Why Retained Search?

​What’s the difference between retained and contingency search? Here are the accepted definitions:

• In retained search, the recruiter will charge an upfront fee to the client to conduct a search. They will operate on an exclusive basis, meaning the job will only be filled through this recruitment company.
• In contingency search, the search firm will only collect a fee if they find and place a suitable candidate for the position in question. Contingency recruiters often work in competition with other contingency firms for the placement.

So, why would you pay a retained firm up front when you can get a contingency recruiter (or multiple contingency recruiters) working on your search for free? The short answer: better results. Stronger, more tailored candidates, less time commitment from you, easier hiring process, longer-lasting employees.

As Managing Principal of a retained search firm, I have an obvious bias. Contingency recruiters fill an important niche. They can produce high volumes of candidates quickly. Great for staffing up technical roles requiring a specific skillset, but with less concern about aspirations, values, style and cultural fit. But, for key leadership roles in your team, there are compelling reasons to choose a retained search firm:

• Time: It’s hard for most executives to find time to sift through hundreds of resumes and interview dozens of candidates. A contingent firm will deliver candidates; it’s up to you to assess them to your specific need, and compare and contrast them with each other. We deliver a manageable panel of highly qualified candidates, tailored to the role and the organization. And, we guide you through the interview, selection, and hiring processes to a quick and successful conclusion.
• Passive candidates: Job postings and contingent searches are effective at finding people who are actively looking for a job. However, many of the best candidates – those who would be receptive to hearing about a great opportunity that matches their skills and aspirations – aren’t even looking. We identify them and reach out to them directly.
• Hiring mistakes are expensive: on-boarding and training someone who doesn’t last, paying hiring costs, severance and unemployment are costly. And, the disruption to your team is sometimes irreparable.
• Tenacity: most of our searches are challenging. If this were easy, our clients wouldn’t need us. We present your opportunity to a targeted universe of qualified individuals. If the position fails to attract stellar candidates, we tell you why not. If necessary, we advise you on how to change the responsibilities of the position or the parameters of the search to attract high performers.
• Market intelligence: We map the target universe and give you feedback from the market. We inform you of how your competitors are structured and what your reputation is in the marketplace.
• Partnership: we build a trusting, consultative relationship with our clients. We engage, as appropriate, team members at all levels of the organization in order to grasp the position in context and to ensure that every stakeholder feels heard. With your input and approval:
  • We craft a thoughtful and detailed position specification.
  • We develop a thorough and multi-pronged search strategy to identify and approach every qualified prospect.
  • We prepare a complete presentation and candid assessment of how each candidate meets your specific needs.
  • We guide you through the interview process, helping you predict what impact each finalist might bring to the position.
  • We help you craft a compelling offer to your chosen candidate and we act as a go-between in negotiations.
  • We conduct thorough reference checks that not only help you make a decision, but also give you guidance in how to motivate, inspire, and get the most out of your new team member.
  • We maintain contact with you and the placement long after the search is complete to address any issues or new search needs that arise.

Retained and contingency search are very different business models, each with their place in the recruiting universe. For critical hires in your business, searches that require a professional with the right skills, background, and approach to fill a specific role, a relationship with a well-regarded retained search firm is worth the investment.  

To learn more about our experience and our process, or to contact us about how we can assist you with your retained search needs in the real estate industry, please visit our website at http://www.simkinsearch.com/.