A contract between a recruitment search firm and a client falls into one of two categories: a retained search agreement or a contingent search agreement. There are pros and cons to both models depending on the company’s stage of growth and the position that needs to be filled.
HR1 Vietnam Retained Search is the higher-end service in the range of recruitment models, and with that comes dedicated time and superior expertise in your industry. Typically, retained firms will create an off-limits agreement, meaning they will not source candidates from a current client.
HR1 Vietnam Retained Recruitment is considered to be a more secure form of recruitment for the recruitment agency involved, as their commission is not dependant on whether they fill individual placements. Retained recruitment is entered into by a company on the basis that retained recruitment consultants will submit a higher calibre group of candidates to them on a consistent basis and will overall deliver more suitable placements than their counterparts, contingent recruiters.
While contingency recruiters typically work with a large number of job openings, and, using a database of known candidates, look for matches on paper and send those candidates’ resumes—as many as possible—to clients for possible interviews. The retained search recruiter on the other hand maintains exhaustive databases of candidates, cultivates contact in sectors in which they work frequently so they know who might be restless, and pre-selects the candidates carefully using advanced assessments for suitability and job fit. You only see the finalists.
In comparison, HR1 Vietnam Retained Search is exclusive. A client engages with a single firm, and both work hand-in-hand to fill the position. It’s this collaboration which is essential to a successful hiring process, especially where there is a skills shortage or high competition for talent.
HR1 Vietnam Retained Search recruiting therefore is appropriate:
- When the salary level of the position is above $100,000 and when it is critical to hire not just any qualified person, but the most qualified person available.
- When you need a recruiter who will make a dedicated effort to filling the position, and who will take into account nuances of your organization’s culture and other critical issues.
- When you need an independent third party to thoroughly screen candidates, through in-person interviews, before finalists are presented.
- When you want an objective evaluation of internal candidates against an external shortlist.
- When the situation requires a go-between to help persuade an executive to leave a desirable position for a better opportunity, and to help negotiate the terms of the move.
- When a high degree of confidentiality is required in the recruitment process.
In summary, here are 10 reasons why HR1 Vietnam Retained Search is the Most Effective Recruiting Method.
- Executive search consultant (retained search professionals work with their clients on an exclusive basis).
- They are dedicated to following best practices and doing the job right. They work very closely with the client by developing a methodology, action steps, and timing that is realistic and that matches with the needs of the client.
- They are truly management consultants; you’re not alone.
- Remember that contingent recruiters are in a race to provide resumes as quickly as they can. It’s your job alone to evaluate the resumes and assess if they fit your position and company.
- The goal of the executive search consultant is to present four to five high-quality candidates with the skills, fit, salary, etc. desired by you, the client.
- Intelligence is provided through exhaustive research on the industry, competitors and ideal candidates.
- Candidates are screened and assessed using modern assessment tools and are pre-qualified to fit the position and your company culture.
- Cost wise, executive search (retained search) fees range from 25% to 35%, and contingency recruiters try to charge the same amount but provide you with much less.
- The contingency recruiters model is a No Win No Pay basis. So, their dedication based upon their actions is very limited. They are not set-up to provide the same level of professional services as a retained search model provides.
- With a retained search consultant, you will receive full briefings on the search process, competitors, the market, and the talent pool.
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