Finding the right talent is never easy, especially when recruiting for very particular, niche roles that need specific skill sets. Here, you’ll learn how to best use your time with retained search, turning your frustrating challenges into great opportunities.
Requiring help with your recruitment process
As the hiring manager responsible for a specialist role, you’re probably wondering which recruitment service will be the most effective. If you have a niche role or a vacancy that requires very specific skills, retained search is your best option. Retained search allows a search specialist to truly partner with your business and focus on your recruitment project in a more proactive way.
What is a retained search?
‘Retained search’ is similar to ‘headhunting’ which is a proactive method of recruitment. This type of recruitment search is a partnership between the client and the recruiter to source and attract the best and most qualified candidates for your roles.
The difference between contingent and retained search:
In a contingent search, a fixed fee per placement is agreed upon at the start, payable on successful candidate’s start date — in other words, a contingent recruiter is only paid if they succeed at finding someone. In a retained search, a percentage of the agreed price is paid up-front with the remainder payable upon successful completion of the recruitment assignment. If the assignment is not completed, the payment is refunded in full. With exceptionally high success rates this option offers a certainty and full commitment from both parties to fill the vacancy. Many of our clients prefer this method for its convenience and higher level of commitment and reassurance.
So, what are the benefits of using Retained Search?
There are many benefits to retained search:
Top priority
The upfront structure of retained search ensures that the placement takes higher priority than the contingency method.
Reduce the risk of hiring the wrong people for your business
The focus of a retained search is quality. You will have exclusivity with a top recruiter with a high success rate. When it’s crucial to get the right candidate for a high-stakes role, retained search offers a lower risk of a bad hire, and thus a higher certainty and comfort level.
It’s not a race!
When there’s not a race to complete the search, more time can be taken to ensure the very best and most qualified candidate is found — greatly benefiting the company in the long-run.
Find shortage skill areas
A retained search opens up potential candidates who are already employed, meaning they’re able to expand their search to a wider range of individuals — increasing the chances of finding the person with the exact, unique skill sets needed for the niche role.
A proactive approach
Retained search takes a more proactive approach, considering those who aren’t actively seeking a new role. This enables a much wider selection than just those who are in a database, answered ads or shown interest themselves.
Access to specialist recruitment skills
Simply put, most companies don’t have the time and resources needed to find the best high-level candidate themselves. Utilizing a retained search firm can actually save them time and money because the process will probably take less time than trying to do it internally.
More streamlined and efficient
Retained search enables a more customized search for roles that are often very unique. It’s not a one-size-fits-all approach, but rather the recruiter takes more time to gain a thorough understanding of what the ideal candidate possesses.
Thoroughly checked candidates
With retained search, you can have confidence knowing your candidates have been fully vetted — from more strenuous background checks, reference checks and so on, you can know only the most genuinely-qualified candidates, both skill-wise and culturally, will be presented.
Consistent feedback with regular updates
Retained search recruiters will provide you with more helpful information throughout the process, including market intelligence, competition, timelines and so on.
Only the best
Most retained search agencies should present a mutually agreed number of highly-qualified and appropriate candidates who fit your skill, culture and salary requirements, so that truly the best candidate can be chosen.
With an upfront financial investment, retained search enables you to focus on other tasks while the recruitment process is handled for you. The best part? The myth that retained search is more costly than contingent search doesn’t apply at Harrison Maxwell International. Contact us today for information on how retained search will help you find the talent you need to grow your teams and your business.
Deon Maxwell
