08 Feb What are the Benefits of Using a Retained Corporate Search Company?
When your business is in the market for a new hire to your leadership team, you might wonder what the best way to find the best candidate is. Sifting through extensive applications and interviews with a couple of qualified candidates may seem like a good thing. However, spending countless hours going through applications and interviewing can end up being a waste of resources if the perfect candidate isn’t selected for the position. Retained corporate search firms help their clients land the best person for their executive positions. More and more companies are utilizing these firms for filling their leadership positions, leading to a high level of client satisfaction. If you’re deciding on whether or not you should use a retained corporate search firm to fill your open leadership roles, this article will break down some of the best benefits of using a retained search firm and why they can help you find the right candidate for your organization.
What exactly is retained corporate search?
Retained corporate search refers to the agreement between an organization and the search firm for their services to place an executive or high-level management position. The agency works closely with the company as a search partner, taking the time to properly match an applicant with the position. The agency puts in all the work for candidate evaluation and candidate assessment. Instead of searching through a large number of applications, the agency utilizes their diverse network of talent to narrow down a list of as many as ten possible selections.
A retained corporate search firm works for both large and small organizations and businesses to help them with their recruitment process. They tend to offer businesses a more personalized recruiting experience as well as the opportunity for long-term partnerships. Being able to utilize one partnership for executive search and staffing purposes can be beneficial for a long period of time.
How is retained different than contingent recruiting?
You may hear the terms “retained”, “contingent recruiters”, and “contingent search” when talking about recruiting, but what’s the difference between the two? Contingent search recruiting differs from retained in the sense that with contingent recruiting the recruiter is competing against other agencies to fill a given role. Retained search is a much more time-involved and in-depth search process. This helps the client find the best person for the role, rather than focusing on filling the position as fast as possible, which is sometimes the case with contingency search firms.
Additionally, where most executive recruiters only focus on “active candidates” during their open searches, this can end up hurting both the search firm and the business they’re conducting the search for in the long run. When recruiters only focus on the active job seekers, they’re leaving out nearly 75% of potential fits for their search. Despite the 75% being labeled as “passive candidates”, this large pool of candidates could include someone who fits the needs and requirements of the entity looking to fill their executive role. By adding both “active” and “passive” candidates to their search, they can widen their search net and find the most qualified and skilled candidate for the role.
More companies, businesses, and team have utilized retained executive search firms in their hiring process. It’s becoming a great way to find qualified candidates for management positions. With approximately 21% of employees in the country being in the “Professional-Managerial” field, finding the best search firm for your next leader can be crucial. Below are the benefits of using a retained corporate search company for your next leadership hire.
The process of recruiting and hiring executive candidates is time consuming, can cost valuable resources, and not generally easy. It requires a thorough plan and strategy in order to find the right candidate. Instead of spending precious time and resources on this process rather than other important projects, using retained search agreements can streamline the process. The agency will provide properly vetted and screened candidates who match the needs of your business. This eliminates the need for you or your human resources team to do unnecessary work, saving money and time for your business in the process.
Retained search agreements also end up being more cost effective in the end. Some firms charge a percentage-based retained search fee, while some others charge a flat-fee retained search. While they do require more cost upfront, the long-term cost is better than constantly having to restart the process due to a bad hire. It takes a lot of strategic planning to land the best prospect that can make an impact almost immediately.
Access to an Extensive Talent Network
Another great benefit of partnering with a retained search firm is the access to their network of talented individuals and vetted candidates on an exclusive basis. These firms spend time and energy putting together a network of the best leaders possible in the executive search industry to fit your company’s needs. Some of these relationships between potential candidates and recruitment agencies have been built over years of networking and connections. Taking the time to vetting and recruiting potential candidates can end up being a waste of resources.
Instead, utilize a partnership with an executive search agency that understands the importance of building a network! According to the American Staffing Association, 41% of companies in America use executive search firms simply because of the access to more qualified leadership candidates. In today’s current market, the trend is that it is a candidate’s market and businesses can’t afford to waste time on hiring the wrong person.
Quality over Quantity
Experienced retention recruiters will focus on the quality of their candidates, rather than the quantity. During the search, they work closely with key decision makers and the leadership group of the company to identify any potential gaps they’re trying to fill within the organization. They will utilize this same process with candidates to make sure they are a quality fit with the organization and meet their requirements. This also helps the recruiter find more candidates that have a rare set of skills and therefore offer more value, giving the company a more customized search process.
Specialized Expertise and Feedback
When working closely with a retained search firm and recruiting team, you will gain access to their expertise, as well as receive specialized feedback and insights throughout the recruiting process. In this sense, the recruiter and the search firm act as an executive search consultant to help guide you to selecting the right person for your open roles. When recruiters with years of experience leading different types of candidate searches can offer their insights during the search, it’s beneficial for both parties involved.
Using a Retained Search agency encourages diversity
When you partner with a retained search firm to fill your executive roles, diversity is one of the biggest qualities to think about in your partnership. Many diverse candidates for executive level roles are looked over due to a number of factors, but when using a retained search agency, they can cast a wider net that often leads to a more diverse pool of potential candidates. By using their extensive talent network, it allows for more diverse and equitable hires for management positions. Finding the firm that has a deep understanding of equitable and diverse hires can help build organizational success.
As a retained search firm, Scion Executive has great dedication to keeping diversity, equity, and inclusion as a key part of their success. They work with clients through every step of the process to ensure that it’s beneficial for all parties involved. Scion believes that creating, supporting, and sustaining an inclusive work culture is imperative to overall success.
Why it is beneficial to use Scion Executive as your retained search partner
Scion Executive has an exceptional track record with their retained search services in the United States. When it comes to their recruiting process, they are extremely passionate about what they do and have earned awards as one of the best recruiting firms to work with in the country. Scion has a team of recruiters that are tenured in executive search and understand what you’re looking for. Not only do they have access to a wide variety of vetted leaders, but they understand the importance of building a strong network of qualified candidates.
Scion performs retained searches for all industries. It allows them to have an extended reach and further widen their talent network and offer quality professional services. They take the time to understand your business and your goals. Scion’s expert team of recruiters dedicate their time to ensure your search gets the attention and solution it deserves. As you look to add to your leadership team, a partnership with Scion Executive can help you find the best talent match.
Scion Executive is proud to offer award-winning retained corporate search services. When you partner with us, you can rest assured that regardless of your needs or staffing numbers we are able to seamlessly support your team. To learn more about our recruiting and staffing services, please contact us today. Additionally, to learn more about Scion Executive, we invite you to visit our about us page!