Benefits of using a retained executive search firm
Every employer wants to hire the best executives to run the company. Not all, however, know the benefits of using a retained executive search firm to accomplish this goal. Traditional means of recruiting candidates will barely survive what it takes to find C-suite candidates. Fortunately, you do not have to find out the wrong way how retaining a recruitment firm can help.
Here’s a brief overview of how this type of recruiting works.
What Happens When Your Retain an Executive Search Firm
Working with a recruiter on a retained basis simply means that you pay an upfront fee for the firm to conduct a search. Additionally, you have the benefit of working with the firm exclusively. This means the recruitment company will not source out the task of matching candidates to the job description. Rather, they are the only ones who will fill the position.
For this to give you the best talent, the company must work closely with you to understand your business. You will agree on a recruitment methodology to find the best person. Typically, you are presented with a shortlist of 3-10 names before interviews are scheduled. Ideally, you should get at least five candidates with the perfect skills, knowledge, ability and salary requirements. All you do is pick the one you like most.
How Retained Recruiters Differ from Contingency Recruiters
With a retained recruiter, you agree to a methodology and process for finding solid candidates. The advantage you get is having a company that works exclusively with you.
A contingency recruiter works faster in trying to fill the same position. They may also deliver more candidates in efforts to increase the odds of filling the placement. However, more does not equal better candidates, especially when you need someone to have a high level of power in your company.
The question you should ask is whether a longer process is worth the wait to find a good candidate. The alternative could be restarting the recruitment process six months or one year later.
Invest Your Recruitment Dollars Wisely
When you need to hire executive level talent, your options are to conduct an in-house search, leverage networks or look to an outside firm for help. Choosing the latter by hiring an executive search consulting firm offers exclusive, focused assistance.
Typically, you work with one recruiter from beginning to end. Having confidence that one person fully understands your needs is worth the investment.