How a Retained Executive Search Firm Yields Better Results Than a Contingent Model

contingent recruitment vs retained search: what’s the difference and what’s right for you?

Career experts estimate that between 70-80% of job positions are never made public. Networking and recruiting have largely replaced the apply-to-hire model, particularly for key leadership positions which might require a more thorough candidate search or board approval process.

Experienced recruiting firms typically follow two disciplines – contingent and retained search – when pairing candidates with employers. Both models help provide companies with high-quality talent sourced from the top of an available job pool. But when companies are looking to fill top-level positions, contingent and retained recruitment are not created equal.

what is contingent recruitment?

The contingent model is typically a very competitive process where companies might work with one, or sometimes several, agencies when filling a position. Speed is usually a driving factor due to an urgent need to find candidates as quickly as possible, typically within days or weeks. Cost also drives the approach since there are usually no upfront fees required, just the placement fee once the right candidate is identified.

While the contingent approach can yield a quick review of candidates on the market, it can also mean extra work for the company or hiring manager with more candidates and resumes to review, assess, and manage through the interview process. Working with multiple firms can also be a distraction for managers who need to keep teams focused on executing on their day-to-day responsibilities.

In some instances, a contingent search can also result in more than one firm speaking with and presenting the same candidates. They might provide contrasting perspectives or set different expectations when representing the opportunity, making it difficult for candidates to be represented appropriately and potentially causing confusion in the market.

The contingent approach can help in filling lower to mid-level roles quickly where the skillsets needed might be more prevalent in the market, but as companies seek to fill director, VP, and C-level executive roles, they often need recruiting partners that can lend their expertise – and their network – to the hiring process.

what is a retained search?

The retained search process represents a strategic partnership between a company and search firm who are tightly aligned throughout the entire hiring process and beyond. A retained firm functions as a virtual extension of a company and can speak to all aspects of the opportunity and what it’s like to work for that organization, including intimate details on their corporate values, culture, and strategic direction.

a white-glove, hands-oN experience

Partnering exclusively with a retained search firm like Fahrenheit Advisors is the best way to leverage the right expertise, tools, and talent network to attract the right candidate in the market. Without competition from other firms, our recruiting team can invest heavily in advertising, sourcing and identifying the best quality candidates and efficiently manages both candidate and client expectations through each step of the process.

This white-glove experience allows all parties to work in lock step toward the same goal.

when does the retained model work best?

Retained search works particularly well when organizations seek to hire a high-level contributor, through a process they know will take time and energy.

Here are a few specific scenarios that might call for retained recruitment:

• Hiring a leadership-level candidate: Retained recruiters provide a thorough, dedicated search process to identify and attract top-tier executive talent.
• Lacking internal HR resources to Manage the hiring process: A good search firm offers support and management through every step of the hiring process, alleviating the burden on internal teams.
• You need a stress-free experience: With a retained firm, you will benefit from a dedicated consultant who handles all aspects of the search, ensuring a seamless and efficient hiring experience.

Retained recruitment also helps organizations hire the right candidate on their first attempt. This prevents the need to replace a candidate who might not fit company goals, and expensive process that can cost up to two times an employee’s annual salary.

fulfill your next executive hiring process with a retained search firm, like fahrenheit advisors

Your organization deserves a retained recruiting firm that helps handle all the details from day one. From creating an enticing job profile to managing a nationwide search and shepherding both sides through the interview process and offer negotiations, our team of recruiting experts help replace stress with anticipation.

Consider three priorities when choosing you next retained search partner:

• Search and recruiting expertise: Find an experienced firm that can identify engage, and hire the right talent for your open role.
• Talent market intelligence: Experienced retained recruiting firms will use market data, salary benchmarks, and workforce trends to intelligently analyze the state of the job market.
• Recruiting process management: Your next retained recruiting partner should handle every step of the job search process.

Fahrenheit Advisors is ready to make your next retained recruiting process an easy one. Our team of hiring executives, community leaders, and experienced consultants have sourced and hired in every industry. We have the experience, and the network, to connect your organization with the most qualified executive talent in the market.

about the author

John Griffin, Executive Search and Recruiting Practice Leader at Fahrenheit Advisors, is an expert in recruiting and talent development.