Executive Search FAQs

Frequently Asked Questions About Executive Recruiting

As you explore how to fill an important senior executive opening, it’s natural to have questions. Over the years, we’ve noticed that clients tend to ask the same questions as they scroll through their options. Those questions qualify as executive recruiting FAQs (Frequently Asked Questions).To simplify your executive search journey, we list those executive search FAQs below and provide you with answers about retained search, executive recruiting, diversity recruitment, and succession benches. 

FAQs – Frequently Asked Questions

WHAT IS THE EXECUTIVE SEARCH PROCESS?

The executive search process begins with client intake. The retained executive search firm consults with the client to develop and refine the position description and ideal candidate profile. In doing so, the search firm sets a search strategy in partnership with the client. Next, the executive search firm builds a list of target companies and identifies potential candidates for those targets. The firm then recruits candidates, develops a slate of finalists, positions the offer, assists in closing the candidate, checks references, and stays in touch through onboarding.

WHAT IS THE DIFFERENCE BETWEEN RETAINED SEARCH AND CONTINGENCY SEARCH?

The primary difference between a retained search and a contingency search is that a contingency search firm is only paid if it makes a placement. Contingency firms often conduct search assignments on a non-exclusive basis. And, with no guarantee of payment for services performed and no budget for research, contingency firms may abandon difficult searches and leave positions unfilled.

Retained search firms conduct search assignments on an exclusive, retainer contract basis only. Retained search firms are paid a retainer to do the work of executive search: consulting with the client about what qualities you need in an ideal candidate, identifying prospects, recruiting them, positioning offers, and helping close the candidate through onboarding. Often, retained search firms invest time in getting to know the client organization, position responsibility, and all requirements before initiating a search.

Check out our Differences Between Retained and Contingency Search Page to learn more. 

WHAT IS A TECHNOLOGY EXECUTIVE SEARCH FIRM?

A technology executive search firm is a search firm that specializes in recruiting for the technology industry. Often that includes recruiting senior executives for engineering leadership roles. These roles may include Chief Technology Officer, Chief Information Officer, and Chief Information Security Officer. Technology search firms recruit technology executives for technology companies and clients in other industries where business intersects with technology.

So, as an example, technology executive search firms may also recruit genomics talent for biotechnology and pharmaceutical companies. The technology search firm sector expertise usually includes cloud software, cloud platforms, cybersecurity, identity and access management, eCommerce, data analytics, machine learning, and artificial intelligence.

WHAT’S YOUR GEOGRAPHIC FOCUS?

The Good Search focuses on recruiting leadership talent in North America. We are a Connecticut-based executive search firm that conducts searches in the Northeast, on the East Coast, the West Coast, and every place in between.

On the East Coast, we serve the Greater NYC Area, including Connecticut, New Jersey, and New York, and the Greater Boston Area. On the West Coast, we have regularly and consistently done work in the Greater Seattle Area, Silicon Valley, and San Francisco. In between, we identify and recruit candidates at companies across the United States and Canada, including in Austin, Chicago, Raleigh-Durham, and Washington D.C. 

Check out Where We Recruit to learn more about our geographic focus.

WHAT ARE YOUR INDUSTRY SECTOR SPECIALTIES?

The Good Search specializes in technology executive recruitment. Our technological expertise includes Cloud, Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), Data Science, Machine Learning, Artificial Intelligence, Blockchain, and Cybersecurity. We also work in tech-adjacent industries, including Pharmaceuticals (Pharma), Biotechnology (Biotech), Financial technology (Fintech), e-Commerce, EdTech, HealthTech, as well as technology used in travel and hospitality. In other words, The Good Search stands at the intersection of business with technology.

Check out our Industry Expertise page to learn about the industries we serve. 

WHAT ARE THE LEVELS OF YOUR EXECUTIVE SEARCHES?

We typically work on C-level or CXO executive searches down to Vice President. So, for example, we conduct CTO, CIO, and CISO searches and searches for Chief Architects. Additionally, we work on Executive Vice President (EVP), Senior Vice President (SVP), and Vice President (VP) levels. We recruit to equivalent leadership levels such as General Managers, Managing Directors, and Managing Partners.

Visit Search Expertise to learn more about how we approach Senior-level and C-level Executive Search.

WHAT IS THE RETAINED EXECUTIVE SEARCH TIMELINE?

Week 1: We kick off every engagement with a Zoom meeting, gathering details critical to a search engagement’s success, such as must-have and nice-to-have requirements, target companies, and off-limits companies. We also discuss search strategy.

Week 2: We deliver an initial list of prospective candidates and invite feedback from our clients to prioritize outreach and to ensure we’re all on the same page.  We also initiate outreach and present candidates as they are developed.

Week 2+: Time-to-hire varies depending on the client’s interview and decision-making process. We usually present the winning candidate in a retained search engagement’s first or second month. We have closed searches in as little as two weeks.

WHAT IS YOUR EXECUTIVE SEARCH SUCCESS RATE?

The Good Search has a 99.85% success rate. We have been in business for 20+ years and have never failed to deliver interested, qualified candidates.  Across the executive search industry, an average of 40% of all retained search engagements fail to complete. Traditional retained search firms lack the investigative research expertise and network we’ve developed to recruit the best and brightest executive candidates. Our near 100% success rate is unmatched in the industry.

HOW MUCH DOES AN EXECUTIVE SEARCH COST?

Most traditional retained search firms charge a fee ranging from 30-33% of the candidate’s first-year total cash compensation, including the base salary, signing bonus, and any other projected bonuses. Moreover, they usually tack on expenses on top of that, adding another ~5%. This percentage-based pricing is a conflict of interest; it enables search firms to benefit from negotiating higher salaries for the candidates they place than what those executives would have accepted. They also charge another fee if you hire a 2nd candidate from a retained search into a different role.

By contrast, The Good Search charges a flat fee based on the estimated work involved. So you will know exactly how much a search will cost before it starts. We also hand over all the research so you can make additional hires at no cost.

To learn more, check out our Guide to Executive Search Firm Fees.

DO YOU HAVE A DATABASE OF CANDIDATES?

Yes. The Good Search has a database of more than 70 thousand passive candidates that we continually update. We build out the information through extensive executive talent mapping of companies that are growing the leadership you require. We have built org charts of the major technology companies and leading Fortune 500 companies. Of course, we still conduct fresh research for every engagement and tailor it to each client’s needs and preferences. We want to ensure we’ve given you the most up-to-date information about top-performing prospects.

WHAT IS DUNBAR’S NUMBER?

According to British anthropologist Robin Dunbar, there is a set limit on the number of friends and acquaintances the average person can retain. That “magic number” is 150 meaningful contacts. 

Why does this matter to executive recruiting? Many traditional retained search firms claim to know everyone in the business. But according to Dunbar’s Number, that is impossible. A good executive recruiter knows how to leverage their relationships to meet new people and uncover executive candidates.

If Your Executive Search FAQ Isn’t Listed

If you have additional questions, please reach out. We are happy to have a more detailed conversation to get you an answer. Your executive search questions help us understand what is most important to our clients. Positioned as an alternative to traditional retained search firms, The Good Search offers technology executive search services you can’t find anywhere else. Our investigative approach makes search smarter and gives you more — delivering the top-performing talent that others miss.