Finding top people for the top job
pharmafile | October 1, 2007 | Feature | Business Services |Â Â careers, management, recruitmentÂ
When it comes to filling the most senior roles in a company, whatever its size, executive search is, more often than not, the preferred hiring tool for finding that ideal candidate. Recent surveys estimate this is the case in almost two thirds of such assignments and that, despite the cost, most companies find that search firms (or headhunters) are the most effective channels in fact, the estimated failure rate of search firms (i.e. where they fail to place someone) is between 15% and 20%.
Retained executive search is most appropriate for key, senior functions for which it is critical to hire not just any qualified person, but the most qualified person to suit the organisation's culture. It is the ideal method in situations where clients don't want to get involved in the early stages of the recruitment process and only want to meet high-quality, fully screened candidates who meet the job specification.
There are several situations where using executive search is a desirable course of action. For example, companies may need an independent and reputable third party to represent them in the marketplace, or they may require a high level of confidentiality because there is an incumbent or the organisation doesn't want to make public the prospect of a senior management change. It is also the best option in cases where a dedicated effort is needed to fill the position within rigorous time constraints.
But what about the timescales involved? How long should you allow in order to fill a position? Does it take more time to find senior executives than more junior roles? Popular perception is that junior would be faster than senior but is this really the case?
Knowing what you want
Key to the success and speed of any recruitment campaign is the clear definition by the client of all qualifications, knowledge and personal characteristics required of the successful candidate. Some criteria are easy to define; for example, particular qualifications, such as an MBA or a medical degree, and certain required experiences can also be clearly defined and understood, such as running a small company as a managing director or chief executive, or successfully bringing a company to market for an IPO.
However, there are less-easily defined characteristics around the nebulous area of cultural fit. This is probably the major area in which there can be real problems with the definition of requirements, which can make the search more difficult and more time-consuming to execute.
For instance, if the views of board members differ and only one set of requirements is given to the recruitment company, there can be a problem later when the shortlist is presented. Some members of the board may want someone who fits a more traditional mould; other members may wish to introduce some new blood into the company, such as someone who has achieved success from a different background or via an unconventional route, but who has their finger on the pulse of the modern world. A disparity of opinion can lead to confusion and result in a slower process.
Is there a cultural fit?
This potential problem can be avoided by open communication and making sure your recruiter knows the views of all the decision-makers and which characteristics and experiences are the must-have requirements. This is where taking the time to get the most comprehensive brief can pay dividends. Detailed interviews with management to obtain and develop a full understanding of the vacant position and the requirements of the ideal person to carry out the role are essential.
Just as important, if not more so, is a written summary of this understanding, including a specification of the perfect candidate, which needs to be approved by the client. This playback of the brief is a key stage in the process to ensure that everyone involved has understood what is being agreed. Taking the time to revise or amend the specification at this stage can save many wasted hours further down the line.
However, one aspect of the specification can be difficult to get down in black and white. Problems at a high level with respect to cultural fit are the single most important reasons for failure to recruit key executives.
A recruitment consultant with more than 15 years' experience in the industry agrees: "Cultural fit is so important to get right, but because it is a nebulous area and the more difficult part of the brief, quite often it all comes down to instinct rather than a mechanical check.
"Taking the brief is only the start. You often have to read between the lines, as well as noting the facts. What is not being said can be as relevant – if not more so – than what is. Its also important who gives you the brief because it's essential that the views and preferences of all key decision-makers within the company are taken into account. Clarity at the start of the assignment and throughout the process is key, and if there is an area of confusion, it's best to stop and take a check before proceeding along a particular route. It will only cause problems later on."
Making contact
In many ways, dealing with senior candidates can be more straightforward than junior roles, thereby speeding up the process. Senior executives are accustomed to being contacted – they will generally already be well aware of how the executive search process works and will have used it to their own advantage in the past during their careers. Even prima donnas tend to respect the recruitment consultant who approaches them about an attractive role. (But beware of contacting one about a position at a lower level.)
One recruitment consultant has found that there are people in senior roles in the industry who are happy to be contacted on a reasonably regular basis about exciting opportunities. Even if they have no intention of moving at that moment and would not want to be considered for the role, they are often flattered to be in the frame at least at the early stages and it helps them keep in touch with the recruitment marketplace.
"Of course, you might just make that call at the very moment they are first thinking that a change might be on the cards- if they are a strong candidate, that's a great moment. Sometimes, they will be seduced by the new proposition on the table.
"Discretion at this stage is obviously key and that's why, when people are currently in a role, we often make contact in the evenings. We often find that senior people are happier dealing with recruitment consultants who are used to handling positions at the higher levels as they know the best way to approach the situation. Such consultants are also familiar with the pressures and expectations being experienced by candidates at this level."
Meetings and interviews
Once approached, a senior executive who is interested in a new position will, in the majority of cases, tend to be accommodating about when they can attend an initial interview with a recruitment consultant before meeting the client, where the best location is and how they will get there. They are accustomed to being flexible. This may mean an evening interview or as they change flights in a major international airport. But the arrangement will almost always be kept to, unless business gets in the way, and an immediate alternative can then be offered.
"One of my most unusual locations for an interview was on a train, remembers a pharma chief executive. I had been approached by a recruitment consultant and the only window of opportunity we could find in a frantic week was a two-hour train journey to Leeds.
"Fortunately, we were in first class and had the compartment to ourselves, but it was an excellent use of time and meant that we were able to move things along very quickly. The unusual location must have brought me luck as, in the end, I was offered the position."
Business class lounges at airports or hotels can be another prime location for interviews, where it is often possible to find a quiet corner to talk. For many busy executives, this is a good use of time, as they wait for a flight in an airport lounge or stop off on a journey to meet up.
Career monitoring
The way most senior executives respond to being contacted about a position, and following it up also helps the timeframe. Many view their career strategically, weighing up the role, the remuneration and the opportunities to progress.
A senior player in the industry does just this. "I take time out every six months or so to evaluate my career and do my own review," he says. "I try to measure up what I have achieved, the rewards and opportunities available with what I need to ensure my career keeps moving. I have my own career goals and, for me, its important to keep monitoring progression along this path.
"When you're busy, it's easy to lose sight of this and months or years pass before you realise that your career is not progressing in the way you want or quickly enough. By making a date to focus on this, it ensures you have time to look objectively at all aspects of your current role and then decide whether it's time to make a move or not."
Most senior executives have an up-to-date CV to hand or several CVs slanted to whichever of several roles they are aiming for. So, in a number of ways, they are better prepared to evaluate advertised positions and, if contacted by a recruitment consultant, better prepared to go on and sell themselves.
Recruitment companies also appreciate potential candidates who keep in touch, and who send in a revised CV when they are on the lookout for a move.
A clinical director with a global pharmaceutical company believes that a proactive approach can reap rewards. He says: "Whenever I have been considering a move, I send a current CV round to a number of recruitment consultants letting them know I am on the market. Keeping the details on your CV 'topped up' means you can communicate your most recent achievements, which can be the most relevant.
"It's also worth looking at the current ways to present the most effective CV and to get help if you need it. There are certainly tips you can pick up on recruitment websites which give you guidance on what to include and how to present the material in the most succinct and impactful way. Recruitment consultants and HR professionals need to be able to extract the key relevant facts very quickly, rather than wading through pages of superfluous information."
The issue of location
Fortunately with key executives, there is often little issue about the location of a position they will tend to work anywhere for the right job. In the present world, they are often accustomed to working away from home during the week or for longer periods, and many live 'international' lives having home in one country, office in another and head office in yet another, with the nature of their work regularly taking them all over the world. This may not be the case with more junior roles where the opportunity and remuneration will not outweigh the domestic inconvenience. "At the most senior level, location does not often pose a problem, unless it is an unpalatable place to live," comments one recruitment consultant.
"At this stage in a career, provided there is an excellent benefits package, including relocation if required, regional variations in house prices don't constitute a deal breaker. As an alternative approach, some executives decide not to uproot the family and become weekly commuters instead, returning to the family home at the weekend.
"Some people take a more strategic view of where they live, locating within easy commute of areas where there is an established cluster of companies in their sector. This means they can happily move jobs without necessarily moving house, giving them some career flexibility."
A faster process
Perhaps surpisingly, senior candidates are often much easier to deal with than more junior ones, as during their careers they have grown used to being flexible and focused, and are open-minded and successful. They have also developed a clear understanding of how the recruitment process works.
The combination of senior experience and attitude, their approach to career management, flexibility and the readiness to consider new opportunities and fewer concerns about location all result in a faster recruitment timescale.
All of these contributory factors are proven by fact: the average length of time taken to fill a senior role is about four months from the start of the search to the candidate's appointment in contrast to the five-and-a-half months it takes to appoint a more junior position.
Dr Vernon Harten-Ash is Managing Director of the Harten Group, providers of recruitment services to pharma and biotech.
For more information, call 01223 233777, email: enquiries@hartengroup.co.uk or visit www.hartengroup.co.uk
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