The owner of an executive search firm encountered a challenge when the response rate to a job application for a senior executive position in the financial services space was lower than expected. Complicating matters, internal resources were temporarily unavailable to handle the passive candidate mapping required to identify suitable candidates with a unique skillset encompassing financial services, lending, customer experience, and business development.
Solution: Recognising the urgency and specialised nature of the search, the owner sought my support to conduct targeted passive candidate mapping and provide a list of potential candidates matching the niche requirements.
Implementation: The implementation plan included the following steps:
Detailed Skillset Analysis: A comprehensive analysis of the required skillset was conducted to precisely understand the unique combination sought by the client.
Strategic Mapping Criteria: Specific criteria were established to identify potential candidates with the necessary expertise, ensuring a focused and efficient mapping process.
In-Depth Candidate Research: Leveraging my expertise, an in-depth research process was employed to identify and detail potential candidates. Information collected included name, location, current position & company, former companies, biographies, contact details, and an assessment of their likelihood of interest in the role.
Communication Strategy: A strategic approach to communicating with potential candidates was devised to initiate conversations about the role, emphasising the unique aspects of the opportunity.
Result: The implementation of the passive candidate mapping strategy yielded successful outcomes:
Enhanced Candidate Pool: The executive search firm was provided with an additional 72 potential candidates who met the specific skillset criteria, significantly broadening the pool of potential candidates for the senior executive position.
Comprehensive Candidate Profiles: Detailed information on each candidate, including their professional background, contact details, and likelihood of interest, equipped the search firm with valuable insights for targeted outreach.
Cost-Effective Solution: The cost incurred by the executive search firm for the passive candidate mapping support was less than 1% of their overall fee for the search, making it a highly cost-effective investment.
Increased Conversations: With the support provided, the executive search firm was able to initiate conversations with passive talent who demonstrated a willingness to explore the role, enhancing the chances of identifying the right candidate for the financial services executive position.
In conclusion, the strategic approach to delegate passive candidate mapping proved to be a pivotal solution for the executive search firm, overcoming the challenge of a lower-than-expected response rate. The case highlights the importance of specialised expertise in navigating niche talent searches and the value of a cost-effective external resource to enhance the success of executive searches in highly competitive industries.
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