What are retained executive search firms?
Retained executive search firms are engaged by clients under contractual commitments to identify the most suitable executives for a critical position. Retained search is generally required for top level positions for which there are a limited number of appropriate candidates. A retained executive search firm will contact qualified candidates whether they are actively or passively seeking a career change.
What are contingent recruiting firms?
Contingent recruiting firms are firms which charge fees contingent upon the placement being made. Services of more than one firm are generally used simultaneously to fill open positions. They usually also work on temporary or contract positions at lower salary levels. These firms usually provide services for a wide variety of office support positions, accounting staff and marketing professionals.
What is online recruiting?
Online recruiting has experienced the highest growth rate in the last ten years. Websites offer jobs from various providers at various experience levels. E-Recruiting exposes the candidate’s information to anyone with access to the Internet websites.
Why do companies use retained executive search firms?
Companies use retained executive search firms for various reasons. Retained executive search firms are generally used for critical hires when “Good Enough” is sometimes not the best answer for top management positions. Other considerations may include the need for absolute confidentiality, and/or time requirements.
What are some of the differences between a contingent and retained search?
Retained Search Firms develop a thorough understanding of the client company and its specific vision of the candidate. For example, they meet with the company’s management and discuss the style, business strategy, working environment, growth strategy, regulatory concerns, capital expenditure programs, etc.
Retained Search Firms also use a different approach to search for candidates
- They contact a substantial number of candidates in the industry and related industries as well as through professional relationships and proprietary databases.
- They devote much more time contacting passive candidates (i.e. currently employed) compared to contingent firms which usually provide active candidates (i.e. unemployed or actively looking)
- They handle the interviews personally and are able to provide a better candidate assessment, personal management style, reasons for career moves, complete salary profiles, career goals and personal interests.
- They carry out reference checks upon request before they send candidates to the company.
- They also provide status reports and a long term replacement guarantee.
