Choosing the right and best talents has always been hard for every company. The reason being the fact that you need some great expertise in skills, cultural and leadership style fitting the candidate and aloes deep understanding of the company’s culture. This is usually for when you are hiring for the higher level positions since these are employees that will be involved in major decision making of the business playing a vital role in the success and the culture of the company. There are a number of the executive recruitment firms that helps you with the recruitments and increases your success chances.
The contract can be for the retained or contingent search agreement, and both usually come with different cons and pros and which you mainly choose depending on the hires that you need.
The retained search is the model that comes with superior expertise and dedicated time in your industry, as this is the high-end services. The retained firms usually have some off-limits list that contains the candidates from their current clients, and which you cannot source yours from. You usually will have to pay something yearly to be on the list. The placement cost will vary depending on the search company that you choose, and will be around thirty percent of the total annual compensation cost.
Here, you usually pay in three section, one for the initiation of the search, one during and the other after the placement of the candidate. There is usually some guarantee for replacement should the candidate level before some predetermined milestone or time, and even coaching and onboarding programs to help the new hired transition and smoothly. There is the contingent search where clients hire one or more of the search firms to fill in the mod or lower levels positions, and pay after the placement of the candidate that the clients usually hire more than one of the search firms in order to get more of the resume here. The cost for this will be lower than the total yearly return of the retained search and varies with the difficulty and industry.
Every recruitment model usually comes with their own advantages and disadvantages and you choose depending on the position that you want to fill. The retailed search firms, for instance, will be the perfect fit for when you are looking for highly qualified candidates and leaders because they are more invested in making the search a success. Different search firms will deliver differently and your job will be to look for the ones that have access to the right people and strategic position in your industry.