James Clemens, Group Marketing Manager
A retained search assignment, also known as an executive search or retained executive search, is a recruitment strategy used primarily for filling senior-level executive positions. This method involves a more dedicated and consultative approach compared to other types of recruitment. Here’s how a retained search assignment typically works:
Initial Consultation and Agreement
- Needs Assessment: The client (employer) and the retained search firm begin with an in-depth consultation to understand the company’s needs, culture, and the specific requirements for the role.
- Agreement: A formal contract is signed. This usually includes a retainer fee, which is an upfront payment to initiate the search process. The fee structure typically consists of three parts: an initial retainer fee, a fee upon presentation of a shortlist of candidates, and a final fee upon successful placement.
Job Specification Development
- Job Description: The search firm works with the client to develop a detailed job description and candidate profile, including qualifications, experience, skills, and attributes needed for the role.
- Market Research: The firm conducts market research to identify potential candidates and understand the competitive landscape.
Search Strategy and Candidate Identification
- Targeting: The search firm uses various methods to identify potential candidates, including networking, databases, industry contacts, and sometimes direct outreach to professionals in similar roles.
- Sourcing: This involves discreetly reaching out to potential candidates to gauge their interest and suitability for the role.
Candidate Assessment and Presentation
- Screening: The firm conducts initial screenings, interviews, and assessments to evaluate candidates’ qualifications and fit for the role and company culture.
- Shortlist Presentation: A shortlist of the most qualified candidates is presented to the client, along with detailed profiles and assessments of each candidate.
Client Interviews and Selection
- Interviews: The client conducts interviews with the shortlisted candidates. The search firm often assists in coordinating these interviews and may participate in the interview process.
- Feedback: The search firm gathers feedback from both the client and candidates to refine the search if necessary.
Offer and Negotiation
- Reference Checks: The search firm conducts thorough reference checks on the final candidate(s).
- Offer Negotiation: The firm assists in the negotiation process to help finalise the terms of employment and ensure a smooth acceptance.
Onboarding and Follow-Up
- Onboarding: The search firm may assist with the onboarding process to ensure the candidate transitions smoothly into the new role.
- Follow-Up: Post-placement follow-up is conducted to ensure that both the client and the new hire are satisfied and to address any potential issues.
Key Features of Retained Search Assignments
- Exclusivity: The client retains the search firm exclusively, meaning the firm is the only one working on filling the position.
- Payment Structure: Payment is typically made in stages, with an initial retainer fee paid upfront, which demonstrates the client’s commitment and secures the firm’s dedication to the search.
- Focus on Quality: Emphasis is placed on finding the best fit for the role and company, often involving an in-depth and tailored approach.
Advantages
- Dedicated Resources: The retained search firm allocates dedicated resources and time to the search, ensuring a thorough and comprehensive process.
- High-Level Expertise: Retained search firms often have specialised expertise in recruiting for high-level positions and can provide valuable insights and advice.
- Confidentiality: The process is usually conducted with a high level of confidentiality, which is crucial for senior-level searches.
As a business we have completed many retained assignments, so to discuss your retained search requirements get in touch with one of the team.
