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A leader is a company’s pillar, and in a crisis, it becomes the crucial one, supporting the company and charting a path that allows the company to successfully navigate any crisis, with its culture and its vision intact. Without a leader, a company wouldn’t have the direction it needs, have ideals to be sure it is grounded in the right, and the energy to achieve its goals. This is one good reason why they say that the benefits of using retained executive search far outweigh its demerits.
Definition
Retained executive recruiting is the process of hiring for leadership roles on a retainer basis, where the client and the HR consulting company enter a contract for a specific period. This helps ensure that the person/people hired for leadership roles are the best and that there is a contingency plan in place if the new leadership does not work.
How Do Retained Executive Recruiting Firms Work?
Retained executive recruiting firms work to get you the best candidates for leadership roles. These candidates are often not looking for a job, occupy senior management roles in their current companies and are performing well in their roles. Such passive candidates can be brought onboard with a little bit of effort, something retained executive search firms are good at. And the benefits of retained executive search are many.
What are the Benefits of using Retained Search?
1. Hired on top priority
The retained executive search always happens at a high priority level. This means that the recruitment for leadership positions always takes a higher precedence over hiring for lower levels. It is also carried out in a such a way to ensure that the retained search happens quickly and that the best and those experienced at leadership recruitment are assigned to it.
2. There are so very few bad hires
A retained search is all about hiring the best leader for the role. Because of this, you will be working with only the best recruiters. Due to this, the risk of making a bad hire is very low. The cost of hiring will also considerably reduce, thanks to the retained search firm already having a good talent pool.
3. It is the best and may not be the fastest
Executive search is not necessarily the fastest type of recruitment, but it is a failsafe and a very reliable way to find a good leader for your organization, who will keep your company culture intact and add to the company’s growth in ways previously unimaginable.
4. Finding rare skill sets is easy
In a retained search, you can identify people with unique skills, which is what leadership is all about. This is because retained executive search relies on hiring from a pool of passive candidates, especially because such candidates would be happy with their job roles, performing well, and not looking for a job immediately. And everyone wants successful people.
5. More proactive search
The search is more proactive, as the candidates are not just those who have replied to any ad, expressed interest for a job role, or come by way of reference alone. They have been identified from a group of candidates who are presently working, actively performing well in their jobs, and not really looking for a job change.
6. Access to generally inaccessible resources
Most companies don’t have the resources to find the best senior leaders by themselves. It is a difficult effort and calls for a lot of manpower, the right direction and putting in a lot of hours to identify the process itself. Executive search firms can help save you a lot of this time easily.
7. Customized and targeted recruitment
Retained search enables a more customized effort on the part of the recruiters as they use special techniques to find the ideal candidate. Such customizations involve using specific filters in a talent database, asking more relevant questions as per the role, etc.
8. Thoroughly vetted candidates
In a retained search, the candidates finally presented to the employer will be those who are thoroughly vetted, all background checks done and even references verified for each job in the work history.
9. More updates throughout the process
The retained search recruiters will keep providing you a lot of info derived from market intelligence, information from competitors and others about the candidate etc. at different stages of the recruitment process, so that your business can be confident you are hiring the right candidate.
10. Multiple options for the business
The recruiters will provide multiple options to the business, shortlisted based on salary, kind of experience and other criteria, ensuring that the business makes the right decision and goes on to pick the right candidate, best suited for their needs.
Start Your Retained Executive Search Today
Your retained executive search needs an invigorated approach. And your new leaders must be the best of the crop. How can you ensure you are onboarding the best? By opting for an executive search partner like Alp Consulting, with more than a decade of experience hiring individuals of mettle with visions of growth that become a reality for their companies. Talk to us today and begin your retained executive search!
