Retained search is becoming increasingly popular as organizations seek to fill executive and managerial positions with the most qualified candidates.
The retained search process involves a more in-depth analysis of the job requirements and a more thorough search for the best candidates. In this Retained Search 101 article, we will provide an overview of what is retained search, how retained search works, and how it can benefit businesses.
What Is Retained Search?
Retained search is a form of executive search commonly used by businesses to recruit high-level talent. Unlike contingency-based search where you only pay a recruitment fee if you hire a candidate presented by your recruiting firm, with retained search you pay a portion of the anticipated placement fee upfront and the remainder of the placement fee when you hire a candidate. You will also typically be granting your recruitment agency exclusive rights to search for the role. While it requires some upfront investment, it can provide a number of benefits to businesses.
Retained search is typically used when businesses need to find highly qualified senior executives such as Chief Executive Officers (CEOs), Chief Financial Officers (CFOs), and Chief Operating Officers (COOs).
Retained search firms typically have an extensive network of contacts and resources to leverage to find the right candidate for the job, so they make more challenging hiring decisions much more effortless.
How Does Retained Search Work?
The search process begins with the search firm gaining a deep understanding of the business’s requirements and goals. They will then create a search strategy tailored to the business’s specific needs. This typically involves creating a detailed job description, identifying the ideal candidate profile, and researching potential candidates.
The next step is to conduct a thorough search of the market to find suitable candidates. The search firm will use its resources and contacts to identify potential candidates who meet the criteria. They will then approach potential candidates to gauge their interest in the role.
Once the search firm has identified a shortlist of candidates, it will present them to the business for consideration. The search firm will provide detailed profiles of each candidate, including their qualifications, experience, and background. This allows the business to make an informed decision about who to hire.
What Are the Benefits of a Retained Search Firm?
Have a Dedicated Recruiter
With a portion of the anticipated placement fee paid upfront and with exclusive rights to the search, retained search ensures that you’ll get recruitment time dedicated to your open position via your recruitment agency. It also has the additional benefit of demonstrating to your recruitment agency that you have invested in filling this open role which demonstrates to your recruitment agency that you want to form a long-term relationship with them.
Keep Your Search Discreet
Organizations often want to keep their hiring process confidential, and a retained search firm can help keep your searches and candidates under wraps. By taking this extra step, you’ll be able to find the perfect candidate without the risk of competitors finding out.
Show Candidates That You Are Serious
Another benefit of using a retained search firm is that it shows potential candidates that you are serious about finding the right person for the job. By investing in a third-party firm, you are demonstrating to potential candidates that you are willing to go the extra mile to find the best possible person for the role. This can attract top-level talent to your business.
Enjoy Specialized Expertise
Retained search firms are experts in their field and have the resources and connections to find the perfect candidate for your organization. They are also knowledgeable about the current job market and can provide insight into what types of candidates are available and what type of salary range to offer.
Access Hard-To-Reach Talent
Many organizations have difficulty finding candidates with the right qualifications and experience for their open positions. Retained search firms have access to a vast network of potential candidates and can work to find the perfect fit for your organization.
Start a Long-Term Partnership
Using a retained search firm is a great way to start a long-term partnership. Once you’ve found the perfect candidate, you can continue to rely on your retained search firm for future hiring needs. They can help you to find the right person for any job and can provide valuable insight into the job market.
Final Thoughts
A retained search firm can be a great way to access specialized expertise, keep your searches discreet, and start a long-term partnership. If you’re looking to fill a high-level position, a retained search firm can be an invaluable asset for your business.
Do you need a retained search recruitment agency in New York? Rad Hires is a perfect option for you. We help companies with growth plans and open roles recruit the best talent. Book a consultation to get started today!