Executive Search Firms Drivers of Change

Earlier this week the Hampton-Alexander review was published, outlining the progress of women in executive board positions. Amongst the key findings were some encouraging statistics with the number of women on FTSE 100 boards surpassing the 30 per cent mark for the first time. However there were still some causes for concern with the number of female CEOs at FTSE 350 firms falling.

Included in the seventy six page document was praise for the executive search community for being “major drivers of progress”. Even more, several REC members were included in the list of 13 executive search firms at the forefront in helping boards achieve gender balance.

The executive search community have always played a vital role in helping businesses source the talent they need to be competitive. However, their work has not always been widely understood or appreciated. The Davies Review in 2011 noted a lack of published research and analysis of the role of executive search firms that it could draw on for its recommendations about female representation on boards.

The lack of published research on the role of executive search firms is what sparked the REC to commission our own research, Room at the Top: Women leaders and the role of Executive search. Now four years since the publication of Room at the Top, it’s amazing to see executive search firms being recognised as drivers of change.

However with this new title comes greater expectations and it is important that the executive search community does not become complacent. Over the next two years 50% of all available board appointments will need to go to women if the UK is to meet the government’s target of a third of women in senior leadership positions by 2020. This means executive search firms will be under more and more pressure to keep driving this agenda forward.

The Association of Executive Recruiters (an REC sector group), led by its chairman Karl Simpson, has pledged to continue to support members in adapting to this changing market. As part of this range of support the AER will be publishing a Best Practice guide to share some of the key principles that will help executive search firms gain a competitive edge. If you are an REC member and would like to become involved with the AER, the next meeting is on 20 November - you can sign up here.