In a recruiting industry that primarily focuses on contingency placements, retained search offers a different approach—one built around partnership, strategy, and commitment. While it requires a higher level of investment from both you and the client the benefits can be substantial.
What Is a Retained Search?
A retained search is an exclusive recruiting engagement where a client pays a portion of the search fee upfront, with additional payments tied to milestones throughout the process. Generally, 1/3 at start of search, 1/3 when candidates are presented and 1/3 when you have an accepted offer. You do not have any competition for the role, and you are paid for the work you do.
Employers will generally enter into a retained search for executive and leadership positions, highly specialized technical roles, confidential searches and critical roles that have high impact.
What does It Take to Successfully Conduct a Retained Search?
There is a significant investment in time up front to understand the job as well as the business problem the new employee will solve.
- Company culture
- Business objectives
- Leadership style
- Growth plans
- Team dynamics
Key success factors for the role
This is achieved by completing the following:
- Market research
- Proactive passive candidate engagement
- Scheduled updates including feedback on the market, your pipeline, challenges, compensation and interview progress.
- Assessing the candidates fit for the position including leadership capabilities cultural alignment, motivation, career goals and potential impact they can make for the organization.
Is Retained Search Right for Every Firm?
The benefit for your company is increased revenue stability, higher fees and stronger client relationships. You will become a trusted advisor which could also lead to:
- Repeat business
- Strategic workforce planning discussions
- Additional search assignments
- Long-term partnerships
- Greater search control
Retained search is not for everybody. It requires discipline, consultative selling skills, strong recruiting processes, and the confidence to charge for expertise rather than solely for results.
It is not easy, but it may be worth considering.
We are actively seeking a leader for the Retained Search Specialty Group. Please reach out to Kelsea Dodd if this is an area of interest for you.
Patti