WHY NEW IRON SOLUTIONS?
The Benefits of Retained Executive Search
When organizations consider engaging an outside firm to help place new executive talent, they must decide between retained executive search and contingency recruiting. There are distinct advantages in utilizing a retained executive search firm.
A retained executive search firm is engaged in every aspect of the search process, starting with defining a tailor-made search strategy through candidate onboarding. Retained executive search firms often continue consultation and follow-up months after the hire, since their success is based on the executive hired’s impact and long-term commitment.
Retained Search firms search exclusively – no other recruitment agencies will take part – so that it will be very client-focused with a total investment of resources to find the right candidate. Retained search firms work very closely with each client, and will take their time and use an agreed-upon methodology to find the best person for the job. The process is rigorous with a shortlist from 4 to 6 quality prospects developed after an exhaustive national sourcing process, often beginning with over 300 initial targets.
While retained executive search may seem expensive, it usually is less costly in the long-run. First, the client is not paying any more since the retainer is deducted from the final invoice upon placement. The key is that retained search firms are looking for the most qualified candidate, which leads to a better return on investment. On average, a retained placement ends up being a better fit in their position and ultimately stays in the role longer than with any other type of recruiting scenario. Companies will most often request a retained search when looking to fill an executive-level position, especially when all other less expensive – and ineffective – search options have been exhausted.
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