Executive Search Firms Can Lead Their Segment by Publishing Quality Outcomes Data
- Author Paul Frankenberg
- Published January 15, 2008
- Word count 538
Executive search firms tend to keep their quality outcomes private. However, superior quality levels provide a significant competitive advantage if customers understand the data and if they see value in the benefits. I know, because we’ve done it!
Every executive search firm has performance data readily available that defines their recruiting effectiveness. However, most firms do not divulge this information to anyone outside of their inner circle. After all, releasing detailed information that defines the firm’s recruiting efficiency, 12-month post-placement retention rates, and repeat client information could adversely impact a recruiting firm’s image and sales momentum if the results are less than outstanding.
What’s the solution? Executive search firms can and should actively manage their quality levels. And, it should be done with a strong focus on client needs rather than on the recruiting firm’s historical business model. Then, those who are able to demonstrate a track record of superior quality results will see accelerated new client growth and improved client retention rates. It’s a simple formula. Improved quality generates improved sales and profits! And, it’s up to you to decide if your executive search firm will be among the first or last within your segment to leverage superior quality outcomes.
Our company is focused on meeting the need for high-quality senior executive talent in the Healthcare industry and we’re keenly aware of the increasing trend within Healthcare to effectively monitor, manage, and report on a variety of metrics pertaining to key quality outcomes. It’s happening in more and more segments of the Healthcare industry and it will continue to grow. As a result, we came to the conclusion a long time ago that our clients should expect, and receive, the same level of accountability from their suppliers of high-value executive talent as they require of themselves.
Since our inception, we’ve been an innovator in linking a client’s business strategy to the executive search process and outcome. And, that strategy began to really benefit us when we were named one of the top five Southeastern-based firms in Modern Healthcare magazine’s "Top 25 Healthcare Retained Search Firms" ranking.
We’ve just ended our best year yet in terms of our quality outcomes, and we expect to do even better in 2008. We achieved a 98% candidate retention rate for all newly hired executive’s first 12 months of employment. We averaged only 65-days from initiating each search until final candidates are delivered to our client. Approximately 85% of recruiting revenues were generated from repeat clients. And last but not least, we believe that we are among the most productive executive search firms based on the Modern Healthcare ranking, beating several recruiting industry leaders.
In a recent interview Mr. Yvon Chouinard, CEO of Patagonia, a $230 million privately-held leader of high-quality outdoor goods stated, "The answer for many problems is to improve the quality."
Quality results do provide a competitive advantage, and our results demonstrate our commitment to remain one of the top performing executive search firm in terms of our ability to consistently deliver high-caliber retained executive search services to investors and operators throughout the Healthcare industry.
With the proper focus and effort, you too can achieve superior quality outcomes within your segment.
Paul Frankenberg is President, CEO, and Principal in Kraft Search Associates, a retained Executive Search Firm specializing in the recruitment of high-value Executive Leadership throughout the Healthcare Industry. Paul has completed more than 225 Senior Executive and Corporate search assignments during his 12-year career. The company’s website is at http://www.kraftsearch.com and Paul can be reached by email at paul@kraftsearch.com or by telephone at 615-782-4276.
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