Why you should use a Retained Executive Search firm
If you’re looking to fill an Executive or senior-level position in your company, you may have considered using a Retained Executive Search firm for help.
There are different recruitment avenues to take, depending on your candidate and business requirements. Therefore, if you’re still unsure on the right route for you, we are here to outline the importance and benefits of Retained Executive Search for companies looking to hire top senior talent.
The commitment
One of the main benefits that Retained Executive Search offers over Contingency is the level of commitment you receive from the Executive Search team.
In a Retained Executive Search agreement, it is common for a company to pay a chunk of their contract agreement up front. This financial incentive locks in the commitment and the service, encourages the team of search consultants to deliver and they are then made accountable for the service they must provide.
Because of this, companies are also guaranteed to have regular contact with their consultant and will be provided with progress reports, market insights, benchmarking data, and brand perception analysis too – they really encourage involvement.
Retained Executive Search support also goes beyond the hiring process. At TechNET CxO, we offer onboarding support and aftercare for both our clients and candidates to ensure everything is running smoothly.
DE&I
In order to have access to a candidate pool that is diverse and inclusive, it is important to build balanced shortlists that are free from bias for every assignment. Balanced shortlists encourage stronger skillsets and perspectives, and as a result, a better business performance and internal hiring strategy. Companies with a highly diverse workforce are not only setting an example but are also more likely to attract top executive talent.
Executive headhunting firms are able to control these shortlists, starting with a longlist of around 100-150 candidates, and by process of elimination, are able to narrow down the list to highlight the best possible person for the opportunity.
Thorough screening and vetting
It is more important than ever to find the right fit for your team, especially when they will be leading the charge at senior level. Hiring the wrong person could be detrimental to the existing team dynamic, therefore it is important to undertake thorough screening and vetting of the individual.
On a contingent basis, recruiters would usually send a larger number of candidate CVs through that mostly fit the description and requirements of the vacancy in order to give a variety of choices to the client. However, a retained search consultant will start with a meticulous market mapping process, followed by a shortlist with only the highest calibre of skills and experience, which guarantees that the hiring manager will be interested in interviewing them and avoids wasting time.
Psychometric testing is also carried out by an Executive Search firm to assess the abilities and aptitudes of potential candidates. This allows companies to identify intellectual talent at high levels, which can be particularly challenging when the competition is so strong. If the existing team has also undertaken similar testing, the hiring manager can clearly assess whether the new individual will be the right fit culturally and have a complimentary personality – which is crucial at C-Suite level.
Access to resources
Where contingent recruitment searches for active candidates who are currently on the market for a new role, retained executive search firms are able to source passive candidates which can be considered an untapped resource with less competition in the way.
Executive Search consultants will also make extremely tailored searches.
Confidentiality
It is common for companies to require anonymity when hiring at senior level. The job position may still be occupied by someone who the company intends to replace, and as the company will not be able to survive without someone filling the role, a confidential executive search firm is often brought in to headhunt.
It is common practice for executive search firms to offer a discretional service in order to protect their client and candidates. They are therefore able to hold back sensitive information, produce non-disclosure agreements and in return, provide candidates with briefing packs that share the history of the organisation, future visions and goals and key stakeholders alongside expected information such as work location and job description.
Mutually advantageous
Working on a Retained Executive Search basis is effective for both parties. This process allows the search consultant to understand how serious a company is about hiring, enabling them to establish a respectful and positive relationship from the get-go.
Looking for the right Executive Search partner?
Are you searching for an exceptional Digital or Technology Leader to drive your business? Contact us for a seamless and bespoke approach to compliment your needs. Our team of experts have worked alongside a number of global companies, from high growth start-ups, tech driven SME’s and Multinational Conglomerates.
Our average turnaround time for an executive level retained search is nine weeks from commencement of assignment to signing of contract. For senior technology appointments, it is six weeks. We assure you that you’re in safe hands with TechNET CxO.
