Factors To Consider For Setting An Appropriate Salary Range While Hiring Top Executives

When it comes to hiring top executives, the compensation and benefits being offered to them by the hiring organizations prove to be an extremely critical deciding point. Most people that to set the salary range for these positions is a fairly straightforward process. However, the experts from the top executive search firms in Shanghai beg to differ and consider it to be relatively complicated. This is because the salary range deeply impacts the success level that organizations can attain in attracting and recruiting top executive talent. That is why they advise organizations to follow the below-discussed tips for setting the right salary range while recruiting top executives.

Local Market Trends

Being aware of the local market trends in terms of the compensation and benefits being offered to executives appointed in similar positions can help organizations set the right salary range. This information can be readily obtained through some research or by consulting with the local headhunting agencies. Considering these trends makes it easier for the hiring organizations to negotiate with the shortlisted candidates more confidently. This naturally helps them gain an upper hand during the final interactions with these candidates and helps them avoid the risk of losing good professionals.

Level Of Competition In The Job Market

Another important factor that hiring organizations need to consider is the level of competition for that specific position in the job market. If the number of suitable candidates for a key executive position is far lesser than the number of openings, then companies might have to increase their salary range to attarct the right candidates. On the other hand, if the candidates available are significantly greater than the number of openings, companies can decrease the salary range. According to the professionals from the top executive search firms in Beijing, this variation in salary range may differ from one region to another and one executive position to another.

Company’s Hiring Philosophy

Every organization has a hiring philosophy that it needs to follow stringently to maintain the trust of its current employees and potential hires. This philosophy is based on how organizations perceive their competitors, how much they value the happiness and satisfaction of their employees. Another important aspect impacting the hiring philosophy of an organization is the availability of budget. That is why the top executive search firms in Asia consider it to be an important factor for deciding the salary range of top executives. Since the hiring philosophy of an organization may change with changing market circumstances and business growth, this is a relatively flexible factor influencing salary range.

FORM THE BEST TEAM WITH THE TOP EXECUTIVE SEARCH FIRM IN ASIA - CORNERSTONE

Executive search is a specific kind of enlistment pointed toward drawing in exceptionally gifted senior administration ability to an association. It is commonly used to fill deliberately significant jobs, such as CEO, HRD and other such positions. Executive search quest searches out the ideal counterpart for both the job and the organization - regardless of whether the competitor is effectively searching for another position or not.

Executive search is relationship-driven. An executive search firm will work intimately with you to comprehend your necessities and prompt on the best procedure to guarantee they convey the most appropriate ability. It is an exploration driven methodology, which means a executive firm will be paid a retainer expense forthright to complete broad market planning to examine the commercial centre and benchmark for abilities/jobs and pay rates. The executive search firm will in general have broad information on and admittance to board chiefs and senior heads across enterprises and capacities, permitting them to construct a proper headhunting for its clients.

As a top executive search firm in Hong Kong, Cornerstone has skill in Retained Chief Search, a strategy generally suitable for deciding possibility for the top positions in an organization. The Company has Human Resources Business Leaders and ICF- authorized Coaches having all around abilities in various undertakings with inside and out information on the geographic market. The Company’s executive search organization is research-based and has been dependably developed by exploring globally genuine and productive individuals for its clients.

Been an overall member of the Association of Executive Search and Leadership Specialists (AESC), the Company follows the Code of Professional Practice. Besides, the Cornerstone International Group, as the top executive search firms in Asia, has furthermore been named by Forbes as exceptional contrasted with other consulting firms in Executive Search for quite a while consistently in 2016, 2017, and 2018. The Company’s master and altered executive search measure makes it exceptional among other Executive request firms in Canada and makes it the top executive Search Firms in Shanghai.

Cornerstone evaluates inside and outside authority to propel the client’s business relationship in in public and private sectors. The hand-picked bunch picked dependent on ideas from Senior Executives and Selection Committee is versatile to oblige the clients’ aspirations and goals. They are dedicated to offering support past the regular boss request and appraisal measure. With a steady info structure, the Company takes persistent exertion to improve quality and client satisfaction. The greatest of chief hunt is through its all-around expressed five-venture program called five-star executive search method.

It might be summed up that Cornerstone stands separated as the top executive search firms in Asia from various associations due to its:

1. Industry-Specific Recruiting 

2. Non-customary Recruiting Method 

3. Proprietary Applicant Tracking System 

4. Customized Recruiting Solutions 

5. Structure and Approach

What screening questions you should avoid asking the top executive search firms in Asia?

You are scrolling through the list of important questions to be asked from the top executive search firms in Asia for making selection and conducting research for Senior Executive post. It is indeed a good practice to have a cleverly marked list of questions.

However, the good practice is to always draw your own set of questions. To enable you to avoid any biases in the question, here is the list of common screening questions you should avoid when selecting the top executive search firms in Shanghai. Here is the list:

·        How many executive search of this kind of role have you conducted in the past?

It is a preference to choose the executive search firm which has previously worked for the kind of job role you are looking the candidate for. However, this need not be taken as a necessary criteria. The fact that the top executive search firms in Beijing has done the identical searches clearly hints that the concerned company has contacts in the competitor firm from where you wish to pull out talented candidates and employ in your organization. To keep the game fair, it is in better interest to not select such firm which has conducted identical searches in the past.

 

·        Will you be the concerned consultant who will be working on my Executive search?

Each and every executive search firms has a set team who work in phases in getting the right executive for the client organization. There is a different team which identifies the candidates, then another team check the qualifications, then the consultant team indulges in deep analysis of the candidate and interviews them for assessing if they are suitable for the concerned job role. There are different layers and no single consultant work for one client organization. The executive search firm make use of their research expertise and business acumen for the purpose of getting the right executive for the client organization.

 

·        What is the turn time?

This is often the most widely used matrix to judge the work of an executive search firm; however it is not the correct one. This is because the search firms usually have no control on how long it will take to get the right candidate as a lot of processes goes behind the selection in terms of interviews etc. Finding and recruiting the executive in a timely fashion is very important as vacant executive post costs a lot in terms of lost revenues and business opportunities. This question need not be asked up front, however, importance should be given to the quality hiring. 

How the top Executive search firms in Asia diversify the candidate pool?

 

The workforce diversity is strongly increasing every day on the global platform and diversity is being regarded as the epitome of the business arena. The positive connotation of diversity is considered as a factor of enrichment and mutual gain, which is guided by respect for mutual well being and benefits. The top Executive search firms in Asia advocate work force diversity on the basis that since the customer base globalizes at a phenomenal rate, there exists a need to inculcate workforce diversity to be the significant part of the change. The mix of the customers belonging to different age groups, genders and culture should be well reflected in the workforce of the organisation.

The top Executive search firms in Hong kong mark the initial step of the organisation acquiring the valuable human resource; diversifying it according to the organisation's need without compromising on talent becomes strategically important. However, the same is exacerbated by the prevailing power dynamics of the labor market where the greater control lies in the hands of the potential candidates as far as job choice decisions are concerned.

So, the prime question is how do the top Executive search firms inBeijing diversify their pool of potential candidates in order to cater to the needs of the business organisation:

·        Preparation of recruitment

At the beginning, the Executive search firms conduct an organisational analysis to ensure that no institutional stereotypes prevail in the organisation which can impact the candidate profiling. The recruitment sources should be broadly defined in order to  make use of the networks for advocating demographics and interests of business organisation. Since the approach of the Executive search firms is specific and candidate based, they are considered as a valuable source for getting diversified candidate.

 

·        Attracting applicants

The employer brand is considered to be a valuable component for the Executive search firms at the time of gathering a diversified pool of candidates. The diversity statements can be displayed on the corporate website of the client to showcase the factor of diversity being promoted by the organisation. This helps in attracting potential candidates as people prefer working with employers who value the individual differences of the employees and make sure to promote the same.

 

·        Assessment and selection

At this stage more details of the potential candidates are gathered to determine the best fit for both the parties. A blend of behaviroal interviews, structured interviews and panel interviews are conducted to assess the collegiality factor. The best of the lot is then finalised and selected for the job role.

Getting Familiar With The Common Challenges Of Offering Outplacement Support In China

 Even though the concept of providing outplacement support to employees is a relatively new concept for Chinese business organizations, a large number of companies are already warming up to the idea. However, the professionals offering the services of outplacement coaching in China often face various challenges.  The most common of these challenges are discussed in brief as follows.

Stressing About Age

A majority of employees in China still in their mid-30s feel stressed about finding a good job in case they were to lose their current one. This is because the employees feel that most companies might be reluctant to hire employees above 40 years. They believe that the easy availability of much younger and more competitive as well as better educated professionals will minimize their chances of finding employment. They thus tend to be extremely pessimistic about in confident about finding a suitable position with another organization even with the guidance and support of coaching professionals.

Marriage And Kids Being A Hindrance

It is a common belief of Chinese employees that their marital status is likely to impact their ability to find a suitable position. These professionals are often of the opinion that hiring managers tend to consider employees who are married and have kids to be less competitive and flexible as compared to people who are single and have no children. They believe that familial responsibilities are believed to tie down people and make them less productive. Changing this mindset proves to be extremely challenging for coaching professionals.

Desire To Seek Entrepreneurial Opportunities

Another major challenge faced by professionals offering career transition coaching inChina is that of outgoing employees seeking entrepreneurial opportunities. The one key aspect that promotes this trend is the provision of compensation for employees who have worked for the same employer for more than one year by the Chinese labor law. Most outgoing employees thus feel enthusiastic about starting their own venture with this money rather than seeking employment elsewhere.