Higher education talent acquisition continues to change; executive search firms can help
The post-pandemic era of ‘The Great Resignation’ led to a record number of voluntary resignations in the higher education sector. At the same time, leadership roles in higher education have been changing and becoming more multifaceted due to the complexity of our world and the challenges facing higher education. From technological advancement and crisis management to financial stability and student and staff well-being, top leaders need to navigate an array of demands while keeping the institution’s mission and values at the forefront.
Due to these changes, talent acquisition is a dominant issue for Presidents and Chancellors, Boards of Trustees, Provosts, and Search Committees. Their concerns include:
The shift in the higher education talent pool and associated hiring challenges have accelerated two prominent trends that AGB Search has observed within the industry:
The High Cost of Misaligned Leadership
A new hire may be misaligned for many reasons, from not having the right skills at the right time, to simply not being the right match for the institution’s needs. No matter the reason, misaligned leadership can result in an institution failing to achieve its strategic priorities, a decline in academic excellence, financial instability, decreased enrollment, poor staff morale, and a tarnished reputation. As the overall higher education landscape changes, colleges and universities can no longer sustain the damaging effects of hiring candidates who are not the right fit for top leadership positions.
According to a Gallup study in 2019, the cost of replacing an individual employee can range from one-half to two times the employee's annual salary. This number can soar for top leadership positions and does not take into account the sometimes irreversible costs to an institution's reputation if a poor hire is made. As such, institutions are now, more than ever, aware of strategically investing in appointing top talent that is the ideal fit for their specific institution
Higher education institutions have two options to fill the leadership positions with an appropriate candidate who is able to navigate difficult waters with resilience and uphold the institution’s integrity, mission, culture, and vision:
Many institutions decide to conduct their own (DIY) search without the help of an executive search firm to find and appoint highly qualified and experienced candidates for top leadership positions. Institutions decide on this course of action for a few key reasons.
The primary driver is often the cost of working with a search firm. Institution decision-makers may believe that DIY searches are free or low-cost, but this is a misperception. DIY searches may appear to cost less when looking only at the cash outlay; however, when factoring in the additional resources required, internal search costs can be considerable. The most impressive resource cost is the hours that must be allocated for the Search Chair, their administrative staff, and the Search Committee, which can amount to hundreds of hours, upwards of 100 hours just for the Search Chair.
Secondly, institutions want full transparency and may choose a DIY search because they believe they have more control over choosing the candidate. They might be concerned that a search firm would keep the full list of candidates hidden and only show a list of selected candidates. They also may believe the firm will pressure the committee to choose a certain applicant. However, with the right search firm, transparency and collaboration are a top priority. Experienced search firms that are true partners to their clients will share the full list of candidates from the first application and will provide support, not pressure, to institutions in making an informed decision.
Thirdly, institutions may be unaware of the complexity of a leadership search, believing they can conduct a thorough and reputable search in a short timeline. Delivering a streamlined search process with constant oversight is essential. An institution must form a Search Committee, develop a position profile, advertise, review applications, interview, evaluate the pool of candidates on various levels, conduct due diligence, ensure confidentiality, and manage a significant hiring and onboarding process. Without ample experience in hiring and search, the process can be lengthy and overwhelming.
Executive search firms are external firms hired by institutions to help them recruit highly qualified and talented candidates for top leadership positions such as a President, Provost, or Dean. At AGB Search, we lay out a comprehensive search timeline with key milestones to help with successful talent acquisition. Our objective is to help institutions find the right candidate for their unique needs - leaders who can foster academic excellence, financial stability, adaptability, innovation, diversity and inclusion, and national and/or global recognition for the institution. AGB Search follows a step-by-step process to find the right candidate that aligns with the values, vision, mission, and culture.
Higher education institutions engage the services of executive search firms for three principal reasons.
Diverse, National Talent Pool Development
A search firm’s experience in recruiting a superior talent pool is one of the top reasons for using a firm. Because of an active and continuous professional recruitment process, a large network extending to a broader geographical region, and comprehensive advertising, search firms have access to a diverse talent pool to meet the requirements of the institutions. A diverse and abundant pool of candidates allows the institution to be more selective and increases the chances of a highly qualified and accomplished candidate.
When seeking a search firm, ensure that the consultants have worked in academia and thus have the networks they can utilize to identify the ideal candidate.
Credibility and Risk Mitigation
Hiring a national search firm like AGB Search brings credibility to the quest for a new leader. It increases stakeholder confidence that the right candidate has been chosen since candidates were recruited nationally.
A search firm also mitigates the risk of a poor hire due to the firm’s expertise, due diligence, and process of gathering input from key stakeholders through listening sessions. They also ensure that confidentiality guidelines are maintained throughout the process.
Streamlined Process and Timing
When working with a higher education executive search firm, the project management of the search is handled externally, allowing a quicker timeline. Search firms can often complete searches in 3-5 months where DIY searches can take 6-8 months. If you’re interested in what a typical search process timeline looks like, download our Guide to a Successful Executive Search for Provosts and Deans.
Hiring an executive search firm and DIY searches are two distinct strategies for appointing top-tier leaders in colleges and universities. Institutions should conduct a thorough analysis of the merits and limitations of each strategy before making their decision.
| Executive Search Firm | DIY Searches | |
| Cost | There will be an external search fee, but internal costs are lower. | There is no external search fee but internal resources needed are more extensive. Allocate 100 hours for the Search Chair, plus dedicated administrative support. |
| Timeline | 3-5 month process. | Minimum of 6-8 months. Searches often take longer since there is no consultant guiding the committee through the process. |
| Candidate Pool | Larger, more diverse pool of national candidates due to active recruiting, large networks, and advertising. | Smaller, less diverse, and more local candidate pool. |
| Stakeholder Involvement | Input is gathered through listening sessions and a survey; constituents may feel more comfortable sharing feedback with those external to the campus. | The campus does not receive an unbiased external assessment through Listening Sessions conducted by the Search Firm. |
| Candidate Selection | Search firm vets candidates and ideally shares the full list of candidates for the Committee’s review. Search Committee selects or recommends candidates for semi-finalist interviews and recommends finalists to the hiring authority. | Search Committee and/or hiring authority selects the candidate, without initial vetting by a search consultant or the extensive due diligence conducted by the search firm. |
| Credibility | When a national search firm is involved, there is credibility to the search. If an internal candidate is appointed, stakeholders know they have gone through a rigorous selection process and have been assessed alongside an external pool. | Stakeholders may question the credibility of the search, wondering if the appointee was truly the best candidate on a national level. |
| Confidentiality | Consultants ensure the confidentiality of sensitive information and train the committee. | Confidentiality requirements are often harder to enforce. |
According to The Chronicle of Higher Education, 92% of institutions hire a search firm when looking to appoint top academic leaders. However, not just any search firm will do. Finding the right search firm is paramount to ensuring the success of the academic institution.
In order to vet a search firm effectively, make sure to interview multiple firms and ask these questions in the RFP process.
What is your track record of conducting successful searches at institutions like ours? How recently were these searches conducted?
Do you have a track record of successful searches with the position we are looking to fill? If so, how recently?
What are the qualifications of the consultant(s) who will be working with us?
Has the consultant served as a leader at a higher education institution?
For a full list of executive search firm interview questions, download our Guide to a Successful Executive Search for Provosts and Deans.
We believe having an experienced executive search partner is essential in higher education. At AGB Search, our consultants and their expertise working in higher education sets us apart.
As a national executive search firm for higher education institutions and an affiliate of the Association of Governing Boards of Universities and Colleges (AGB), AGB Search has assisted with more than 1,300 full-time permanent and interim searches at nearly 500 institutions and organizations. Our portfolio includes more than 300 successful Presidential searches, over 150 Provost searches, more than 200 Dean searches, and hundreds of other executive-level positions at colleges, universities, and university systems throughout the country.
We currently enjoy a 95% successful placement rate overall. In addition to higher education searches, AGB Search offers interim executive search services and ExecComp, our compensation evaluation service.
If you’re interested in working with a firm like ours, reach out to our staff to discuss your upcoming search!
To learn more about the executive search process for Provosts, Deans, and other academic leaders in higher education, read our Guide to a Successful Executive Search for Provosts and Deans.
