Exclusive partnership vs open market search: what’s the smarter approach for Executive vice president (EVP)talent acquisition?
When considering the recruitment of an Executive Vice President (EVP), one must ask: does an exclusive partnership with a search firm lead to better talent acquisition outcomes than an open market search approach?
Exclusive Partnership: A Targeted Strategy
In an exclusive partnership, a company engages a single search firm to fill a high-level position. This approach offers a dedicated focus on the company’s needs, allowing for a tailored search strategy that aligns with the company’s culture and business objectives. An exclusive search firm can leverage its networks and proprietary databases to identify candidates who may not be actively seeking new opportunities but are a fit for the role.
The 2024 Private Equity Talent Trends Report highlights the importance of data-driven decision-making in talent acquisition (ON Partners). An exclusive partner, with access to HR Signal® retention metrics, can provide insights into candidate longevity and performance, enhancing the quality of hire.
Moreover, an exclusive partnership can ensure confidentiality, a critical factor when recruiting for C-level positions. The focused nature of the search can also result in a more efficient process, as the search firm is fully invested in the success of the hire, potentially reducing time-to-fill metrics.
Open Market Search: A Broad Horizon
An open market search involves casting a wide net by engaging multiple search firms or using various recruitment channels. This method increases the volume of potential candidates and can be beneficial when seeking a diverse range of profiles or when the required skill set is not highly specialised.
The broad reach of an open market search can be advantageous in the current talent landscape, where vacancy rates are dropping, and the talent pool is widening (Hudson RPO). It allows employers to tap into a larger market, including global talent sourcing, which has been facilitated by the rise of remote work (Pronix Inc.).
However, managing multiple search firms can be challenging, and the lack of a single point of accountability may lead to inconsistencies in candidate experience and employer branding. Additionally, the competition for in-demand skill sets remains fierce, and an open market search may not provide the same level of strategic focus as an exclusive partnership.
The Verdict: A Balanced Approach
Considering the current talent acquisition landscape, a balanced approach may be the most effective strategy for recruiting an EVP. An exclusive partnership offers a targeted search with in-depth market knowledge and a commitment to finding the best fit for the company. However, the open market search should not be discounted entirely, as it can complement the exclusive search by broadening the candidate pool and providing a competitive edge.
An exclusive partnership can be the primary method, with the option to engage in an open market search for specific roles or when the exclusive search needs to be supplemented. This approach can combine the benefits of both strategies, ensuring a comprehensive search while maintaining focus and strategic alignment.
Conclusion
In conclusion, while both exclusive partnerships and open market searches have their merits, the smarter approach for EVP talent acquisition may lie in a hybrid model that leverages the strengths of both. Companies must assess their unique needs, market conditions, and the level of specialisation required for the role to determine the most effective recruitment strategy.
As we look towards the future of talent acquisition, how will your organisation adapt its executive search strategies to secure the leaders who will drive your business forward?
References
– “ON Partners Private Equity Talent Trends Report Unveils Five Key Trends Reshaping Executive Talent Acquisition and Retention.” Morningstar, 24 Sept. 2024, https://www.morningstar.com/news/globe-newswire/9235424/on-partners-private-equity-talent-trends-report-unveils-five-key-trends-reshaping-executive-talent-acquisition-and-retention.
– “CEO Insights: Talent Acquisition in 2024.” Hudson RPO, https://www.hudsonrpo.com/blogs-articles/ceo-insights-talent-acquisition-in-2024.
– “The Future of Talent Acquisition: 5 Key Trends for 2024 and Beyond.” Pronix Inc., 29 Sept. 2023, https://www.pronixinc.com/blog/the-future-of-talent-acquisition-5-key-trends-for-2024-and-beyond.
About
Warners Scott , based in London and Dubai, is a global leader in executive recruitment for Banking & Investments, Accounting & Finance, and Digital & Fintech. With over 18 years of experience, they have built solid relationships with top-tier banks, financial institutions, and accountancies. Their distinct advantage comes from these long-term relationships with hiring managers and internal recruiters, a broad candidate network, and continuous candidate engagement. This unique positioning earns them trust from both talent and hiring managers. Their in-depth understanding of recruitment needs enables them to identify senior C-suite, EVP, SVP, and MD-level hidden, ready-to-move talent that other recruiters cannot reach.
Providing customised recruitment solutions, Warners Scott serves both international and regional clients as true business partners. Their offerings encompass retained, exclusive, and contingency searches, along with permanent, contract, and interim staffing services.
In Banking and Investments, they engage with international and regional banks and investment houses in London and the Middle East, including conventional and Islamic banks. They cover areas such as Private Equity, Asset Management, Investment Banking, Treasury & Global Markets, Wholesale Banking, Digital & Technology, Risk Management & Compliance, and C-Suite Appointments.
In Accounting and Finance, Warners Scott partners with The Big 4 and Top 50 accounting firms, along with globally recognised consultancies. They specialise in Audit, Risk & Compliance, Tax (Private Client, Expatriate, and Corporate Tax), Corporate Finance, Transaction Advisory, Restructuring, Turnaround, Insolvency, Forensic Accounting, Disputes & Investigations, Forensic Technology, eDiscovery, Cyber Security, and Management Consultancy.
In Digital & Fintech, they assist large banks, digital startups, and innovative Fintechs in areas such as FinTech (AI, Blockchain, Cloud Computing, Big Data), InfoSec/Cybersecurity (Application, Infrastructure, Network, Cloud, IoT securities), Digital Leadership, Digital Transformation, Software Development, IT Project/Program management, Data Science & Analytics, Data Privacy, and Data Architecture.