Recruiters specializing in executive search should brace themselves for big changes, according to a recent Human Resources Executive Online article.
Citing a recent report by the Association of Executive Search Consultants, the article predicts that executive search firms will become more specialized, focusing on specific industries or functions. In fact, 21 percent of firms surveyed that currently consider themselves to be “generalists” plan to become more specialized within the next five years.
Executive search firms should also prepare for clients who expect their recruiters to do more than just find talent. In fact, 69 percent of the respondents to the report said their clients have been asking for additional services. The most popular services clients want include assessments and management audits, executive coaching, human capital strategy, board advisory and governance, succession planning, and onboarding.
From our experience, there is one more service clients are likely to start requesting from executive search firms: contracting. As more executives head toward retirement age, many companies find themselves scrambling for replacements. Rather than hastily filling such important roles, companies instead hire workers on a contract basis to either take over temporarily or work on a contract-to-hire basis so the company can assess their talents rather than committing to a direct-hire right away.
Adding contracting to your business model is not difficult. All you need to do is find a contracting back-office, such as FoxHire, to handle the employment of the contract workers. Then simply let your clients know that you can provide contract candidates. If you specialize in executive search, contracting is an easy way to add value for your clients and bring more business to your firm.
