Executive Retained Search
The difference between an executive retained search and a contingency search
The retained executive search involves forming an exclusive partnership with a recruiter who will conduct a thorough market analysis to identify a pool of highly qualified candidates that match your organization's profile. The recruiter will then screen the candidates based on their cultural fit, specialized experience, and knowledge, to narrow down the list to the most suitable candidates.
On the other hand, non-exclusive contingency recruitment involves engaging multiple recruiting firms to source potential candidates. This approach may result in a diffusion of responsibility, limited accountability, and access to only a small pool of candidates who are actively seeking new opportunities.
In retained search, an upfront fee known as the retainer is paid to the executive search firm to cover the costs of the search process. This fee sets out the goals and milestones of the search and is credited towards the final placement or completion fee. In a contingency search, no initial payment is made, and the fee is only incurred once a successful placement has been made.
The reason for paying the retainer fee upfront is that it guarantees the best possible partnership between your organization and the search firm.
Top 5 reasons to use an Executive Retained Search
- Specialized Expertise: Executive retained search firms are experts in identifying and attracting top-level executives. They often have specialized knowledge and experience in specific industries, functional areas, or geographies, which allows them to identify and attract the most suitable candidates for your organization.
- Comprehensive Search Process: Executive retained search firms conduct a comprehensive search process that includes extensive research, analysis, and networking to identify the best possible candidates. This process ensures that the search is targeted and efficient, and that the candidates identified are a good cultural and technical fit for your organization.
- Access to High-Quality Candidates: Executive retained search firms have a wide network of contacts and relationships within the industry, which enables them to access high-quality candidates who may not be actively seeking new opportunities. This access to passive candidates can be particularly valuable when recruiting for executive-level positions.
- Confidentiality: Executive retained search firms offer a high level of confidentiality throughout the search process, which is particularly important when recruiting for senior-level or executive positions. This ensures that your organization's reputation is protected, and that your search remains private.
- Partnership Approach: Executive retained search firms work closely with their clients to understand their organization's needs, culture, and goals. This collaborative approach ensures that the search process is tailored to your specific requirements and that the best possible candidates are identified and recruited. This partnership approach also ensures that the search process is transparent, and that you are kept informed at every stage of the process.