The right leaders can reshape an organisation—in the short term, and well into the future—but recruiting them can be a significant challenge. In this article, we’ll clarify the role of executive search firms, the differences between contingent and retained search, and why it matters, particularly for family-owned, mid-cap, privately held companies.
What Is Executive Search?
Executive search is a specialised service focused on recruiting highly qualified candidates for senior leadership roles, typically at the C-suite, VP, and director levels. Executive search professionals bring the local expertise, networks, and market insights needed to connect clients with ideal candidates.
Search experts often come from executive backgrounds and possess deep knowledge of the client's industry and the functional roles within it. Crucially, they know how to assess what a CV cannot capture: cultural alignment, specialised expertise, character traits, and other professional and personal nuances that define effective leadership for the client's specific role, organisation, and business objectives.
Organisations invest in executive search to hire leaders who can drive performance, navigate complex challenges, and unlock new opportunities.
Key Differences Between Contingent and Retained Executive Search
When organisations need to fill senior leadership roles, they typically choose between two types of executive search: retained or contingent. Both aim to recruit strong candidates, but their approach, depth, and relationship dynamics differ significantly.
Retained search is a premium, partnership-based model, most often used for C-suite, VP, board, and other mission-critical roles, especially when discretion is a priority. The client pays an upfront fee to engage a search firm exclusively, trusting them to act as a strategic advisor. Retained search firms like Boyden invest deeply in understanding the client’s culture, leadership needs, and long-term goals, and offer leadership consulting. We conduct rigorous research, source passive candidates, and take a confidential approach. Our process is methodical and yields highly vetted candidates.
Contingent search is more transactional. Firms are paid only if their candidate is hired, and multiple firms may compete to fill the same role. The process typically relies on existing networks and active job seekers. This model can be effective for lower level and less critical roles, tending to prioritise speed and volume over strategic fit. Contingent search's lack of exclusivity can lead to inconsistent messaging and employer branding, as well as a loss of confidentiality quickly.
The Executive Search Process
The retained search process is built on collaboration and a shared commitment to finding the right leader. The steps outlined below reflect best practices, and Boyden’s approach specifically, which is distinguished by bespoke service and confidentiality.
Initial Consultation: The process begins with a deep dive into the client’s business, culture, and leadership needs to establish alignment. This step also helps shape the search strategy, delving into internal pipelines, leadership development, and external factors. If the need is urgent, the team may recommend an interim management solution.
Research and Candidate Sourcing: Search partners conduct thorough market and candidate research with the support of multidisciplinary teams using advanced research methods and analytics. Boyden also leverages its global reach and local expertise to identity the best qualified candidates for the role whether the candidate/executive is actively seeking a new role or not.
Candidate Assessment: Each candidate is evaluated for experience, competencies, leadership style, and cultural alignment to ensure they meet the strategic and interpersonal needs of the role.
Interviews: Search partners coordinate multiple rounds of interviews, guiding both client and candidate through each stage. We also gather feedback to enable clear comparisons and informed decision-making.
Final Selection and Negotiation: Once finalists are identified, the search team helps structure and negotiate offers that align with both parties’ expectations, taking a highly confidential approach. Professional reference checks are done at this time as well.
Onboarding: Executive search firms often remain engaged after the hire to support onboarding and integration, checking in with the client and candidate, gathering feedback, and providing advisory support.
When to Hire an Executive Search Firm
Organisations rely on executive search firms, particularly retained search firms, to fill critical leadership roles. Their goals may depend on hiring the right leader in the event of a planned or unplanned departure. Other scenarios, such as rapid growth or transformation, may require expanding the executive team. Partnering with a global executive search firm like Boyden is especially valuable when:
- High-stakes leadership transitions require a confidential approach.
- The role demands strong alignment with the company’s culture.
- Entering a new market depends on local expertise, relevant networks, and cultural fluency.
- Leadership succession requires a careful balance of internal and external candidates.
Family-owned, mid-cap, privately held companies face additional challenges. Boyden has vast experience with finding leadership solutions for family-owned businesses, as all searchers are partner-led with a high-touch, bespoke process well suited to smaller businesses. Additionally, Leadership decisions often involve navigating legacies and multiple stakeholder expectations. Confidentiality and diplomacy are paramount, particularly around succession planning. Boyden’s global reach and deep local expertise is a great value-add to small firms that lack internal resources to provide relevant information. Boyden helps uncover leadership candidates who understand the nuances of family-owned, privately held firms, while our leadership development services support their potential to grow with the organisation over time.
Why Hire an Executive Search Firm?
Executive search firms help organisations strengthen their leadership teams, whether filling critical gaps in the C-suite, managing succession, or expanding capabilities to meet evolving demands. Entrusting a well-established retained search firm to manage the process saves valuable time and internal resources.
Search firms are uniquely positioned to connect with talent that may be inaccessible through traditional channels. Using specialised tools and discreet networks, they tap into underutilised resources and hidden talent pools to engage passive candidates. Boyden maintains active connections with senior leaders across industries and geographies, collaborating across borders to combine local expertise with global reach and identify candidates who align with our clients’ individual needs.
A global executive search firm's engagement does not end with the hire: Onboarding and integration support help ease the transition and set the foundation for the new leader's ongoing success in the role.
Boyden: Leadership Transformed
Executive search is built on relationships. At Boyden, we maintain long client and candidate relationships by delivering innovative and personalised executive search, leadership consulting, and interim management services worldwide.
We partner with organisations of all sizes, stages of development, and ownership structures, from startups to global enterprises, and offer specialised expertise in private, family-owned, mid-cap companies. Our approach to every search is as nuanced as your organisation and its goals. With nearly 80 years of experience, we bring the speed, discretion, and cultural insight needed to appoint executives who align with our clients’ values, earn their trust, and drive long-term success.
Are you ready to elevate your leadership team? Contact Boyden to learn how our global executive search, leadership consulting, or interim management services can help.
