Retained vs Contingent: Choosing the Right Approach for Your Hiring Needs
Retained vs contingent searches each have their own set of advantages and considerations that cater to different hiring needs. Understanding the differences between these approaches is crucial for businesses seeking to optimise their hiring strategies.
Contingent Searches:
Contingent searches provide a flexible, non-exclusive option that allows companies to tap into a wider talent pool without upfront costs. Instead, Mackenzie Stuart is compensated only upon the successful placement of a candidate.
Benefits of Retained Searches:
Internal Candidates: If your organisation has an internal candidate or someone already in the process, but you still want to ensure you’re conducting a comprehensive search, a contingent approach can be an ideal solution. It allows you to gauge the entire market while giving your in-house candidate a fair comparison against potential hires.
Flexibility: Contingent searches allow companies to engage with multiple recruiters simultaneously, casting a wider net and potentially speeding up the hiring process. However, this can lead to a lack of exclusivity, potentially resulting in a diluted candidate pool.
Retained Searches:
Retained searches involve a close partnership between the client and Mackenzie Stuart. This method requires the client to pay an upfront fee to secure the services of the recruiter exclusively for the search. This fee typically covers initial research, candidate identification, screening, and selection process.
Benefits of Retained Searches:
Priority Attention: Since Mackenzie Stuart is exclusively dedicated to the client’s search, it receives top priority. Our recruiters invest significant time and resources into understanding the client’s culture, requirements, and objectives, resulting in a tailored approach to finding the best candidates.
Access to Top Talent: With a retainer in place, our recruiters can tap into their extensive networks and utilise specialised resources to attract high-calibre candidates who may not be actively seeking new opportunities. This proactive approach often results in the discovery of exceptional talent that aligns perfectly with your needs.
Commitment: The retainer fee signifies a mutual commitment between you and Mackenzie Stuart to see the search through to successful completion. We will deliver results efficiently and effectively, ensuring a thorough and rigorous selection process.
Confidentiality: If you need a search done confidentially then retained is a must. NDA’s if necessary, and one recruiter on the search means no leaks into the market.
Choosing the right approach:
The decision between retained and contingent ultimately depends on various factors, including the urgency of the hiring needs, time constraints, confidentiality, and the level of expertise required for the role.
For critical leadership positions or specialised roles where finding the perfect fit is essential, a retained search will offer the depth of service and commitment needed to secure the right candidate. On the other hand, for less specialised roles with a high volume of candidates or when you have your own candidates in consideration, a contingent search may provide a more flexible and responsive solution.
In conclusion, both retained and contingent searches have their merits and can be effective strategies for fulfilling your hiring needs. By understanding the differences between these approaches and assessing your specific requirements, you can make an informed decision that aligns with your organisation’s goals and objectives.
At Mackenzie Stuart, we are an Executive Search firm that offers tailored solutions to meet your hiring needs. While we always recommend a retained search for executive placements, we also offer contingent searches upon request.
Contact us today to see how we can assist you in finding the best talent for your team.
