We have had a few client enquiries recently who are unsure on the difference between Retained Executive Search and Contingency Search and which recruitment approach is best for their needs. Well, we’ve put together a brief summary below on the key features of what to expect from these 2 different recruitment approaches.
Retained Executive Search Features
- Best for senior or board level appointments or where talent is in short supply and/or demand is high
- All avenues covered, most comprehensive method of recruiting covering near 90% to 100% of the candidate market
- Active, passive and hidden candidate search focus
- A Retained Executive Search Recruiter works on only 1-2 mandates at any one time so are laser focused
- All candidates are exclusively supplied to the client creating less competition and maximise candidate conversion to successful placement
- The assignment is also exclusive to the search firm (no other agents)
- Extensive, original and bespoke research focused activity for each assignment
- Both internal and external candidates are managed and evaluated by the search firm
- All shortlisted candidates are interviewed face to face prior to client presentation
- Candidates are extensively screened. Interview reports and personality profiling assessments are provided
- Timescales can be longer due to the meticulous method of recruitment
- Given the strategic importance of certain positions, there is a high degree of confidentiality
- A detailed brief of the assignment will be provided to the client for signoff prior to search commencement
- Fees paid in 3 stages on basic salary – Retainer, Shortlist, Placement
Contingency Search Features
- Best option for when there are multiple vacancies or that candidates are readily available in the marketplace
- Active candidate search focus with access to typically 8% – 13% of the market of skills you seek
- Candidates are not exclusively supplied to the client and may be considering other opportunities so candidate conversion can be lower
- No exclusivity from the client to the search firm who can typically use 5-10 agencies to fill the same vacancy
- A Contingency Recruiter typically works on a higher number of multiple vacancies at any one time
- Recruitment timescales are shorter
- Best option if a client is seeking enhanced ownership of the recruitment process such as screening and interviewing
- Fees paid only on successful placement of a candidate
So Which Is Right For Your Business?
Clients think that using Retained Executive Search is sometimes out of their reach with a perception that this would be too expensive an option to hire and they would have to pay a premium for top candidates to join their firm. This is not true and quite often, mis-hires and lack of quality of hire can often cost a business more.
Let us show you how you can attract the talent you need. If you are struggling to attract high impact senior talent, then contact us for further advice and guidance at email@example.com or book a call with us.