Filling an executive role in your company should not be a decision you make lightly. After all, your choice of hire can either push you towards your business goals or take them away from you. Thankfully, several top retained executive search firms can guide you toward the best decision.
An excellent retained executive search firm helps you highlight top candidates that fit your vacant role while reducing the chances of you making a bad hire.
But that this is not all.
This article details several advantages you enjoy when you leverage a retained executive search firm during your hiring process. But first, a quick detour.
What is a Retained Executive Search Firm?
A retained executive search firm is a third-party organization that helps a brand or organization hire top-level candidates for a specific role.
The best retained executive search firms specialize in recruiting individuals for senior and executive positions to help an organization gain exceptional leadership and a competitive edge. This way, businesses do not have to stress about finding the right candidates and have a lesser chance of making the wrong decision.
Retained Search vs. Contingency Recruitment: The Differences You Should Know
While a retained search executive firm and a contingency recruitment firm can help you fill vacant roles in your company, several key differences exist between services.
On the one hand, you hire a retained executive search firm exclusively to help fill up a higher-up position within your business. On the other hand, contingency recruitment involves hiring a contingency recruitment agency on a non-exclusive basis to help an organization fill a vacant position.
This means that a brand can hire more than one contingency agency under contingency recruitment to help it fill a position. As a result, each agency tries to outdo the other by presenting their candidate faster, which may result in rushed and poor hires.
Here are some other differences between retained search and contingency recruitment:
- Retained search firms are kept on a retainer fee and typically have a guarantee period for candidates hired through them. The guarantee ensures that you can get a replacement for a candidate that has to go before the guarantee period expires.
- Contingency agencies are only paid to fill vacant roles, and there are typically no guarantees on the candidate(s) hired.
- Top retained executive search firms typically take on a limited number of clients yearly, while contingency recruiting agencies take on several clients yearly. This typically means retained search firms are more thorough in picking the best candidates for a role.
Benefits of Using a Retained Executive Search Firm
Here are some of the top reasons you should consider leveraging a retained executive search firm during your hiring process:
1. They highlight the most qualified candidates
The best retained executive search firms go out of their way to get candidates with the perfect blend of experience and skill to take up the roles in your company.
Even more, they don’t stop at only available individuals. They also help you identify qualified candidates who may not actively be looking for a new position.
2. They guarantee discretion
Sometimes, publicly announcing that you are looking to fill an executive role can cause a flood of applicants, some of whom may not even have the relevant qualifications and experience.
However, the best-retained executive search firms are usually discreet during their search process, especially in more sensitive situations.
3. They help you fill up newly created executive positions
Does your company have a vacant executive role in an area you don’t know much about?
Top retained executive search firms can prove critical in situations like this. These firms take time to thoroughly understand your company and the role before they search for the best person to fill a position.
4. They help you find candidates with a rare mix of skills
You need the best of the best to fill an executive position. This means individuals with unique skills and extraordinary proficiency.
Fortunately, top retained executive search firms excel at finding such talents, even if they have to approach those who work for your competition.
5. They help you save time
When you and your team have a lot to do, and little time to do it, a retained executive search firm is the best partner to have for recruitment. This is because they assist and help with the entire process, from finding and screening candidates to onboarding them for their roles.
6. They can help to broaden diversity in your organization’s senior leadership
Retained executive search firms can help you find highly qualified candidates that bring diversity to your team. Usually, the background of various people that fit a role is similar, but these firms can help find the outliers.
7. They give your organization a competitive advantage
Getting the best candidates for your senior-level position is an excellent edge for your company. With retained executive search firms, you can place your company one step ahead of others by getting the best minds in your industry.
Why Hire A Retained Executive Search Firm?
Hiring top retained executive search firms ensures that you get individuals with the experience and skills to take your company to the next level.
Therefore, choosing a retained executive search firm should be one of the most significant investments for your company in the new year.
Disclaimer. The views and opinions expressed here are those of the authors. They do not purport to reflect the opinions or views of IdeasPlusBusiness.com. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any organization, company, individual, or anyone or anything.
For questions, inquiries and advert placements on the blog, please send an email to the Editor at ideasplusbusiness[at]gmail[dot]com. You can also follow IdeasPlusBusiness.com on Twitter here and like our page on Facebook here. This website contains affiliate links to some products and services. We may receive a commission for purchases made through these links at no extra cost to you.
I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.