Selecting a Search Firm Partner That Will Deliver
Hiring and managing top talent is one of the key factors determining an organization’s ultimate performance, making a successful partnership with the right executive search firm crucial. While the BIG/”We Do It All” firms might at first seem appealing, consider some of the reasons a boutique firm may be a better choice.
1) A PULSE ON SPECIFIC VERTICALS (HR, FINANCE, SALES, ETC.)
A boutique firm has intimate knowledge of the landscape in the functional areas, markets and industries which they serve. They understand the candidate mindset and competitive environment which can save time and money in pursuit of the right fit for your organization. While a larger firm may claim to cover all verticals, in reality their quality and depth of knowledge across different functional areas is often uneven.
2) BESPOKE APPROACH THAT SUITS YOUR FIRM’S SPECIFIC NEEDS
A boutique search firm never offers a “one-size fits all” approach. With smaller and nimbler teams, they spend more time imbedding deeply into the functional area, industry and your organization. To most boutique firms, every search matters. They have the motivation and knowledge required to find candidates with specific professional qualifications and those who are firmly aligned with your company’s culture and employee values. Ultimately, a boutique firm will maximize the time you invest speaking to the right candidates.
3) WORK WITH THE PARTNERS YOU FIRST ENGAGED
At a larger firm, the searches that impressed you during the sales process might have been presented in aggregate or carried out by teams not working on your search. (In fact, with any firm ask about who led, and when were the searches conducted.) You might only speak occasionally with the partner you initially met.
With a boutique firm, you will be seeing the most relevant performance data, and can be assured that you will work with the team that you originally met.
4) BOUTIQUE FIRMS UNDERSTAND THE VALUE OF REPUTATION
Boutique firms often don’t have the ability to market themselves by sponsoring golf tours or hosting other lavish promotional events. Instead, they invest time and resources on your business in order to build upon their reputations. Hard work and dedicated service produce a positive experience for each and every client.
5) CLIENT EXCLUSIVITY
A large, broad-based search firm typically brings a similarly large, broad-based hands- off list. While you might be impressed with their client roster that also means there are many companies in your sector they can’t touch. Due to existing relationships, a lengthy list of “off limits” companies can limit your candidate pool. Large firms will try to underplay this concern, but boutique search firms with a smaller number of clients come with fewer conflicts of interest.
6) SEARCH LENGTH AND COMPLETION RATES
With a more focused book of business and reliance upon reputation, boutique firms frequently have completion rates as high as 99%, and often fill roles faster than larger firms (which are often dis-incentivized to continue searching after certain milestone dates). When you have important roles to fill in your business, you want to make sure your search partner is focused on your business and your needs through to the successful completion of your search, not just the economics of the relationship.