Finding a job in a waning economy can be difficult. People across the nation are ravished from a plummeting housing market and wobbling in the wake of National debt debates. For this reason, people across the nation are looking for help. To find the proper help, two questions must be answered: Should people be utilizing executive recruiters? And if so, what separates different executive recruiting companies?
The answer to whether or not executive recruiting companies should be used is a resounding: Yes. With thousands of potential candidates competing for the same positions daily, it is extremely important for people to utilize any advantage. By doing the right amount of research, a job seeker can find the perfect executive recruiter. Start by learning the basics of retained search firms and contingency firms.
“Retained executive search firms know and understand the needs of the company and really seek out the highest talent that matches the specific company need,” said Robby Smith, an Associate Consultant at a well-known top executive search firm. “Retained searches really seek out that specific talent [that] matches that specific skill set and background that the client is looking for.”
In contrast, Smith explained, “Contingency firms have a large pool of candidates to sort of shop around to as many companies as possible to increase the chances of placement.” While the two types of search firms might seem comparable, in actuality they are quite different.
When payment is due for each type of recruitment is a critical factor for potential clients. “Retained search firms are paid flat rates, so a replacement is made in a month or in a year, whereas contingency firms are expected to pay whenever you find a placement,” explained Smith. In addition, many firms do not require individuals to pay for the service. Instead, companies foot the bill in order to encourage people to submit their applications and resumes to executive search firms. For example, retained search firms and contingency firms.
“The advantages of retained search are the high caliber candidate that possesses the specific requirements for the role,” said Smith. “The level of the talent and the loyalty of the candidate significantly increases when they are paired with a company that matches their educational background and work experience.”
Lindsay Powell is a young professional improving her writing skills and finding inspiration around her.