10 Reasons Why Retained Search Is Your Most Effective Talent Acquisition Strategy For 2021 And Beyond
Successful companies operating in FinTech, HealthTech, and other high growth tech sectors share a critical component. They can hire and retain exceptional talent, especially leaders who challenge the status quo and drive meaningful change and strategies throughout the business.
Companies that struggle to hire great leaders are subsequently left fighting a continuous uphill battle.
With significant resources spent on talent acquisition, what method do these highly successful businesses use to achieve such great results?
Firstly, you need to understand what hiring models are available.
The two primary models are executive search (retained) and contingent recruitment.
A good description of these two recruitment models is provided by the Association of Executive Search and Leadership Consultants:
Executive search firms operate on an exclusive, client-centred basis and work on a limited number of assignments at one time. Search firms often find candidates with diverse backgrounds and have access to candidates who are not actively seeking a new position. They are engaged in all aspects of the process, from defining the search through candidate integration. They charge a consulting fee (retainer) for the assignment, consistent with their in-depth advisory work. Executive search consultants deliver high-quality service, a slate of highly qualified candidates, and develop long-term relationships built on trust.
Contingent recruiters seek to place as many candidates as possible in the shortest possible time. They tend to work with many assignments concurrently. If a particular assignment is not getting traction, contingency recruiters have little incentive to continue. Contingent recruiters offer their service with no money upfront, and they get paid for candidates who are hired from CV’s they present. Fees are generally lower, reflecting their limited scope of work. Contingent recruiters deliver broad access to “ready to move candidates” and a quick presentation of a large number of resumes.
Understanding how the process, detail, and level of service you receive differs in each model is important.
Many businesses are failing themselves as they could be paying a similar price for a far lesser service.
Here are our top 10 reasons why Retained Search is your most effective hiring method for 2021 and beyond:
- Search consultants (retained search professionals) work with their clients on an exclusive basis.
- They are dedicated to following best practices and doing the job right. They work very closely with the client by developing a methodology, action steps, and timing that is realistic and matches the client’s needs.
- They are truly management consultants; you’re not alone.
- Remember that contingent recruiters are in a race to provide CV’s as quickly as they can. It’s your job alone to evaluate these and assess if they fit your position and company.
- The executive search consultant’s goal is to present four to five high-quality candidates with the skills, fit, salary, etc. desired by you, the client.
- Intelligence is sourced and presented to you through exhaustive research on the industry, competitors, and ideal candidates.
- Candidates are screened and assessed using modern assessment tools and are pre-qualified to fit the position and your company culture.
- Cost-wise, Search (retained search) fees range from 25% to 35%, and contingency recruiters will attempt to charge the same amount but provide you with much less.
- The contingency model is on a No Win, No Fee basis. Therefore, their dedication based on their actions is very limited. They are not set-up to provide the same level of professional services as a retained search model provides.
- With a retained search consultant, you will receive full briefings on the search process, competitors, the market, and the talent pool.
If you’d like to understand more about our Search process, The Acquire Method, to see if it’s the best solution to your recruitment needs for Digital & Growth Marketing Leaders, contact Alex Marriner by email at [email protected]
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