Research Powers Search

Unsurprisingly, the word “search” is embedded with “research,” in an oblique reference to one of the most important activities of search firms, or executive search firms, or headhunting firms. And that important activity is research. Nearly everything done by search firms is supported by an underlying layer of research.

This article takes a look at the major types of research undertaken by search firms for their core services and for supporting clients and their requirements.

Candidate identification

The primary service of most headhunting firms is connecting suitable candidates with leadership hiring requirements that companies have from time to time. While the open position requirements may happen occasionally, the research for the identification of candidates is an ongoing process. Of course, it generates greater momentum when there is a specific open position in sight. The goal is to identify the most suitable candidate and fulfil the client organization’s requirements in the shortest time.

Search firms continue to scour public databases, such as LinkedIn and Naukri in India, identifying and opening a relationship with prospects they believe will be valuable assets to a company as and when the need arises. Many firms have their proprietary databases. They keep reaching out to candidates with a view to getting them to become a member of their database. Industry events and networking events also contribute to this effort. They also strive to unearth what they call “passive” candidates. These are candidates not actively searching for a job. The assumption is that they are the most valuable candidates as their employer keeps them happy where they are, and, since they are not actively searching, they are not a part of the standard commercial databases. Research can often help in identifying such candidates.

Market mapping

Also known as competitor mapping, this research is carried out on the behest of a client who is trying to understand the organization and responsibility structure of competitors. They are at a point when some restructuring appears to be the need of the hour. Before making decisions, they try to get an understanding of structures already tried by competitors and the results delivered.

Search firms, even if they do not have a relationship with competitors, could have an understanding of their internal systems through candidates they have a relationship with. In addition, they rely on information in the public domain. The outcome of such research could be a comparison of compensation and benefits, and strategies for attracting and retaining talent.

Compensation Research

Compensation is a key part of a contract between employer and employee. Leading firms undertake and publish salary benchmarking surveys and analyse market trends in compensation, such as ESOPs, bonuses, benefits, etc. Salary being one of the key elements in a contract between employer and employee, an understanding of the trends enables the firm to advise both the organization and the individual in order that a fair structure is agreed upon, which forms the basis of a lasting relationship.

Candidate and employer evaluation

In today’s connected world, a matching of functional skills and experience is no longer enough for a person to be hired, especially in a leadership role. A leader is expected to be a representative of the employer at all times, even when they are on vacation. How they interact with others, how they communicate, travel, what they read, eat, what political views they hold, how they act, or react, on social media, can all make or mar the employer’s brand.

Researching the candidate and what they stand for, what they are when stripped down to the core, is what an employer is interested in knowing, through the search firm. It requires a background check to verify employment history, education, and credentials, reference and reputation checks to establish operating styles and cultural fit, and a digital footprint scan to understand the individual and his/ her likes/ dislikes, leanings, preferences, better.

Similarly, the candidate is interested in knowing what the employer is like on the inside, their work culture, their policies, their position on DEI and sustainability, so that an informed opinion can be made on the marriage, beyond the role and compensation.

Global, market and industry trends

This refers to general-purpose search, which is relevant for all companies in all industries.

Executive search firms are expected to be vigilant in tracking market movements that impact their business and relevance, such as:

• Industries losing or gaining prominence; if they know that semiconductors are a growing market, they will be in a position to plan for it and cater to it.
• New developments impacting a single industry or a spectrum; from a small start around 2023, generative AI is now everywhere, with every industry seeking to leverage it for creating efficiencies.
• The Indian Premier League (IPL) has changed cricket in India and the world and resulted in a new ecosystem of private teams being created. These teams will have their own leadership requirements.

Search firm as a strategic partner

Search firms like Ushankk, with research and delivery capabilities, are strategic partners and now mere providers of resources. Performance is the goal uppermost in the mind of Ushankk and its consultants when they engage with a client.