

Different models of executive search payment e.g. retained, delimited, and engaged search?

Your search will depend on how much research you need to do. If you have a person who is the perfect fit, then you don’t need to search very much. But if no one is good enough, then you should do more research. A comparison between these models can show you the main differences:

Retained Search  – This involves paying a firm to perform all stages of executive search i.e. collecting information about candidates, screening them based on your requirements, and then present you with one or more options for each position.  Usually, this type of service works best when you need someone who will step into their new role quickly because they have already been pre-screened by professionals but often it can feel like you are only getting a single candidate. This is also known as contingency search and it can get very expensive if you’re not careful.

Delimited Search – With delimited recruitment you pay for the first stage of executive search (usually screening) then if your chosen candidate goes through this process it’s a continued full interview process with no further costs, however, if you choose not to proceed past screening there are no extra charges attached. This means that any time saved in screening only results in savings for you in the long run.

Engaged Search – This is often the best option for companies that are starting from scratch and want to do full research themselves. The company will do a lot of research for you. That means they can find the best person for your job. But they need to know more about what you want, so they’ll ask a lot of questions.

Specific skills set and competencies:

Specialist industry knowledge and expertise

Specialist industry knowledge and expertise is a specialized area of training with an in-depth understanding of the specific subject matter. This includes knowledge and in-depth understanding of professional work, research, or study. It also often includes knowledge about one’s own country’s laws and regulations about that field. A specialty requires vast academic experience as well as clinical education. Sometimes it depends on the specialty you’re talking about whether they need it if not then a job may require specialist skills but not specialist industry knowledge and expertise.

Specifically, employees are specialists when their primary function is diagnosis or treatment (as opposed to general practice). The difference between these two clinical roles is more apparent in surgery than in other medical fields because surgery places greater demands on the technical and manual skills of the practitioner.

Job analysis and understanding of the specific job role to identify skills and attributes in others

Job analysis is a systematic process of gathering information about the task(s) performed in a job.

The best way to understand the “skills and attributes in others” is through productive conflict. Creating a safe space where one can be wrong, admit mistakes, and push each other for excellent results can lead to a much more informed perspective on strengths and limitations. I think we must see the full picture of our skillset when determining how well they work in unison with others. The only catch? It usually takes someone or something else pointing out what we cannot see about ourselves to make any improvements happen.

Networking and people skills to build responsive relationship management?

Networking is a process that most people are very good at when they start. As time goes on, however, both the quantity and quality of our network diminish unless something takes place to make it grow or maintain itself.

For example, we may have a large quantity but ranking high in quality due to not having any meaningful connections with them, whether that be in terms of knowledge, favors, etc. Or we fall into a pattern where all our relationships consist only of work-related colleagues which one can also find if they really look hard enough (ie: only hiring those from their own alma mater).

Management plays an essential role in organizational development and effectiveness by overseeing the implementation of strategic planning through its operation by setting objectives, policies, procedures, and standards of performance. It is what you do to make an organization more effective and efficient. Management involves organizing, directing, coordinating, and controlling. The management works to develop an environment for the execution of different functions by employing effective communication strategies that allow the flow of ideas from all employees.

Employee development is one of the core activities at every stage of a career; it is important at every point in an employee’s life cycle. It’s about helping individuals to meet their full potential through continuous learning within your organization. Helping them grow as professionals mean supporting them with formal and informal training so they gain new skills, experience, knowledge, and insight.

Understanding the use of the digital environment to improve the effectiveness of candidate search and acquisition

Using digital tools to find candidates and then giving them a job is really efficient. It’s better than using more traditional methods of finding people for jobs. Low-cost communication, the internet’s ability to target searches by geography, organizational culture, and experience, its ability to connect with job seekers in real-time, have all transformed the way employers access and engage talent.

Consider these statistics from recent research into sourcing at Fortune 500 companies: 91% use social media; 73% send applications via email or another digital form; 63% reply using live chat; 56% post jobs on company websites; 53% employ video interviewing. And this is before accounting for the variety of vendors who specialize in different kinds of technology-driven recruiting—from niche job boards to large online networks.

Digital skills are for using computers and other things for connecting and finding information

Digital skills have an impact on many areas of life. Beyond using computers and other things for connecting, research shows that they can also help kids with achievement, economic success, social well-being, and civic engagement.

The value of a digital skill reaches beyond the things you can do online to include many real-world effects like academic performance in school or even earning potential. Surveys show that there is a “significant correlation between students’ proficiency levels in internet search and their grades in college courses.”

Soft skills including commitment, drive, interpersonal and communication skills

Soft skills are needed in every job today to be successful. They constitute a wide range of interpersonal and communication skills such as time management, organization, creativity, initiative, and leadership.

Research shows that these soft skills are less specific to any one industry or occupation. In other words, you will need to work on them throughout your career because they are an important part of many different jobs. Make sure you review the section on soft skills in my article “How do I acquire hard skills?” too!

Career Opportunities:

Working for specialist agencies, executive search companies, and large organizations

Working for specialist agencies, executive search companies, and large organizations comes with a variety of benefits. It is possible to specialize in an area you enjoy and take on more responsibility without starting from scratch. It is possible to work as a professional while you are away from your office. You can do this remotely, or even overseas. It would depend on the type of work you do.

These pros may be offset by less financial stability or vague long-term goals. The risk is worth it though when considering the ability to explore your interests at length while still being able to put food on the table.

Opportunities in sectors including banking, finance, accountancy, and legal sectors

There are many opportunities in sectors including banking, finance, accountancy, and legal. It will depend on an individual’s educational background and degree of experience. In all cases, a college degree is a must, as well as some pre-requisites from post-secondary education such as economics or accounting courses. “Degrees” (MBA) may be required for management-level positions in banks/finance areas. A legal skills certificate may be needed to enter the legal profession if that is your chosen field.

The main way to get a job at a bank is to find a finance company that will hire you before you get your degree.

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