When it comes to hiring for senior-level positions, it’s not always easy to find the right candidate. The task becomes even more daunting when you’re looking for candidates for executive-level roles. This is where retained search firms come into the picture. A retained search is a process in which an external recruiting firm is hired to help you find, attract, and select the most qualified candidate for a specific position. In this comprehensive guide, we’ll take a closer look at retained search, how it works, and the benefits it offers.
What is a retained search?
A retained search is a specialized type of recruitment process that involves a commitment (retainer fee) from the hiring company upfront. In essence, it’s a contract between the hiring company and the recruiting firm to find the most suitable candidate for an executive-level position. When you engage a retained search firm, they will put together a customized plan to meet your specific needs. This includes outlining the search criteria, developing job descriptions, and creating a candidate profile. The retained search firm then gets to work, reaching out to passive and active candidates, evaluating resumes, conducting interviews, and a host of other recruitment and selection tasks.
How does a retained search work?
The retained search process typically comprises several phases. First, the recruiting firm meets with the hiring company to discuss the position requirements, job expectations, and any other relevant details. Once this is done, the firm creates a job description, a candidate profile, and an initial list of potential candidates. The recruiting firm then reaches out to passive candidates, presenting the career opportunity and assessing interest. After screening applications and conducting interviews, the recruiting firm presents their final shortlist of candidates to the hiring company. From there, the hiring company conducts further interviews and makes a final decision.
What are the benefits of retained search?
Retained search offers several advantages over other recruitment methods. Firstly, it enables the hiring company to tap into the recruiting firm’s vast network of contacts and expertise in executive search. This means that the recruiting firm can go beyond traditional job boards and tap into broader networks to find the best fit candidate. Secondly, retained search allows for a customized approach that is tailored to the needs of the hiring organization. Since the recruiting firm operates on a retained basis, they are highly committed to the successful outcome of the search. Finally, the recruiting firm provides an unbiased assessment of candidates since their focus is on finding the right fit for the client company.
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What are the typical costs of retained search?
Retained search fees can vary based on multiple factors, including the seniority of the position, industry, and geographic location. Typically, retained search fees are calculated as a percentage of the candidate’s base salary. These fees can range from 20% to 35% of the base salary. Retained search firms work on a retainer basis which means a portion of the total fee is paid upfront to engage the firm and initiate the search process. The rest of the fee is typically paid upon completion of the search when a candidate has been hired.
How to select a retained search firm
Choosing the right retained search firm for your company can be a challenge. It’s important to do your research, check references, and evaluate the firm’s track record before making a final decision. The most critical factor to consider is the firm’s experience and expertise in your industry or market niche. The recruiting firm should have a deep understanding of your industry, how it operates, and who the key players are. Other factors to consider include their recruitment and selection process, their candidate vetting procedures, and their success rates.
Retained search firms can provide significant value to companies looking to fill executive and senior-level positions. The process enables you to tap into a broader network of potential candidates, gain access to unbiased assessments, and take advantage of a customized approach tailored to your company’s needs. A retained search firm can save your company time and money by fast-tracking the hiring process and presenting you the best-fit candidates. As always, it’s crucial to do your research, check references, and choose a reputable recruiting firm with a proven track record.
