- March 25, 2021
- Executive Search, Interesting Articles, Latest News, Recruitment
- executive search, retained company, retainer
Advantiges of Retained Recruitment Company
If your company has been trying to fill a vacancy, especially in times when it’s hard to get talent, you‘ll realise how challenging this aim can be.
What do you do?
Think about having a partnership with recruitment and HR services company to implement a retained search on your behalf.
The Difference between contingency and retained recruitment assignments
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Contingency
This model is the most common form or recruitment within the industry. The client often reaches out to multiple recruitment agencies to supply candidates for their vacancy. A fee is only due to the recruitment company that introduces the successful candidate. The invoice is due only once the candidate starts employment.
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Retained recruitment
This specific model differs in that the services of a single recruitment consultancy are exclusively used to conduct a more thorough and methodical search. It guarantees that only the hired recruitment agency will fill the vacancy. This can often deliver greater results as it provides that the recruiter from the assigned company can dedicate more time to the talent attraction. One of the main differentiating factors to this method, is that the retained recruitment company is paid a proportion of the expected total fee as an initial fee.
When is a Retained Recruitment model most suitable?
This recruitment model could and should be considered as your chosen method of search in far more scenarios than this:
- A vacancy is a highly specialist role with a few suitable candidates in the market place
- The client has a very strict timeline to his recruitment process
- Top and C level Director appointment
- The niche of the employer is struggling to attract applicants. Often losing candidates to larger and more recognised competitors in the market
Companies often have doubt at the thought of paying up front for a retained service. However, in the recent montns and year, it’s increasing in popularity with our clients, and here’s why.
Key benefits of choosing a retained recruitment company:
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Focus
The retained recruitment consultants have access to the networks of passive talents. They focus on matching the right skills with your requirements. The recruitment process has of various stages, each one necessary, and it’s crucial to get them right. It therefore takes time and effort, particularly when you’re working on a senior or hard-to-fill role.
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Richer talent pool
If you use contingency recruitment services, you will most likely receive many candidate CVs that are on every other recruitment agency database but there simply isn’t time (or the incentive, let’s be frank) for these recruiters to perform the sort of extensive searches that everyone would like. Especially as there’s no guarantee they will be paid for any of the time they invest in trying to help you.
On the contrary, with a retained recruitment company, the search is more thorough and will include multiple details. Besides active applicants, recruitment consultants will also search for passive candidates, which is where you are often most likely to find the fit talent you’re seeking for.
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Pre-allocation of resource
A recruitment business is a busy environment, where priorities are constantly changing. Retained recruitment usually comes with a guarantee of exclusivity, which enables a recruitment firm to allocate time and resource. The recruitment company that you choose will keep you informed at each stage of the process and handle any issues that come up along the way.
It goes beyond searching for the right candidate. A recruitment consultant should be able to confidently work their way through the process using excellent communication skills, specifically in delicate situations and even negotiations.
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Enhance your employer brand
The retained model enables the recruitment team working on the project to really get under the skin of the business and its employer brand. Understanding what’s great about the business, as well as the role,. It helps to define and shape the candidate attraction strategy, and makes sure the message is consistent with the internal recruitment or HR team.
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Stronger relationships
The retained recruitment consultant is the mediator between clients and talents. Just as a doctor can make a diagnosis by listening to symptoms, such consultant is able to analyse the situation from an external viewpoint.
Having a stronger relationship with your recruitment consultant allows them to work better at finding the ideal candidate for you.
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Saving time and money
A recruitment consultant working on contingency base may be dealing with multiple other clients at a time. While a retained recruitment consultant is 100% committed to working with you, which increases the final quality of hire.
Recruiting someone is often a process that costs time and money. And it takes time away from other core business operations. A retained recruitment consultant is dedicated to finding the perfect fit for you and will save your time once the search requirements have been set.
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Flexibility
When working with a retained recruitment company, you’ll be have more flexibility in many fields. Most recruitment agencies have a standard contract but, since retained recruitment companies are more dedicated. In other words, they are more prepared to go the extra mile. They would like to make sure you are thoroughly satisfied with the retained service.
For all the above mentioned advantiges and beyond, retained recruitment service is the superior recruitment option for companies that are slooking for a star and want to work with the best talent partner.
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