Retained executive recruiters are headhunters who work on a contract with a client company. They are hired by companies to find a particular executive for a specific position and are subsequently paid a retainer fee (one-third at inception, one-third at the halfway point, and one-third when the candidate is chosen and hired). These recruiters often handle the absolute crème de la crème. IBM chairman Lou Gerstner, Kodak's chairman and CEO, George Fisher, and NFL Commissioner Paul Tagliabue, for example, were all placed by headhunters in this category. The average placement, however, is most often a rung or two lower. Though retained recruiters may be hired to fill a position with compensation in the millions or as low as $50,000, the average assignment generally runs between $75,000 and $125,000.
Contingency recruiters fill the gap between entry-level placements (generally handled by employment agency professionals) and those handled by the retained recruiter. The compensation level starts at about $30,000 and peaks at about $50,000. There are, however, exceptions, as a handful of contingency recruiters will place professionals with compensation levels exceeding $100,000. Recruiters in this category handle the bulk of lower to middle management and general management assignments. They are referred to as contingency recruiters because their fee is paid at the conclusion of the assignment or "contingent upon" the successful placement.
GETTING THEIR ATTENTION
Job seekers who wish to become part of recruiters' "preferred lists" (meaning that they deem you a strong candidate whom they will consider for any appropriate position) should employ certain steps in order to stand out from the rest of the crowd: Firms such as Korn/Ferry International, Spencer Stuart, Heidrick& Struggles, Russell Reynolds Associates, Management Recruiters, and others collectively receive in excess of one million resumes annually.
First, prior to sending your resume to any executive recruiter, make certain that you contact the search firm first to see if it is the proper firm to handle someone with your background. While many large search firms are labeled as generalist firms because they place executives in most functional disciplines and industries, they are often comprised of several specialty practice areas, such as financial services, automotive, health care, manufacturing, and so on. Large firms may also divide their practices functionally as well, into areas such as general management, human resources, sales and marketing, finance, and so forth. Making sure that your resume is being sent to the appropriate recruiters is time well spent.
Also, don't discount numerous smaller firms, or specialty boutiques, which may prove to be an even better fit for someone with your background and experience. For example, you may locate a firm which specializes in placing senior administrators into educational or nonprofit positions or legal professionals into law firms or corporations. For every position that exists in the corporate world, there seems to be a firm or recruiter that specializes in that area. Check the industry and function specialization categories in this book, and don't hesitate to call firms and ask them about their specialties if you have any questions. Again, a little digging on your part may pay off, saving you countless hours of following up with recruiters who are not able to help you, and saving on postage and paper as well!
NOW WHAT?
After you target recruiters or firms that specialize in your industry or function, make certain that you are specific as to what you've done and what you are seeking. Don't generalize your credentials-the main question client companies have when reviewing resumes is, "What can this person do for us?" Answer that question on your resume by giving concrete examples of your accomplishments, and how your past companies have benefited from your contributions. Rather than simply saying you were a systems engineer responsible for implementing new technologies, talk about the time and money you saved your company, and how you did it. It's impossible that you made no difference to your past company. Even if you feel your contribution was small, mention it. Think of your resume and cover letter as an outline for what you'll talk about when you meet a recruiter face-to-face.
Also use your resume, cover letter, and interview as a chance to focus on what you expect to accomplish in the future. For example, if you are a compensation and benefits professional but want to expand your skills, make sure that that is clear in your cover letter and on your resume. Also, if there are certain jobs that you are qualified for but are adamant about not doing, say so, and save your recruiter and yourself from arranging interviews for jobs that you wouldn't accept anyway. The mistake that often plagues many job seekers is trying to be everything to everyone. Another advantage to being specific about what you want is that if a client company calls with an opening that meets your criteria, the headhunter will be more likely to think of you. Being realistic about your qualifications is also helpful to both your headhunter and yourself. If you have 15 years of experience as a middle management investment banking professional, it is not prudent to think that you will land a position as a book editor because your college minor was journalism. Instead, think through your capabilities and what sort of job might be a good bridge between your past experience and future expectations. By not "sticking with your knitting" you may find yourself in a perpetual gray area.
