Here’s Why Industry Specialization Is Crucial When Hiring A Retained Search Firm
Here’s the truth: a retained search firm will always be a good option if you’re looking to hire a key role in your company. Just as important is which search firm you choose.
You don’t want to hire the first retained search firm that comes recommended to you. Just because a search firm was a good fit for your colleague, doesn’t necessarily mean they’re a good fit for you. Picture it this way: if you’ve got knee pain then you don’t want to talk to any doctor out there, you want a specialist.
Like doctors, specialization is key for retained search firms. It pays to partner with a firm that specializes in placing candidates in your industry. The reason being that they are better qualified to find you the best possible candidate for that role.
Why Industry Specific Recruiters Are More Capable Of Finding The Best Candidate
The Better The Opportunity Is Presented, The Better Candidate You Will Find
Finding your perfect candidate is a dynamic, challenging task. Recruiters don’t only need to identify that candidate; they also need to sell him or her on the role you’re looking to fill. With a better understanding of the industry, the recruiter can better explain the job scope.
Furthermore, they will be able to better present the opportunity in greater detail given the industry knowledge that they possess.
Recruiters With Industry Knowledge Can Better Navigate The Search Project Than Someone Without
How the recruiter navigates the interim period between identifying a quality candidate and that candidate’s commitment to your company will go a long way in determining whether you land that person.
To this end, you’ll need a recruiter who possesses a working knowledge of your industry so they’re able to speak intelligently about your offering. If they don’t know what they’re talking about, it will be evident, and it will discourage both you and the candidate.
Recruiters With Industry Knowledge Can Spot Opportunities That Others Cannot
If your recruiter is knowledgeable about your industry, not only will they be able to sell candidates more effectively, but they’ll also be able to spot opportunities that others — firms who do not specialize — won’t be able to.
They’ll know which companies are running out of funding, for example, and when might be the most impactful time to get on the phone and pitch a departing employee on your exciting new role.
A Knowledgeable Recruiter Can More Readily Distinguish Between A Good And A Bad Candidate
The open position for which you’re hiring likely requires skills and characteristics that are unique to the role and to your company. Your recruiter must be able to identify what those skills are and must be well equipped to determine which candidates fit that mold versus those who don’t.
Recruiters with industry-specific experience are far more likely to have the capacity to execute a successful search.
This result is something I know from experience. Early on in my career as an executive recruiter, I was hired to find a controller for a $4 billion public semiconductor company. I knew little about finance or semiconductors. I was out of my depth — and it showed. That search could have gone much more smoothly if I had been a specialist in the industry, or if the company had hired someone else who was.
Where To Start Looking For The Best Retained Search Firm
It can be difficult finding a recruiter who specializes in your industry. Furthermore, if you want to find the best recruiter you have to know where to look.
What makes the process even trickier is that just because a firm says they specialize, doesn’t necessarily mean their specialization aligns with the role you’re hiring. Other factors like the size of the company, the geographic region, department, and seniority of the role can also make a big difference.
That’s exactly why my team and I developed the Clockwork Network.
The Clockwork Network catalogues and analyzes the performance data of tens of thousands of search projects across hundreds of retained search firms to help you identify which firms outperform the others for your specific kind of search.
Let’s say you’re in need of a VP of Marketing for your e-commerce company in New York that does $50 million in revenue. Through our custom analysis, we can aggregate for you the firms that exactly match that criteria. From there, we can identify the Outperformers and make an introduction.
Essentially, we’re taking the guesswork out of executive search.
Originally published on the Clockwork Network Blog
