When Should Your Business Consider Using Retained Search?
Retained search can help a business find better candidates for both executive and midlevel positions because the search firm has the expertise, skills and time to devote to such searches. A retained search firm working with a business that is serious about finding good candidates puts forth significant, quality effort in finding job candidates who will be successful.
Retained search vs. Contingency search
A retained search is one in which a recruiter works for a fee paid in advance. The recruiter or firm is the only one allowed to fill those job positions; the search is exclusive to the firm. The recruiter partners closely with the company and agrees on a search approach. The firm learns about the environment, culture and objectives of the company and job. The search follows a timeline and is sharply targeted. It typically results in three to ten candidates. In best-case scenarios, searchers present a list of five candidates who perfectly meet the criteria the company set forth.
In a contingency search, the search is nonexclusive, meaning the search firm is searching along with the company’s HR department and possibly other entities. Payment for finding the right candidate happens only after hiring. Results of a contingency search tend to focus more on quantity than quality because the general thinking is that the more candidates a contingency search firm puts forth, the higher the odds that one of them gets hired.
When your business should consider retained search
If traditional hiring methods do not seem to be working for your business, it is time to try retained search. Retained search is especially valuable if your company needs confidentiality and a timely, successful search that meets budgets. However, because of the monetary investment, it’s important to stress that retained search is only necessary if typical approaches have not turned up suitable candidates.
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