EXECUTIVE SEARCH TECHNIQUES
At Moriarty/Fox, Inc., our approach to each executive search assignment is one of responsibility, thoroughness, and business acumen. The purpose of our efforts is to identify, evaluate, and attract the best qualified candidates for your special need. Despite the fact that every search is unique, we have developed specific techniques which are effective in solving even the most difficult assignments. The steps and techniques in the search process as practiced by our consulting group are outlined here.
INITIAL CONSULTATION AND BRIEFING
To enable us to accurately represent you in the marketplace and before we undertake an assignment, we meet with your key management personnel who will be most involved with the assignment. During such an initial meeting, we review the management structure and style of your organization as well as the technical aspects of the position to be filled. It is important that we understand the operating methods and personal chemistry of those executives who will be working with the new individual.
Agreement is reached regarding the specific responsibilities, qualifications, reporting relationships, salary range, benefits, and future career prospects for the new individual. Our previous experience on similar assignments can aid us in helping you relate these factors to the realities of the marketplace.
THE POSITION SPECIFICATION
Following agreement on the requirements of the position and the qualifications candidates must possess, we prepare a one-page specification. This is submitted to you for review, and following your approval it is used in contacting selected sources and potential candidates. The specification does not identify your organization.
RESEARCH PHASE AND SEARCH STRATEGIES
The consulting group at Moriarty/Fox develops a plan of action which we believe will lead us to the best candidates. We develop a research strategy to identify target industries, companies, and individuals. These steps in the search process are designed to aid us in locating the most qualified candidate. Industry information is surveyed, and a review is made of our own general data base and searches of a similar nature which we have conducted.
This phase and the next require considerable creative input and often a high degree of confidentiality.
DISCUSSIONS WITH INDUSTRY SOURCES
During telephone consultations and in personal meetings with key industry sources, we begin to compile a list of prospective candidates who are generally considered to be leaders in their field. Some prospects may often not be actively seeking a job change; however, they might become interested in a new career challenge when approached in total confidentiality.
IDENTIFICATION AND EVALUATION OF CANDIDATES
Our experience and judgment in identifying and evaluating candidates are key elements in bringing the search to a successful conclusion. Usually interviews are initially conducted with a great many individuals over the telephone. After a careful screening process, we meet with a select number of individuals who seem best qualified for the position. The personal interviews are comprehensive and designed to evaluate each candidate’s potential for success in your organization.
Background information on those candidates who in our judgment best meet the requirements of your need is presented in the form of written reports. These detail the candidate’s career progression, major responsibilities, key accomplishments, and also our subjective analysis and assessment of the individual’s business capabilities and personal skills and characteristics.
It is normal for us to present three to five strong candidates from our screening process. This enables you to have a selection from a small group, any one of whom should be able to meet the responsibilities of the position well.
YOUR INTERVIEWS WITH CANDIDATES
At the appropriate time, we make the necessary arrangements for you to meet with candidates. Most often, these meetings are scheduled in your offices. However, if circumstances of a confidential nature dictate, they can be held in our offices or at another mutually convenient location. Under certain circumstances, you may want us to participate during your first interview with candidates.
REFERENCE CHECKS
When we determine the existence of a strong mutual interest between you and the candidate, we contact past and current business associates who are in a position to comment on the candidate’s management abilities, technical competence, achievements, and personal characteristics. This review may be conducted at an earlier point if there is no possibility of jeopardizing the candidate’s current situation. In addition, we verify the educational credentials of all candidates. Forecasting the long-term success of a candidate can, in part, be assured by careful, thorough, and confidential reference checking.
NEGOTIATION OF OFFER
When you decide to extend an offer to a candidate, we will, at your invitation, provide recommendations to you on the structure of an attractive compensation package. We will also become involved in any other details necessary for the successful conclusion of the search. Serving as an objective third party, we can overcome difficult or potentially awkward points of difference and help in the decision-making process which leads to the acceptance of an offer.
We will remain in contact with you and the successful candidate during the first year of the new relationship. This follow-up can prove helpful during the initial adjustment period experienced by both parties.
TIME REQUIREMENTS FOR A SEARCH
Most executive searches require two to five months from the time of our initial consultation and briefing with you until the successful candidate makes the decision to join your organization. Your management needs receive our full attention. While some searches may be resolved in a shorter period of time, we will not undertake expediencies which would diminish the quality of our work or lessen our effectiveness and thoroughness.
FEE STRUCTURE
Our fee for professional services is approximately one-third of the first year’s total cash compensation for the position, which is set at a mutually agreeable fixed fee and billed in three equal monthly installments.
The search begins upon receipt of payment of our initial invoice. Because we do not work on a contingency basis, the fee is not refundable.