When you a pay a retainer to an Executive Search firm you buy their commitment and focus on the position. You can rest assured knowing that company is then incentivised to complete the search and work with you effectively on recruiting for the role.
Through a Search process there is a much higher chance the role will be filled and, quickly which reduces the cost of an open role, and the time and cost spent on an ineffective recruitment process.
Completion rates on Retained roles can be circa 95%-100%. Futher the process undertaken should ensure that you are shown the best available candidates for the role.
You can feel confident that the market has been scoured, all suitable talent has been approached and you are not only considering passive candidates for the role.
The total cost of a Retained Search is often the same or very similar to the cost of a Contingent hire which comes with much more risk and likelihood that the role goes unfilled for a longer period of time.
Completion rates on contingent roles are circa 25% and due to the increased risk for the Recruiter involved, they often only have time to consider passive candidates and not a complete search of the market.
If there is time pressure to fill the position, increased workload for the wider team or an impact on business performance then it’s very wise to commit and invest in a Retained Search process.
A Search process is also much smoother, effective and preferred approach for many businesses.
Simply, why would you fly Economy if the Business Class ticket is the same price? ✈️✨