Extended definition
Executive search, often called headhunting at the top of the market, sits at the senior end of recruiting. It’s traditionally run by specialist firms — Egon Zehnder, Heidrick & Struggles, Spencer Stuart, Russell Reynolds — on a retained basis, meaning the client pays upfront regardless of outcome.
Fees are high (typically 30-33% of first-year cash compensation plus expenses) because the work is high-stakes, confidential, and small-volume. A VP of Engineering search might take four to six months and produce a shortlist of five to eight people, each intensively researched.
Executive search overlaps with internal senior TA work but has distinct norms — written reference work, longer engagement cycles, and a stronger emphasis on discretion and relationship management at the candidate end.
How executive search works
A typical retained executive search follows six phases:
- Engagement and brief — The firm takes a detailed brief from the client — not just the role spec, but organisational context, board dynamics, strategic pressures, and what success in the role looks like. Engagement fees are paid in tranches across the search.
- Market mapping — The firm researches the market exhaustively — every credible candidate at direct competitors, adjacent industries, and feeder companies. For a C-suite search, this might mean 200-500 potential candidates mapped, most of whom will never be contacted.
- Long list — From the market map, the firm builds a long list of 30-80 candidates who fit on paper. Each is researched further — career trajectory, reputation, potential fit, flight risk from current role.
- Outreach and engagement — Consultants approach candidates discreetly, usually by phone. The conversation is exploratory — there’s no application and often no formal CV exchange at this point. The goal is to assess interest, availability, and rough suitability.
- Shortlist and client interviews — The firm presents a shortlist of typically 5-8 candidates to the client, with detailed written profiles. Client interviews happen over weeks, often involving board members and other executives.
- Offer, references, and onboarding support — The firm runs extensive reference checks — often 360-degree references from people who’ve worked above, alongside, and beneath the candidate — and supports offer negotiation. Good firms stay engaged through the candidate’s first six months.
Timelines are long — most searches run four to six months from engagement to offer. Quality, not speed, is the product.
Why executive search matters
Executive hires carry disproportionate business impact. A strong VP of Sales can transform revenue trajectory; a weak one can sink a company.
At that stakes level, the cost of a retained search is small compared to the cost of a bad hire or a slow process. For boards and CEOs, retained executive search provides market access (names who’d never respond to an internal recruiter), assessment depth (reference networks internal teams can’t match), and confidentiality (searches often need to run without the current incumbent knowing).
Internal TA teams at most companies can do strong senior hiring themselves, but for C-suite, board, or acquired-into-new-market roles, specialist firms still earn their fees.
Common mistakes and misconceptions about executive search
- Confusing executive search with senior recruiting — Any company with a strong TA function can hire directors and VPs in-house. Executive search is specifically the retained model used for the most senior, most confidential, or most specialist roles.
- Engaging the wrong firm — Executive search firms specialise heavily — technology, financial services, healthcare, legal, public sector. A generalist firm on a CTO search rarely outperforms a technology-specialist firm on the same brief.
- Paying retained fees for roles that don’t need them — Many VP-level hires that firms will happily take on retained can be filled through strong in-house sourcing at a fraction of the cost.
- Skipping references or rushing the process — The value of executive search is in the depth — cutting the reference process or compressing timelines defeats the reason for hiring the firm.
- Treating the retained model as protection against a bad hire — No model eliminates bad hires. Executive search reduces the probability but doesn’t guarantee outcome.
Frequently asked questions
What is executive search?
Executive search is the specialist, retained practice of recruiting for senior leadership roles — typically VP, C-suite, and board level. It uses deep market mapping, discreet outreach, and long engagement cycles. It's traditionally run by specialist firms — Egon Zehnder, Heidrick & Struggles, Spencer Stuart, Russell Reynolds — on a retained basis, meaning the client pays upfront regardless of outcome.
What's the difference between executive search and contingent search?
Executive search is retained — the client pays engagement fees upfront regardless of outcome — and focused on senior, specialist, or confidential roles. Contingent search is success-fee only, with payment on hire, and focused on mid-level roles at higher volume. Retained firms invest more in mapping and research; contingent firms optimise for speed and volume.
How much does executive search cost?
Retained executive search typically costs 30-33% of first-year cash compensation, plus expenses, paid in tranches across the search. For a £250K base salary role, that's roughly £75K-£85K in fees. Some firms have minimum fees regardless of salary, often £50K-£75K.
How long does an executive search take?
Four to six months is typical from engagement to offer acceptance for most C-suite and VP searches. Complex searches — CEO, CFO, highly specialist technical leaders — can run longer. Faster timelines are possible but usually compromise the depth of research and reference work that justify retained fees.
Can internal TA teams do executive search in-house?
For most VP and director-level roles at companies with strong in-house sourcing, yes. For C-suite, board, highly confidential, or specialist market-entry hires, retained firms still provide value through reach, research depth, and discretion that internal teams rarely match.