Understanding Retained Search
Retained search, also known as executive search, is a specialized recruitment service used by companies to fill senior executive positions. This method is typically used when the desired talent is scarce, and the hiring process needs to be discreet and highly targeted.
Unlike contingency recruitment, where the recruiter is only paid upon the successful placement of a candidate, retained search involves an upfront fee. This ensures that the recruiter is committed to the search, providing a more comprehensive and personalized service.
The Process of Retained Search
The process of retained search is systematic and thorough. It begins with a deep understanding of the client’s needs, followed by a comprehensive market research phase, and ends with the successful placement and integration of the candidate into the organization.
Let’s delve deeper into each of these steps.
Understanding the Client’s Needs
The first step in the retained search process is understanding the client’s needs. This involves a detailed analysis of the job role, the company culture, and the desired skills and qualifications for the candidate. This information forms the basis of the search strategy.
During this phase, the recruiter also establishes a clear communication plan with the client, ensuring transparency and regular updates throughout the search process.
Once the client’s needs are clearly defined, the recruiter conducts comprehensive market research. This involves identifying potential candidates, assessing their suitability, and gauging their interest in the role.
The market research phase also includes competitor analysis, which provides valuable insights into the talent landscape and helps to refine the search strategy.
Placement and Integration
The final step in the retained search process is the placement and integration of the candidate into the organization. This involves negotiating the terms of the employment contract, facilitating the transition, and providing support during the onboarding process.
Post-placement follow-up is also an important part of the retained search process, ensuring that both the client and the candidate are satisfied with the outcome.
Benefits of Retained Search
Retained search offers several benefits over other recruitment methods. These include a dedicated search effort, access to passive candidates, and a high level of expertise and professionalism.
Let’s explore these benefits in more detail.
Dedicated Search Effort
With retained search, the recruiter is committed to the search from start to finish. The upfront fee ensures that the recruiter has the resources and motivation to conduct a thorough and targeted search, resulting in a higher quality of candidates.
This dedicated search effort also means that the recruiter is able to devote more time to understanding the client’s needs and refining the search strategy, leading to a more successful placement.
Access to Passive Candidates
Retained search recruiters have access to a wide network of passive candidates – those who are not actively looking for a job but may be open to the right opportunity. This expands the talent pool and increases the chances of finding the perfect candidate.
Furthermore, retained search recruiters are skilled at engaging and persuading passive candidates, making them more likely to consider the role.
Expertise and Professionalism
Retained search recruiters are experts in their field. They have a deep understanding of the market, the skills required for the role, and the needs of the client. This expertise ensures that the search process is efficient and effective.
In addition, retained search recruiters uphold the highest standards of professionalism. They maintain confidentiality throughout the search process, ensuring that the client’s reputation is protected.
The Bottom Line
Retained search is a valuable tool for companies looking to fill senior executive positions. With its systematic process, dedicated search effort, and access to passive candidates, it offers a high level of service and results.
While the upfront cost may be higher than other recruitment methods, the benefits of retained search make it a worthwhile investment for many organizations.