How do you tell one executive search partner from another? They’re a dime a dozen after all.
How do you choose between them and what do you need to look out for when making your selection.
This insight explores some of the questions to ask when you are deciding which executive search partner is best suited to your insurance recruitment needs.
When insurance businesses are looking to fill strategic senior leadership positions, an executive search partner can bring an outside perspective to the recruitment process.
The best external search partner will be a true talent partner throughout the hiring journey. They know how to define the requirements of the role and will spend time understanding your culture.
Choosing the right recruitment partner to support your insurance executive hiring will offer long term benefits.
But in a crowded market, you’ll need to ask the right questions to ensure you’re working with the best executive search partner.
There are six simple ways you can assess them
What is the insurance search firm’s methodology?
The first step is to understand what approach they will take to find you the best insurance talent.
How will they get to know you as a business, understand your hiring needs, culture and the insurance leader you’re looking for?
Clarity on the job role you’re looking to fill is essential.
How will they map the market to ensure they identify the widest and most diverse pool of potential candidates?
How will they vet candidates, develop the shortlist, oversee the interview process?
What are timescales and milestones will they be working to? Will there be regular progress calls and updates on the candidate pipeline throughout?
Who will actually be managing the process on your behalf and will you have direct access to them?
Communication with an executive search partner is crucial.
What geographic area does the search firm cover?
When looking to hire insurance talent in a specific geography, find out the strength of an executive search partner’s presence.
Just because an executive search partner doesn’t have a physical presence in the location, doesn’t mean they won’t be able to deliver a successful search assignment.
But you’ll need to question the strength of their networks and their understanding of local market nuances or cultural differences.
If you’re a global insurance business looking for a C-level appointment, you’ll want to consider an executive search partner with a global network and deep contacts.
Although the likes of the big 5 SHREK recruitment firms – Spencer Stuart, Heidrick and Struggles, Russell Reynolds, Egon Zehnder and Kornferry – have international offices, technology has made an impact.
It is now much easier for smaller executive search partners to complete and develop a pipeline of top talent.
Better to ascertain the insurance search consultant’s commitment to the project, as well as their capability and experience.
The executive search partner – their experience, knowledge and team
A key element of evaluating an executive search partner is knowing and understanding the team of consultants that will be delivering the project.
Meet the key personnel in the search team. The leadership and the individual consultants who are proposing to work on the search assignment. Online bios, LinkedIn profiles are all readily available.
Do they have insurance industry experience as well as purely a recruitment background. Do they understand the technicalities of the insurance, reinsurance and captives, for example.
Whilst insurance experience may be important to some, a strong track record of delivering executive search projects is the certainly required.
You may also want to ask for case studies, endorsements and testimonials from previous clients.
Ask who will be leading the search assignment. Will it be a senior insurance search consultant or be passed on to a less experienced colleague?
Rapport is important too. Do you get on with the search partner? Do you trust them to deliver?
The breadth and nature of roles the executive search partner has successfully delivered lately
An executive search partner, they should be able and prepared to give you a list of positions they have filled.
If you’re looking for a COO insurance leader, you should ask for examples of the last COO search assignments they’ve delivered. The same if you’re looking to recruit at SVP level.
It is also worth asking for evidence of the breadth and diversity of roles they work on. This will confirm an executive search can deliver a diverse candidate slate and not simply tap up the same candidates over and over again.
If an executive search partner has worked on many similar roles – a VP of Contract Surety for example – there may be many candidates in the insurance talent pool that will be off limits.
A collaborative executive search partner?
More than likely, you will want to engage with an executive search partner who acts as a true talent partner.
You will need to establish whether they see themselves as an extension of your business culture and hiring team. Or do they regard themselves simply as a recruiter that is there to fill a role and agree with everything you say.
An executive search partner with a deep understanding of your leadership, people, culture and employer value proposition, will be much more likely to attract the insurance talent you’re looking for.
The real value in an executive partner is the advice, insights and knowledge they bring.
Assess whether an insurance executive search partner will be prepared to help shape the job profile.
Or advise on aspects such as compensation and benefits, working structure – e.g. in-office, hybrid or remote-working – as a way to attract the very best insurance talent.
No working environment is perfect and there will be confidential information relating to the search assignment.
An executive search partner will pick up on this whilst meeting with different stakeholders, so you will want to ensure they operate with honesty, integrity and absolute discretion.
Post search completion
A true insurance talent partner will want to establish a long-term working relationship.
This goes beyond simply placing an insurance leader in your business.
As part of your initial assessment, you will want to establish what post-placement support is on offer.
Does an executive search partner offer a full debrief? A chance for all stakeholders to voice what went well and where there is room for improvement next time.
Do they offer support to iron out any issues once the candidate has started in their new role?
If everything goes smoothly with the process, there might be limited need for on-going support, but it’s always good to know what the expectations from both sides are.
Will the executive search partner be in touch after 3, 6 and 12 months to check-in how everything is progressing to address any issues that may have arisen?
In summary, selecting the right executive search partner for your insurance business will require careful consideration of their:
- Approach and methodology
- Geographical reach
- Delivery experience and industry expertise
- History of success
- Collaborative approach
- Follow-up and ongoing support
Asking targeted questions around the above areas will help you identify the best insurance executive search partner and attract the very best insurance leaders to your business.
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