Retained Search
A retained search is a highly proactive recruiting method. This type of recruitment search is a partnership between the client and Hunter Dunning, shortlisting the best and most qualified candidates. It is a high-level, customised approach typically used for both senior or specialised positions within an organisation.
How it works
Exclusive Engagement:
In a retained search, the client exclusively engages Hunter Dunning to find the ideal candidate for a specific job opening.
In-Depth Understanding:
Hunter Dunning invests a significant amount of time and resources in gaining an in-depth understanding of the client’s organisation, culture and the specific requirements of the role. This includes discussions with key stakeholders and a thorough analysis of the job description.
Customised Search Strategy:
Hunter Dunning develops a customised search strategy tailored to the client’s needs. This may involve identifying and approaching potential candidates who are not actively seeking new opportunities, including those who are currently employed elsewhere.
Candidate Assessment:
The agency conducts a rigorous assessment of potential candidates, which may include interviews, skills testing, and reference checks. They present a shortlist of the most qualified and suitable candidates to the client.
Fee Structure:
In a retained search, the client pays a proportion of the fee upfront, which demonstrates their commitment to the search. The remainder of the fee is then paid in two tranches, both shortlisting and then engagement.
Dedicated Service:
Retained search services offer a high level of dedication and commitment from Hunter Dunning. The agency works closely with the client throughout the entire search process, providing regular updates and feedback.
Confidentiality:
Retained searches often involve sensitive, or confidential positions within an organisation. Hunter Dunning ensures that the search is conducted with the utmost confidentiality to protect both the client and the candidates.
Benefits of using a Retained Search
There are many benefits to retained search over contingent. Here are some of the reasons to utilise retained search for your next big hire:
1. Higher priority level
The upfront structure of a retained search ensures that the placement takes higher priority than contingent placements.
2. Lower risk of bad hires
The focus of a retained search is quality. You’ll be working with the best recruiters with a high success rate. When it’s crucial to get the right candidate for a high-stakes role, a retained search offers a lower risk of a bad hire and thus a higher certainty and comfort level.
3. The best, not the fastest
When there’s not a race to complete the search, more time can be taken to ensure the very best and most qualified candidate is found, greatly benefiting the hiring company in the long run.
4. More customised
A retained search enables a more customized search for roles that are often very unique. It’s not a one-size-fits-all approach, but rather the recruiter takes more time to gain a thorough understanding of what the ideal candidate possesses.
6. Most vetted candidates
With a retained search, you can have confidence knowing that your candidates have been fully vetted. From more strenuous background checks, reference checks and so on, you know only the most genuinely qualified candidates, both skill-wise and culturally, will be presented.
7. With retained search, priority trumps speed
When an agency is given a new role to fill, it must be prioritised. There is not enough time to treat every new role as the number one priority. Further, for a contingent search, you might have given your role to multiple recruiting agencies. Those agencies want to fill that role as fast as they possibly can, creating a race to the finish line to be paid. Sometimes, speed can take priority over candidate quality. Retained, or executive search gives you access to a team committed to giving your role priority.
8. Quality over quantity
Looking for candidates for multiple roles? Using multiple recruitment firms can mean juggling many candidates and having to keep up with which candidate comes from which firm. A retained search offers a single point of contact for the entire recruitment process. You are kept informed at every phase so you can keep track of the activity, enabling complete control of the process. Instead of being overwhelmed by multiple candidates from multiple sources, you now have a streamlined and time-effective process.
With an upfront financial investment, retained search enables you to focus on other tasks whilst the recruitment process is handled for you.
The myth that retained search is more costly than contingent search doesn’t apply at Hunter Dunning. The initial payment is deducted from your invoice. With Hunter Dunning, you get higher quality candidates and, in our experience, more satisfied hiring managers. Contact us to find out how retained search can help you.