When businesses need to fill their upper-level positions, they often turn to retained executive search firms. These firms specialize in finding qualified candidates for high-level positions, and they work on a retained basis. But what does that mean, exactly?
Essentially, retained search firms are hired by their clients to conduct a thorough and comprehensive search for the best candidates possible. These search firms work closely with the client to determine exactly what qualifications and experience the ideal candidate would have.
Once the search firm has an understanding of what the client is looking for, they will begin to search for candidates who fit the bill. They will typically leverage their wide networks and connections to identify these potential candidates.
Once they’ve put together a list of promising candidates, they will begin the process of evaluating them. This may involve conducting in-depth interviews, checking references, and even conducting background checks.
Throughout the entire process, the search firm will maintain close communication with the client. They will keep them updated on the progress of the search and provide them with regular reports.
One of the key benefits of working with a retained executive search firm is that they offer a level of expertise that many businesses simply don’t have in-house. These firms have experience working with a wide variety of industries and can bring a fresh perspective to the hiring process.
Additionally, retained search firms are incentivized to find the best candidates possible. Because they are working on a retained basis, they are paid a fee regardless of whether or not they fill the position. However, that fee is often contingent on the quality of the candidate they provide. This means that if a search firm provides a subpar candidate, they may not be paid as much or even at all.
Another key benefit of working with a retained search firm is that they offer a level of confidentiality that can be difficult to achieve with in-house hiring. Because the search firm is conducting the search on behalf of the client, they can ensure that the process remains confidential. This can be especially important for businesses that are filling high-level positions or that work in competitive industries.
So how do businesses go about working with a retained executive search firm? The process typically begins with an initial consultation, during which the client and the search firm will discuss the position that needs to be filled and what qualifications and experience the ideal candidate would have.
From there, the search firm will conduct their search, providing the client with regular updates on their progress. Once they’ve identified a list of promising candidates, they will begin to evaluate them and narrow down the list.
Ultimately, the search firm will provide the client with a shortlist of the best candidates. From there, the client will conduct their own interviews and evaluations, ultimately selecting the person they feel is the best fit for the job.
It’s worth noting that working with a retained search firm is not cheap. These firms typically charge a fee that is equivalent to a percentage of the new hire’s salary. However, for businesses that need to fill high-level positions quickly and with the best possible candidates, a retained search firm can be a valuable investment.
Retained executive search firms can be a valuable tool for businesses that need to fill high-level positions. These firms offer a level of expertise and confidentiality that can be difficult to achieve with in-house hiring, and they are incentivized to find the best candidates possible. While they can be expensive, the investment may be worth it for businesses looking to make a critical hire.