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Jones-Parker/Starr
Strategic Consultants to Human Resources and Executive Search Consulting Firms
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Press ReleaseExecutive Search Consulting Looks at Itself
Chapel Hill, North Carolina - May 12, 2000 - Executive search consulting has traditionally weathered scrutiny from clients. It is, after all. believed that clients first dubbed consultants "headhunters." Such outside scrutiny may account for the willingness for the executive search profession to take a hard look at itself as it strives to improve its performance along with its image.
Jones-Parker/Starr, a firm providing consulting services to the executive search profession, has conducted its second annual survey of retained executive search professionals in the top 40 firms and from smaller organizations. The results prove that finding top talent requires talent and, today, retaining those talented professionals is a challenge no matter what the business.
The findings of Survey 2000 are similar in many areas to last year's. Namely, search professionals report that clients select search firms primarily based on familiarity with the industry (87%), relationships with the consultants (86%), number of searches completed (75%), and knowledge of function (71%).
Janet Jones-Parker comments, "Search continues to gain strength as a valuable consultative arm to the client. Assignments are no longer considered to be merely transactions, indicating the need for search specialists. We were surprised that more respondents did not consider 'international reach' a high priority in the selection process, given the globalization of United States business and the increase of international companies in the United States."
In answer to the criticisms of, and reasons for, the length of time of a search assignment, the respondents identify four impeding factors: unavailability of the client to interview (66%); too many participants in the decision process (66%); indecisive client (61%); and the shortage of qualified candidates (43%).
Jones-Parker says, "A firm timetable and commitment and full agreement to the job specifications at the outset would certainly improve the time to completion rate of most searches. Highly qualified candidates will continue to be in short supply making the task increasingly difficult and requiring increasingly talented consultants."
More search firms are this year measuring their own performance (79%). Measurements are based on the percent of searches completed (82%); longevity of the hired candidate (76%); time to completion (63%); and contribution to shareholder value (51%).
Respondents maintain their belief that technology will not affect searches at the most senior level. However, Jones-Parker emphasizes that firms must develop Internet-based tools to maintain the competitive edge, especially as the younger, more technologically-facile managers move into senior management.
The influx of IPOs among the executive search business may have peaked as a majority of respondents (76%) believe that search firms should not go public, nor do they want to work in a publicly owned firm. An overwhelming majority (80%) would not invest in a search firm.
Jones-Parker concludes, "This year's survey highlights interesting trends. We believe that we will see more highly concentrated, specialist boutiques created by the experienced rainmakers leaving larger public firms and they will have a competitive advantage in getting new business. Clients may consider such boutiques best able to navigate the ever shrinking, qualified candidate pool. We also think that some of the affiliate networks will become wholly-owned entities resulting large, global firms."
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