FM Broadcast – Is Executive Search Right for You?

FM Broadcast – Fall 2023

Is Executive Search Right for You?

In today’s business landscape, marked by uncertainty surrounding workforce planning, layoffs, and macroeconomic fluctuations, our clients have adopted a more cautious approach to hiring. Many have scaled back on aggressive recruitment efforts and are scrutinizing budgets and resource allocation more than ever. However, the need for exceptional leadership remains constant. Recent market turbulence has not diminished the critical importance of top-tier executive talent that can drive strategic growth and help companies achieve their objectives.

The executive search process is resource intensive and demands a rigorous, strategic approach. Top executives are usually passive candidates that do not browse job boards and rarely respond to recruiter outreach. However, a trusted executive search partner enables companies to access the best pool of executive talent. Proven executive search firms will have trusted relationships and can help their clients create a tailored process that generates more efficient and effective results than a LinkedIn job post or blanket outreach.

Retained vs. Contingent Executive Search

There are two kinds of executive search, retained and contingent. Contingent firms offer certain benefits like a small upfront financial outlay and the potential to “spread your bets” by having multiple firms working concurrently on a single role. However, contingent firms are volume-driven, which means they are working with numerous companies in parallel and often cast a wide net with indiscretion, rarely considering a candidate’s fit. Moreover, contingent recruiters often present the same candidate to many companies simultaneously, which can lead to mixed results and a questionable client experience.

In contrast, retained executive search firms use a partnership approach, serving as brand ambassadors for their clients and prioritizing fit over volume. A retained partner presents only highly qualified candidates and actively manages the candidate experience. This tailored, high-touch approach can be the difference maker in attracting and securing premium talent effectively. Furthermore, retained search firms are well positioned to complete complex confidential searches using discretion and precise messaging. For more insights on running a successful confidential search, you can revisit our previous newsletter here.

Retained firms also bring a particular depth of industry expertise, enabling them to identify and engage highly qualified passive candidates across their specialized networks. They understand the nuances of various roles and sectors, from the subtleties of enterprise vs. SMB SaaS experience to the distinctions between technical backgrounds required by a small molecule vs. biologics company in the life sciences.

Boutique vs. SHREK Search Firms

The differences between boutique and large retained firms are also significant. Large, global search firms (“SHREKs”) boast extensive candidate databases and brand cachet, but they are not suitable for every executive hiring situation. SHREKs have more off-limits companies due to their reach and will typically focus on C-suite and Board roles. This means certain executive searches are sometimes lower priority and are not given the same level of attention.

Meanwhile, boutique retained firms offer similar industry expertise and access to top-tier talent but have fewer off-limits companies. Firms like FlemingMartin understand that less is more. We limit the number of client engagements our Practice Leaders undertake at once to focus on a white-glove experience for candidates and clients. This allows for personalized attention to detail and for our consultants to form long-term partnerships rather than rely on a database for short-term solutions to critical client needs. Recruiting premier talent requires grit and perseverance, so having an experienced, accountable, and engaged Practice Leader who possesses a “roll-up-the-sleeves” mentality is critical for success on the most challenging of searches.

Even in today’s uncertain economic environment, the need for top-quality executive talent remains a key priority in competitive, fast-moving industries. Retaining an executive search firm like FlemingMartin, as a trusted advisor and hardworking partner, can help build strong leadership teams that will support your organization’s long-term success.

FlemingMartin has a track record of being a trusted partner that successfully completes our client’s toughest searches. Our team brings the domain expertise, a highly refined process, and deep networks that accelerate the timeliness needed in search execution.

Client Snapshots

Select Current Searches

Venture-Backed IOT PaaS

• Vice President of Product

Private Diagnostics

• Senior Director of People Programs

Private Biotechnology

• Chief Business Officer

Private Online Publishing

• Board of Directors (x2)

Private SaaS Technology

• Senior Vice President of Human Resources

Public Software Technology

• Vice President of Tax

Venture-Backed FinTech

• Chief Financial Officer

National Non-Profit

• Managing Director, HRIS & People Analytics