What is a retained or executive search firm?

Post date: Jan 28, 2021 6:57:3 AM

When it comes to hiring any individual for a normal position in any company to work in, a lot of factors affect the choices of the employer like the candidate's skills, work experience, credulity, and so on. If this is the case of a normal position that does not require much experience then what could be the factors to choose a senior level executive in any firm. Well, as you can imagine this is going to be a tedious chore. Senior-level executives are required to be extremely skillful so that they can handle any complex jobs at the firm in such a situation manpower hiring from retained agencies can prove of a greater benefit.

What is a retained search firm?

Retained search firms or executive search firms are often associated with hiring on an executive level that is on a senior level. They are often involved in carrying out an extensive search for the best skilled professionals to fit the position at the firm.

These involve providing manpower solutions to both small as well as large firms and are not confined to any one type of business scale. They are extremely cautious in finding the right

candidate for your job.

What is the process of hiring?

Like any other manpower hiring these retained or executive search agencies work a little differently than the traditional method. As these firms are solely focused on senior level recruitment the availability of candidates for these firms is limited as there are not many active job seekers for such a position. Thus the significant difference comes in changing the way of finding the perfect candidate.

As a normal manpower solution might have a plethora of candidates in the database that need to be sorted, while these firms have an extensive search like looking for people who are already working for a firm, here networking plays the most important role other than career websites.

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In this, the right candidate is pooled from active as well as passive job seekers. A passive job seeker who is not currently looking for a job is convinced why the new job they are providing is better than their previous job. They inform them about the added benefits of the new role developing the need to change the mind of passive job seekers.

The drawbacks of using an executive search firm.

Time:

Just think about it: how easy is it to find someone on the internet an ex-CEO who is ready to do a new job at a new firm and start from scratch about knowing about that particular firm?

Well, it is even hard to imagine such a person who is willing to give up their position at a firm this work consumes a lot of time almost months and thus it falls back when manpower hiring comes to time management.

Security:

Often to get the right candidate a detailed description of the job is needed to be presented before the recruiting firms. These details can be extremely sensitive and can lead to a loss to the company as the search firms will describe the details to a pool of candidates this putting security at a stake.

Thus if we look crisply the payment any firm has to provide to these executive search firms are huge and are about 33% more than any traditional way of recruitment. But the incentives you get are unparalleled and getting a search firm to get you the right candidate is not the worst choice.