Executive Search

What executive search firms do

An executive search is a consulting project as much as a recruiting one. The firm helps the employer define the role, maps the market, approaches and persuades candidates, assesses them, and supports the offer and transition. The work is done by a partner who owns the client relationship, a consultant or principal who manages the search day to day, and researchers who build target lists.

The defining feature is that most good executive candidates are not looking. A COO running a strong operation is not reading job boards. The firm's value is identifying the 150 or so people who could do the job, finding a credible way to approach them, and turning a few into motivated candidates. This is why talent mapping sits at the center of the process.

Fees and timelines

Most executive search is done as retained search, with a fee of around one-third of first-year total cash compensation, paid in installments. Some firms charge a fixed fee agreed up front, which removes the incentive to push compensation higher. A few firms use a hybrid with a smaller upfront payment and a larger success fee.

Typical timelines: four to six weeks to present a first slate, three to five months to an accepted offer, and notice periods of one to three months before the executive starts. Board and CEO searches often run longer. Plan for six months from the decision to search to a new leader in the seat.

How to run an executive search well

• Agree on the role first. Most failed searches fail because the leadership team did not agree on what the role needed. Write down the three or four outcomes the leader must deliver in the first two years.
• Set compensation with data. Ask the firm for market data before launch, not after the finalist names a number.
• Keep the interview team small and use a structured process: the same competencies, the same questions and a written scorecard for every finalist.
• Move fast at the end. Senior candidates often have other options. Two weeks between final interview and offer is too long.
• Do real references. The firm should speak to former bosses, peers and direct reports, including people the candidate did not list.
• Plan the first 90 days. Onboarding a senior leader is where many searches quietly fail a year later.

Executive search vs other recruiting models

Contingency search works for mid-level and many director roles, where candidates are easier to find and speed matters more than depth. Executive search is worth its cost for roles where the business impact of the hire is large, the pool is small, or confidentiality matters, such as replacing a sitting executive or hiring ahead of an acquisition. Internal executive recruiting teams exist at large companies and handle many VP-level searches themselves, using outside firms for the most senior or sensitive roles.

The popular term for an executive recruiter is headhunter, which captures the idea of approaching people who are not looking.

Choosing a firm

Large global firms have broad networks and research teams but larger off-limits lists, meaning there are more client companies they cannot recruit from. Boutique firms often specialize by industry or function, such as healthcare operations, financial services or HR leadership, and the partner usually does more of the work personally. Ask any firm for three recent comparable searches, the names of who will actually work on yours, and how they build diverse slates.