Adam Lloyd is an IACPR Board member and President of
retained search and leadership consulting firm Webber Kerr Associates,
with offices in Tampa and New York. Here he talks about how the down economy has
created, out of necessity, alternative models for acquiring senior executive
talent. The blog is excerpted from a recent HRO Today article.
From Wall Street to Main Street, the United States economy to the global economy, almost all organizations were forced to react quickly and scale their businesses. Spending habits changed, waste was cut, and people and organizations alike did without.
Being in executive search, there was a major concern about the need and the budget for our services in this new set of business initiatives. The business model had to change, and become more of a partnership between search firm and client.
So in addition to the vetted talent required for the search, we began providing market intelligence reports from the data collected during the process. These reports, which are custom and owned by the client, include:
From Wall Street to Main Street, the United States economy to the global economy, almost all organizations were forced to react quickly and scale their businesses. Spending habits changed, waste was cut, and people and organizations alike did without.
Being in executive search, there was a major concern about the need and the budget for our services in this new set of business initiatives. The business model had to change, and become more of a partnership between search firm and client.
So in addition to the vetted talent required for the search, we began providing market intelligence reports from the data collected during the process. These reports, which are custom and owned by the client, include:
• Prospective talent pipelines. These compiled lists of
potential candidates in the designated market include information on the
individuals, such as contact information, title/company, career progression,
interest and motivators for pursuing or not pursuing new opportunities, salary
range, relocation/commute/travel flexibility, perception of client, etc.
• Regional data. This includes motivators and cultural drivers of the talent pool (work-life balance, financial reward, commute distance), local competitors and sources of talent. This type of information has been used by clients to make decisions on selecting new office locations, making acquisitions, etc.
• Industry trends and competitive intelligence. This information is gathered as it relates to trends within the client’s industry, including new product launch, lay-offs/downsizing/salary reductions, and new advancement opportunities for employees within competitors. It helps clients stay competitive to attract talent in the market.
• Regional data. This includes motivators and cultural drivers of the talent pool (work-life balance, financial reward, commute distance), local competitors and sources of talent. This type of information has been used by clients to make decisions on selecting new office locations, making acquisitions, etc.
• Industry trends and competitive intelligence. This information is gathered as it relates to trends within the client’s industry, including new product launch, lay-offs/downsizing/salary reductions, and new advancement opportunities for employees within competitors. It helps clients stay competitive to attract talent in the market.
Because the clients own this information, they have the ability to access
it any time and use it to make new hires and other critical decisions long
after our search has ended. This is where the long-term value lies.
History has proven to be cyclical. Economic conditions will continue to rebound. Search firms will continue to innovate. But have operating and spending behaviors been affected for the long term? Time will tell.
History has proven to be cyclical. Economic conditions will continue to rebound. Search firms will continue to innovate. But have operating and spending behaviors been affected for the long term? Time will tell.
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