Retained Executive Search: Key trends in 2023
Retained executive search projects have become more prominent within the C-Suite hiring landscape. As highlighted in our previous blog, there are many avenues to take when hiring a senior level employee. The benefits of the retained search model definitely make this process more streamlined.
Of course, the world of executive search recruitment is always changing. Across multiple industries, we are seeing new approaches to attracting the best leaders in the business. Of course, certain shifts in the professional world are driving these.
Trends to watch within retained executive search
To understand the world of retained executive search, we wanted to share key trends that we are keeping our eye on and using within our own strategies.
Understanding selective candidates
What determines the ‘perfect role’ has changed. People are doing more research and are being more selective about what roles they apply for. This is absolutely true for senior candidates. Demand for technology talent is high, while the work-life outlook has changed. Our sister brand, TechNET IT, outlines this concept perfectly! For retained executive search, it means these projects must become more humanised. It will be about creating a flawless candidate experience, while taking into account the different needs of each person. Of course, the right agency will already have established relationships and thorough screening processes to help with this.
Diversity & Inclusion
We have spoken at length about the importance of representation in the C-Suite. However, it is not just candidates looking to see diversity & inclusion within a company. Within executive search in particular, companies want leadership figures who can foster a culture of inclusion and put greater focus on the D&I policies. The benefit of a retained search is that key parameters can be set to ensure no bias and that the shortlist consists of the very best for the jobs, regardless of their background.
Soft skills
We hear a lot about soft skills within the recruitment world, particularly when hiring middle management professionals. When it comes to the senior hires, the tech skills are often prioritised. Now, it is an important factor when mapping out a retained search project. Of course, leaders will have the technical know-how that can help them leader an entire department and advance the company. However, emotional intelligence, collaboration and leadership skills should be equally as important. As mentioned, candidates are more selective and have a different outlook on their working life. Effective leaders should recognise this and in turn it will help them attract new people to their team once they settle into the business.
HR technology supercharges the executive search industry
As internal recruitment teams grow, so does the investment in HR technology to help improve their recruitment practices. AI, automation and improved candidate tracking systems are just a few concepts companies are adopting. This does not mean the need for executive search assistance is no longer needed. Within a retained search project, the recruitment agency must demonstrate how their technology can work with that of the company. The key objective of a retained search project is to streamline the process and laser in on a well-vetted shortlist of senior candidates.
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