Retained search offers several advantages over the conventional contingent model.
Firstly, it should be noted that the technology recruitment market is increasingly candidate driven. The top talent that is out there is willing to jump ship and move to another company, but they will only do so if they are given compelling motivations to do so. Talent will need be enticed by an appealing employer brand.
What does that mean?
This means that putting your brand story at the forefront is crucial. The very best talent will want to see the genuine story of a brand, not a few catchy soundbites or taglines that try to capture it.
Your brand story is something that is lived and breathed, not merely told. Everybody who is representing the brand needs to fully understand the business. They need to tell its story, but they also need to sell it too. A vivid picture needs to be painted of the unique culture of the business. What sets you apart and what makes you different from all the rest will make your business an attractive proposition.
There’s always the chance that you will strike lucky with a contingent recruiter, but you don’t want to leave things to chance and luck. Contingent recruiting is hardly a sustainable model anyway, especially if your business is scaling quickly. A retained option gives you a greater depth of insight and knowledge.
The consultative guidance that you receive enables you to do things better than your competition. In an increasingly competitive and challenging environment, the value of market intelligence should not be underestimated.
What are the benefits?
Retained search also provides the benefit of deep industry experience. A consultant that can access a resourcing team who can map out markets in detail as well as reaching passive talent is an obvious advantage. But the retained model gives you added peace of mind too – complete transparency and accountability.
A retained model will undoubtedly result in a search net that is cast far wider. It will give you the opportunity to tap into, not only the passive market but a richer pool of top talent altogether.
A retained provider will a have a pre-built network of talent. For any business that is expanding into different regions, the coverage that the provider has can make the process of scaling and filling roles much less of a challenge. It’s also worth highlighting that on a retained basis your business will hold exclusivity over candidates for the duration of the engagement.
The main reason why hiring managers choose a contingent option rather than a retained option is usually one of cost. Whilst it is unsurprising that businesses want to keep a tight hold of the purse strings, it’s pertinent to consider the danger of false economies.
The costs…
The cost of getting a hiring decision wrong and ultimately having to manage an individual out of a business is justification for the difference in retained fees and contingent fees alone.
Factor in the improved efficiency, effectiveness and expert knowledge that a retained model offers on top and it becomes crystal clear that retained search is a prudent choice.
