Senior Hires Made Easy: How to Understand Executive Search Pricing
We know that the executive search process can be a bit of a mystery. What is it, exactly? What does it involve? How long does it take? How much will it cost? These are all commonly asked questions by our clients. In this article, we will be discussing the pricing of executive search, providing you with valuable insights to help you make an informed decision for your next senior hire.
It is important to bear in mind, the cost of a bad hire is more than just money – it’s time, energy and resources wasted on someone who isn’t going to be an asset for your company. While it may seem like there are no guarantees when it comes to finding candidates who will excel at their jobs and make an impact on your organisation, there are ways that you can minimise these risks by investing in the right search process.
At MM Search, we have revolutionised the executive search process with our dynamic, client-focused approach. Our process is consultative and collaborative with access to a global network of the finest quality candidates. While the cost of working with an Executive Search firm can vary greatly depending on multiple factors, at MM Search we follow the industry’s standard model and work with our clients on a retained basis. Most executive search firms follow a three-instalment payment structure for their clients:
- An initial retainer fee, charged upon signing the proposal, which marks the beginning of the search process.
- A shortlist fee, due when a curated list of candidates is presented to the client.
- A completion fee, payable when a successful offer is extended to the chosen candidate.
During the proposal phase, our primary objective is to understand our client’s business needs and work together to identify a fitting solution. This stage involves defining the role and discussing the salary, laying the groundwork for the fee negotiation. Our clients frequently collaborate with us on multiple projects, spanning various disciplines within their organisation allowing us to truly understand their requirements and culture.
What we have noticed recently in the market is that opting for an Executive Search firm, especially when recruiting for high-level roles, is increasingly appreciated in a market driven by candidates. For candidates, the engagement of a search firm to conduct a focused search highlights the employer’s dedication to securing the top talent available in the industry.
Like any other service, it’s essential to consider the service quality, the reputation, and the expertise of the executive search firm while assessing the expenses involved. We continue to work with existing clients via repeat business as well as managing to secure new clients. This is not a regular occurrence, especially in the recruitment sector as customer service tends not to be at the forefront. Don’t just take our word for it, this is what one of our clients said about us recently.
“MM Search get to the heart of the challenge quickly and identify expertly what is required and delivers tightly against the brief. There is no compromise – they will always deliver the best fit candidate to the client and the best fit client to the candidate. They are about positive long-term outcomes for all.” Gordon Smith, Bells Food Group
We would be delighted to have the opportunity to assist you in recruiting your next senior team member. Please feel free to contact Rory at rory@mmsearch.co.uk for a confidential discussion. We look forward to hearing from you.
