Investing in finding, qualifying, and selecting the most proficient and aligned candidates can allow companies to build strong and innovative teams driving the long term success that is crucial for any organisation.
Two of the most popular recruitment approaches are contingent and retained recruitment.
Contingency recruitment
is a flexible approach where multiple recruitment agencies compete to identify and present suitable candidates to an organisation, offering a broad candidate pool and a quick hiring process without requiring upfront fees or exclusive commitments.
Retained recruitment
is a client focused service in which a specialist executive search firm works very closely with a company using their expertise, industry knowledge, and extensive networks to identify, attract, and secure top-tier talent that aligns perfectly with the organisation's strategy, objectives, and long-term vision. A retained recruiter will typically charge a fee to conduct a search. Partnering with a retained executive search firm can bring multiple benefits to an organisation, particularly those seeking executive talent, strategic or niche hires.
Expertise
Retained search firms are experts in their field. They have an extensive network of contacts, multiple years of experience, and deep industry expertise. Their experience and understanding of the market and hiring process in specific industries allow them to source highly qualified, relevant, and quality candidates quickly and effectively.
A Customised Approach
A retained recruiter customises their approach for each unique search assignment, investing significant time in developing a deep understanding of the company, culture, and hiring needs. Their methodology, search parameters, and strategy are personalised for the specific search at hand. This approach allows for a nuanced understanding and thorough evaluation of candidates and an increased likelihood of placing the perfect candidate into an organisation.
Discretion
Retained recruiters are highly experienced at recruiting for sensitive and senior level positions and develop a trusted partnership with their clients and candidates. Understanding the importance of protecting sensitive information, maintaining a client's anonymity and reputation, and avoiding any potential conflicts of interest throughout the process is prioritised with a retained search strategy and ensures a simple and secure search process.
Efficiency
When engaging a specialised and retained search firm, organisations can discharge what can be a resource and time intensive process. A retained firm will manage the entire search, including research, sourcing, screening, evaluation, and presentation of a fully vetted shortlist of candidates.
Vast Candidate Reach
Retained search firms maintain an extensive and diverse internal network of highly relevant candidates in specific sectors, in addition to having the skills and industry knowledge to research and reach out to passive candidates. They use their experience and knowledge to take a proactive approach to the search process, expanding the available talent pool and increasing the likelihood of locating exceptional candidates who may be an excellent fit for a particular role and who may not be available through alternative recruitment methods.
Thorough Candidate Evaluation
Retained search firms conduct comprehensive interviews with each and every candidate. In addition to assessing a candidate's capabilities, qualifications, and fit, a retained recruiter will gather extensive feedback from referees and use objective third party assessments. This focus on quality over quantity ensures that only the most highly evaluated and suitable candidates are presented to their clients.
An Exclusive and Committed Partnership
In retained recruitment, the hiring company and recruitment firm form an exclusive partnership that ensures that the search firm is fully focused and dedicated to finding the best possible talent for the role, investing significant time and resources in conducting a thorough and highly targeted candidate search. A retained recruiter will work in close collaboration with the hiring firm, ensuring a very high level of alignment allowing for a stronger focus on delivering only high quality candidates.
A Long Term and Reliable Hiring Partnership
Retained recruitment firms typically develop a long term partnership with their clients. This allows the recruiter to develop a deep understanding of an organisation and their ongoing hiring needs. A retained firm is on hand to provide support beyond a standalone search, often providing current market intelligence, insights, and industry trends, in addition to ongoing recruitment advice on market conditions and salary benchmarking.
Superior Hiring Success
The strategic and thorough approach of retained recruiters significantly increases the likelihood of a successful hire. A thorough understanding of a client's individual needs and a dedication to finding the right talent leads to an enhanced and balanced screening process, conducted with the highest level of expertise affording the identification of exceptionally relevant talent. This minimises the risk of a costly hiring error and maximises the chances of securing a highly effective executive for long term success.
