When it comes to finding a new job, there are two main types of searches you can undertake: contingent and retained. So which one is better? That depends on your individual situation. In this blog post, we will discuss the pros and cons of each type of search, so that you can make an informed decision about which one is right for you. We will also provide some tips on how to conduct a successful search, no matter which route you decide to take. So, let’s get started!
What Is Retained Search?
A retained search is a type of executive search in which an employer pays a fee to a recruiting firm in order to fill a vacant position. The fee is typically paid upfront, and it is generally non-refundable. In exchange for the fee, the recruiting firm agrees to conduct a thorough search for qualified candidates and provide the employer with a shortlist of the best candidates for the position. Additionally, the best in retained search firms will also provide guidance and support throughout the hiring process, from initial interviews to extending an offer. This way, you can be sure that you are getting the best possible candidates for your open position.
What Is Contingent Search?
A contingent search is a type of executive search in which a recruiting firm is only paid if they are able to successfully fill a vacant position. The fee is typically paid after the successful placement has been made, and it is usually a percentage of the successful candidate’s first-year salary. Because the fee is only paid out if a placement is made, contingent searches are often less expensive than retained searches.
However, because the recruiting firm is not paid upfront, they may not be as motivated to find the best possible candidates for the position. Additionally, contingent search firms typically do not provide any guidance or support throughout the hiring process, so you may be on your own when it comes to conducting interviews and extending offers.
Contingent vs Retained Search: Which One Is Right For You?
Now that you know the difference between contingent and retained searches, it’s time to decide which one is right for you. As we mentioned before, the type of search you choose should be based on your individual situation. If you have the budget for it, a retained search is generally the best option, as you will have access to the best candidates and support throughout the hiring process. However, if you are working with a limited budget, a contingent search may be a better option for you.
Tips For Conducting A Successful Search
No matter which type of search you decide to undertake, there are a few things you can do to increase your chances of success. First, be clear about the qualifications and experience you are looking for in a candidate. The more specific you are, the easier it will be for recruiters to find qualified candidates. Second, be prepared to move quickly when you find a candidate you like. The best candidates are often snapped up quickly, so it’s important to be ready to make an offer as soon as possible. Finally, don’t forget to check references! This is an important step in the hiring process that should not be overlooked.
When Would I Use Contingent Search?
There are a few situations when contingent search might be the best option. First, if you are working with a limited budget, contingent search may be a more affordable option for you. Second, if you need to fill a position quickly, contingent search can be a faster option than retained search. Finally, if you are not sure about the qualifications you are looking for in a candidate, contingent search can help you cast a wider net and find qualified candidates that you may have otherwise overlooked.
When Would I Use Retained Search?
There are also a few situations when retained search might be the best option. First, if you have the budget for it, retained search will generally provide you with better candidates than contingent search. Second, if you need guidance and support throughout the hiring process, retained search firms can provide that for you. Finally, if you are looking for a specific type of candidate with specific qualifications and experience, retained search can help you find them.
Do Recruiters Make Good Money?
Yes, recruiters can make good money. The average base salary for a recruiter is $45,000 per year, and the average total compensation (including bonuses, commissions, and benefits) is $60,000 per year. However, the amount of money a recruiter makes will vary depending on their experience, skillset, location, and the type of company they work for.
How Do I Become A Recruiter?
If you’re interested in becoming a recruiter, there are a few things you can do to increase your chances of success. First, get a degree in human resources or a related field. Second, gain experience working in human resources or a related field. Finally, consider getting certified as a professional recruiter. This way, you’ll have the skills and knowledge you need to be successful in this competitive field. Another important tip is to network! Get connected with other professionals in the field, and attend industry events. The more you network, the better your chances of finding a job as a recruiter. Also, don’t forget to brush up on your interviewing skills. As a recruiter, you’ll be conducting a lot of interviews, so it’s important to be good at it.
There is no one-size-fits-all answer to the question of which type of search is better. The best option for you will depend on your specific situation. If you have the budget for it, a retained search is generally the best option, as you will have access to the best candidates and support throughout the hiring process. However, if you are working with a limited budget or need to fill a position quickly, contingent search may be the better option for you. No matter which type of search you decide to undertake, you need to be clear about the qualifications and experience you are looking for in a candidate.