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March 5, 2024
The practice of headhunting, specifically through the method of retained search, is a complex and nuanced field that requires a deep understanding of various aspects. This article entry aims to provide a comprehensive understanding of retained search as a method of headhunting, discussing its definition, benefits, process, and much more.
Retained search is a specialized form of recruitment, often used to fill senior-level and executive positions in organizations. It is a strategic, targeted approach that is designed to identify, attract, and secure high-performing candidates. The term 'retained' refers to the contractual nature of the relationship between the hiring organization and the search firm, where the firm is 'retained' or hired for a specific period to fill a particular role.
Retained search is often referred to as 'executive search' and is typically used for high-level roles within an organization. These roles are often crucial to the company's success and require a specific set of skills, experience, and leadership qualities. Therefore, the process of filling these roles is more intensive and thorough than traditional recruitment methods.
Retained search firms work closely with the hiring organization, understanding their culture, requirements, and strategic goals. This close relationship allows the search firm to represent the hiring company accurately and attract candidates who are not only qualified but also a good cultural fit for the organization.
Retained search is often compared to contingency search, another common recruitment method. While both methods aim to fill vacancies, they differ significantly in their approach and execution. In a retained search, the search firm is hired and paid upfront, regardless of whether or not they successfully fill the role. This arrangement allows the firm to dedicate significant resources and time to the search, resulting in a highly targeted and thorough process.
In contrast, a contingency search firm is only paid if they successfully fill the role. This method is often quicker and less thorough, as the firm is incentivized to fill the role as quickly as possible. While contingency search can be effective for filling lower-level roles quickly, it may not be the best choice for senior-level or specialized positions that require a specific skill set.
Retained search offers several benefits over other recruitment methods.
Firstly, the thorough and targeted nature of the search ensures that only the most qualified and suitable candidates are presented for the role. This reduces the risk of a bad hire, which can be costly and disruptive for the organization.
Secondly, retained search firms often have extensive networks and deep industry knowledge, allowing them to identify and attract passive candidates who may not be actively seeking a new role. These candidates are often high performers who are content in their current role and may not respond to traditional job advertisements.
Another significant benefit of retained search is the level of confidentiality and professionalism it offers. For senior-level roles, confidentiality is often crucial, and a retained search firm can conduct the search discreetly without disclosing the hiring company's identity until necessary. This discretion is particularly important when the role is a replacement for a current executive.
Furthermore, the professionalism of retained search firms ensures that the hiring company is represented in the best possible light. These firms understand the importance of the candidate experience and work hard to ensure that every candidate interaction is positive and reflects well on the hiring company.
The retained search process is typically broken down into several stages, each designed to ensure that the best possible candidate is identified and secured for the role. While the exact process can vary between firms, it generally includes the following stages: client briefing, research and identification, candidate approach and assessment, shortlisting, client interviews, reference checking, and offer negotiation.
Each stage of the process is thorough and considered, with a focus on quality over quantity. For example, during the research and identification stage, the search firm will conduct extensive market research, map out potential candidates, and use their networks to identify passive candidates. This thorough approach ensures that a wide pool of highly qualified candidates is considered for the role.
The client briefing is the first stage of the retained search process and is crucial in setting the direction for the search. During this stage, the search firm will meet with the hiring company to understand their needs, culture, and strategic goals. They will also discuss the role in detail, including the required skills, experience, and leadership qualities.
This stage is crucial for establishing a strong working relationship between the search firm and the hiring company. It also allows the search firm to gain a deep understanding of the role and the type of candidate that would be a good fit. This understanding is essential for the next stages of the process.
Once the client briefing is complete, the search firm will begin the research and identification stage. This involves conducting extensive market research to understand the landscape and identify potential candidates. This research can include competitor analysis, industry trends, and mapping out potential candidates based on their skills, experience, and career trajectory.
The search firm will also use their networks to identify passive candidates who may not be actively seeking a new role. These candidates are often high performers in their current roles and may be a good fit for the position. The search firm will then create a long list of potential candidates to approach.
Retained search is a specialized form of recruitment that offers many benefits for hiring senior-level and executive roles. The thorough and targeted approach ensures that only the most qualified and suitable candidates are considered for the role, reducing the risk of a bad hire. Furthermore, the level of confidentiality and professionalism offered by retained search firms ensures that the hiring company is represented in the best possible light.
While the retained search process can be more time-consuming and costly than other recruitment methods, the potential benefits make it a worthwhile investment for many organizations. By understanding the nuances of retained search, companies can make informed decisions about their recruitment strategies and secure the best talent for their organization.
Looking to fill an executive role? At JB Hired, we operate on a contingency model, so you pay us only once we've delivered. We offer personalized headhunting services to meet your unique hiring needs. Contact us via the form below, and let's discuss how we can assist you in securing your next top executive.
