Taking it to the top on the web

Corporate hotshots who have spent years climbing the promotional ladder are being encouraged to look at job sites on the internet for their next big money move. Opportunities for senior executives earning top level salaries, however, have been very scarce on the Web - at least until recently.

Vacancies in the country's boardrooms, especially at chairman and chief executive level, have traditionally been filled by the use of specialist head-hunting firms. After getting a commission to track someone down, they will analyse the marketplace, find out who is available and who is rated, before drawing up a shortlist of potential candidates. But the process can be arduous and long-winded. It may take months to produce the final line-up to be presented to clients - without taking into account the lengthy notice periods to which many at this senior level will be tied. Three to six months is usually the minimum notice period expected.

Replacements for poor performing executives who are being fired after a management shake-up are needed almost immediately and time is very precious. In the same way, those putting together a significant deal may want to assemble a powerful, qualified, high-level team in a relatively short space of time. Competition to hire the top names in different markets is also intensifying, according to recruitment industry observers, and firms will consider a range of media.

"This has created a significant gap in the market," says Jonathan Hick, who has set up Directorbank.com, primarily to match available senior executives with venture capitalists. "The days when people were reluctant to put their personal information on the Web are largely over," he says, "and top people want to be informed of top jobs". The site concentrates on chairmen, chief executives and finance directors across a multitude of disciplines. At the last count there were 600 senior figures registered who are looking for executive or non-executive positions and around 300 regular users.

The executives using Directorbank, formerly known as The MBi Register, will be looking for positions in management buy-in or buy-out teams and start-ups. Their full CVs and contact details are published in a protected area of the website. The idea is that venture capitalists using the site can scan the details of various candidates to see if there is someone that might fit the bill. There are also plans to expand and cater for mainstream firms looking to recruit.

"Headhunters do a very expensive but good job," says Hick. "They trawl the marketplace and find out who is available, but the whole process can take between six and 12 months. Sometimes executive recruiting times need to come down."

Hick agrees the traditional job boards could be overlooked by the corporate high-flier who may be reticent to be seen trawling the Web for work. But the fact the Internet is now such a key business tool will make his site's task easier." The reason we are getting executives to come on to the Internet is because it's a very high quality, limited audience at the other end," he said. "They are serious people looking for serious directorships. The vast majority of our candidates are users of the Internet and therefore see the benefits of the Web in their business life - there's now a huge acceptance."