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Why Use Executive Search Research to Source Candidates?
In the recruitment sector, there are a variety of business models that offer value based on specific talent sourcing needs. In some cases, retained or contingent recruitment firms may be the right choice for your search for a new executive. These firms take care of the entire recruitment process, from candidate sourcing to filling your vacant position. If you want the full cycle handled by pros, this is an option that could be right for you.
Then, in other situations, sourcing executive candidates through a recruiting research firm may be the right fit for your timeline and budget. This Executive Search Research service identifies and pre-screens candidates and delivers you a verified list to call and recruit in-house. It can also be a vital support to an RPO or contingent firm in need of some help to expedite a candidate search. Whatever your needs are, this additional option for navigating the recruitment process has a vital role in the executive search ecosystem.
What is Candidate Sourcing?
Candidate sourcing is the process in which a recruitment research firm identifies qualified candidates for a job role based on certain criteria. When done correctly, the client receives a list of verified and qualified candidates based on the desired set of criteria.
Firms that specialize in candidate sourcing do not officially recruit anybody, but leave that process to the client, who typically has in-house staff to complete the process. Meanwhile, full-cycle firms carry on with the rest of the recruitment process.
Proper candidate sourcing requires thorough market research and years of experience. Candidate sourcing data can help a client make a hiring decision, or it can be a supplement to a recruitment agency’s ongoing project to fill a role on a client’s behalf.
5 Reasons to Use Executive Search Research to Source Candidates
Executive search research firms, also known as recruiting research firms, can be vital support to a full-cycle RPO recruitment service or provide affordable business information to a company that needs a list of qualified candidates. Here are 5 reasons why clients opt to use executive search research instead of other recruitment options.
1. To Lower Recruitment Spend
Filling an executive role involves a degree of monetary investment. Typically, RPO and Contingent recruitment firms can charge around 25-33% of a future executive’s first year salary. Considering the typical $200-$300k C-suite salary, this ends up being at least a $58k fee after placement. While this cost is definitely worth the peace of mind of hiring a candidate that fits ones criteria, there are times when a business’s budget does not allow that much margin.
Sourcing and identifying candidates with an hourly recruitment research service is an affordable staffing solution that employers can prefer when they have the bandwidth to take on the final steps of the recruiting cycle. This means that they take on the calling, interviewing, and a bulk of the recruitment communications on their own. Since the list of candidates were already pre-screened and verified, the employer choosing this option also accesses the most choices that fit their criteria.
2. To Have More “Hands on” Control over the Final Hiring Decisions
On top of savings, there are instances in which a business may simply prefer to take the final steps of the hiring process in-house. Thankfully, with the reliable information provided and pre-screening of each candidate through the provided research, businesses can match the same criteria as a full-service recruitment business.
- ⭐ Tip: To maximize your efforts, avoid common mistakes like having a candidate wait too long for a response or failing to make a competitive offer. By understanding the psychology of your top candidates, you can offer a smooth candidate experience that will maximize your chances of recruiting a winner!
3. To Build a Candidate Pipeline
There are also instances in which a client isn’t ready to hire for an executive position but wants to be ready to fill a vital role, especially when they are in a specialized industry like medical devices, life sciences, aerospace, manufacturing, and other hard-to-find specialties. An Executive Search Research Firm is well-suited in preparing companies for future hiring needs by establishing and nurturing a candidate pipeline.
Having a list of interested, qualified executive candidates that you can call in case of a vacancy can save businesses a lot of time filling a role. This maximizes productivity and reduces downtime in onboarding for an important leadership position.
A candidate pipeline gets updated periodically, as it’s an ongoing research project, so businesses that invest in this information typically go with a bundled pricing plan to get maximum savings with well-rounded research support.
4. To Get Market Intelligence
Not only can executive search research firms identify, source, and screen candidates, but they can also collect competitor information through market research. You can get org charts of external companies, find out details like what healthcare benefits, incentives, and salaries they offering, how long someone has worked at the company, and other important information. Experienced research firms like Corporate Navigators not only find in-depth market research recruitment information about companies in America, but can look into companies around the world.
5. To Assist Executive Recruiting Firms
Executive search research firms like Corporate Navigators can also assist full-cycle executive recruiting firms with speedy business information. This win-win scenario is often part of an executive recruiter’s methodology as it augments their recruitment process, enabling recruiting teams to focus on communicating with executive candidates, negotiating job offers and other employment terms, and much more, making a better experience for everyone.
Using Executive Search Research as an Alternative for Candidate Sourcing
No matter what type of recruitment method you choose, both traditional commission-based, full-cycle recruiting partners and the new hourly executive search research model offer value to businesses that need to fill vital roles.
If you’d like to explore the cost-effective alternative of a research-based approach, contact Corporate Navigators today. We are a Chicago-based recruitment research firm with almost 25 years of experience in delivering quantitative and qualitative recruiting research to clients around the globe.
