Navigating the Executive Search Firm Landscape
By J. Larry Tyler, FACHE, FHFMA, CMPE, Master Career Coach for Senior Players
Working with an executive search firm can give you access to jobs that might not be listed publicly. However, not all search firms operate the same way. It’s important to know the difference between the two types of executive search firms to understand what they can do for you and set your expectations accordingly. If you’re searching for your next job, you need to understand the landscape of the search business and how it works in order to make it work for you.
Retained search firms
Retained search firms represent an organization exclusively on a contract basis. They charge a fee, with any out-of-pocket expenses paid by the client. A retained search firm meticulously gathers information about their client, does a survey visit, and produces a set of specs (sometimes as long as 30 pages) to guide their search. They are looking for someone who fits the needs of the position (usually with a salary of $250 to $300K and above) and the culture of the organization. Candidates that fit 75 to 80 percent and hit the key competencies and levels of experience are major contenders. Search firms know this is a wish list. No candidate can have everything they’re looking for—and if they do, the candidates are usually looking for a higher-level position that will allow them to expand their skills.
When you reach out to a retained search firm, you will generally get more detailed answers to your questions. However, it is important to keep in mind that this type of search firm can only present a candidate to one assignment at a time. That candidate has to be excused from the search for one position to go on to another. Since you cannot be on two or three searches at the same time when working with a retained search firm, it is important to let them know quickly if you no longer have an interest in being considered for a position.
To connect with a search firm, most people will pick up the phone and make calls to the firm or email a resume. Most likely, the first person you will speak to is an associate, sometimes called a research associate. You can coordinate with the associate to ensure that you have accurate information in your file. If you have a file already, it might go back years. Make sure the contents of your file have a current resume.
If you haven’t had a lot of calls in response to your job queries and haven’t talked to a retained firm yet, where do you start? I recommend going to the American College of Healthcare Executives (ACHE) website first. In the career development section, they have a list of search firms that are healthcare-related. It is a self-selected list except for the top section. The firms listed there are the ones that believe that the FACHE designation offered by ACHE is helpful for the development of healthcare professionals and sets candidates apart from other hopefuls.
Retained and contingency (which I will discuss below) search is not a licensed profession. Anyone can hang a sign and say they do executive searches. The Association of Executive Search Consultants (AESC) was founded to bring a sense of professionalism to the field. Though it only has a research certification, many retained firms are part of the organization.