What is Retained Search in recruitment?
Compared to contingency recruitment, which offers no guarantees, retained consultants prioritise their time on their projects. The end to end process process involves far more in-depth candidate analysis and evaluation. Consultants lead with detailed screening from interviews to background checks and relevant skill assessments.
The objective of retained search is to deliver the very best possible candidate by accessing a wider candidate pool. It is the best option when contingency recruitment fails to provide the required recruitment results.
Why Choose a Retained Agreement?
Industry averages show that recruitment consultants dedicate up to 5x more time per role making the most thorough approach. With increased project hours consultants can reach the entire market of available and passive candidates which leads to better results. Instead of being limited to inbound candidates, more effort is placed on sourcing perfect skill-matched candidates across the market.
This actually provides a much more cost-effective approach as all time is spent effectively and efficiently compared to contingency. Similarly, we are also able to deliver with much improved timelines due to a lighter but more focused workload. Our consultants work on fewer roles at a time diverting maximum resources and commitment.
This allows us to build a far greater relationship with your objectives and your business in terms of culture and direction. With retained search your recruitment avoids poor hiring decisions from less committed conversations and screening. Instead, you will meet candidates who are engaged.
Retained Search Payments Structure
The basic retained fee structure involes an upfront payment known as the retainer fee. This fee effectively serves to guarantee the prioritisation of the role. It directs the recruitment consultants to being and put full focus into the process. This amount can vary depending on many variables, but it is often 15-40% of the expected fee.
Up-front Retainer Fee
For the remainder of the recruitment process, the payment shifts into a balanced payment structure. Here we split the payment into 2 further stages: when a shortlist of suitable candidates is delivered. This is key because the candidate will be approved. The final payment becomes due when a candidate has started employment.
At Premier Group, we include a guarantee period to find a replacement candidate if the candidate is terminated or leaves.
Retainer-based Recruitment benefits to the Employer
1. Faster process due to more dedication.
2. Longer shortlist of candidates outside standard databases.
3. Devoted resources to invest more focus into the process.
4. Consultants working on fewer focused projects.
5. Candidates are more engaged in the role.
6. We provide constant regular progress updates.
Our consultants place more attention on each retained search assignment they receive. They spend time with you to know your business, the role, and the type of person you desire. We maintain a consistent message in the market to deliver the best organisational and cultural. Retained search is a Type of Recruitment generally seen as a long-term relationship that benefits you as the employer.