The Advantage of Retained Partnerships in Recruitment

In the world of recruitment, companies are constantly seeking strategic advantages to secure top talent. One such advantage lies in the utilisation of retained partnerships with recruitment specialists like us. This service offers a unique approach to hiring that sets it apart from other recruiting services. In this article, we will explore the benefits of retained partnerships and delve into the key differences between retained search and other recruitment methods.

Recruitment services range from fast-paced contingency recruitment to relationship-focused retained search. Each model carries its unique set of principles, designed to navigate the complexities of the job market and align with an organisation's specific recruitment goals.

Understanding the difference between these services is essential in choosing the right recruitment strategy for your company. From our experience, we find that most companies will be looking for a process that not only fills vacancies promptly but enables long-term success and continued growth.

Contingency Recruitment

Contingency recruitment is a common strategy companies use to recruit across different sectors and roles. This model operates on a no-win, no-fee principle.  The payment fee is dependent on successfully placing a candidate within the role and is usually a percentage of the role’s salary but can sometimes be a fixed fee.  Contingency recruiters will likely be working on multiple job vacancies for different companies and put their efforts into sourcing candidates who essentially may not be hired, in turn meaning that they may not be paid for the work involved. In addition, companies may choose to use multiple agencies to cast their nets wider in the quest for the ideal candidate. It's a dynamic yet unpredictable race, where the focus leans heavily towards swift placements rather than nurturing enduring relationships or understanding deeper organisational goals and may not result in the highest quality candidate.

Contingency with exclusivity blends contingency recruitment with the dedication found in retained partnerships. Here, a single agency gains exclusive rights to a vacancy. This model provides a middle ground, offering companies a more concentrated effort on their vacancy without fully committing to the depth of engagement that comes with a retained partnership.  Many recruiters will not work on a contingency basis unless they have the role exclusively.

The variety of recruitment services presents a range of approaches for companies and ultimately hinges on the balance each company seeks between speed, depth of engagement, and the desire for a strategic partnership that extends beyond a single hire.

The Defining Characteristics of Retained Search

Retained search (also referred to as Executive Search or Headhunting) represents trust and exclusive partnership between a company and a recruitment specialist. This service is distinguished by its comprehensive approach toward understanding the intricate layers of an organisation's ethos, culture, and requirements of the role in question. It creates a consultative relationship that intertwines the recruiter’s efforts with the strategic objectives of the hiring company.  In a retained search the recruiter is exclusively contracted to complete the search and is responsible for defining the job role, market mapping and ongoing marketing.  Recruiters working on a retained basis will have built ongoing relationships with candidates and are likely to have access to candidates that others don’t.  This service is mostly used for executive search roles.

At the core of retained search is the principle of exclusivity. This exclusivity isn't merely contractual; it is a commitment from the recruitment specialist to allocate substantial resources, time, and expertise to map out the availability of potential candidates thoroughly. The recruitment specialist dedicates time to uncovering candidates who are not just appropriate for the role based on their CVs but are the right fit in the context of the company's personality and culture.

In addition, the retained search process inherently involves a stage of strategic alignment conversations between the hiring company and the recruitment specialist. These sessions are crucial for setting the foundation of the search, ensuring that the recruiter fully grasps the essence of what makes a candidate truly ideal for the company beyond the requisites of the job description. This preparatory phase underscores the ethos of retained search – a bespoke, thoroughly tailored approach to recruitment, promising a partnership that extends well beyond the immediacy of filling a vacancy.

The Benefits of Using a Retained Search Process

Engaging in a retained search process carries several strategic benefits, among them being the depth of dedication and commitment by the recruitment specialists. This model is built on a foundation of trust and a shared goal of not just filling a position but finding a candidate who embodies the values and aspirations of the company. Through a retained search, organisations avail themselves of a recruitment approach that is markedly refined and bespoke, tailored to meet the requirements of a role and to resonate with the cultural and strategic values of the company.

This process ensures a thorough vetting process, where potential candidates are evaluated on a spectrum that includes fit, potential for long-term contribution, and alignment with company ethos. The deliberate pacing and focused effort of the retained search process provides opportunities to delve deeper into the candidate market, uncovering those hard-to-reach individuals. 

The search process establishes a continuum of engagement between the recruiter and the company. It creates an environment where strategic recruitment decisions are made with a comprehensive understanding of the company’s trajectory, ensuring that the talent acquired is a driving force for future success.  Here are some of the main reasons why choosing the retained search option is advantageous.

• Experienced recruiters and executive search specialists have extensive networks and resources enabling them to identify and attract high-quality candidates.  They will be continually building relationships and networking giving them a good understanding of candidates’ skills and requirements. By keeping close to their candidates and regularly checking in they are ready to move when the ideal position becomes available.  This benefit alone can cut a huge amount of time from the overall recruitment process, and from a candidate perspective, a retained search demonstrates that the client is serious about hiring as they have already invested in the process.

• Recruiters will come with deep industry knowledge including industry-specific challenges, talent availability and market salary data.  They will create role-specific marketing to attract talent and have access to the latest technology, specialist job boards and sourcing tools.

• Hiring for senior-level positions can be extremely time-consuming and a drain on internal resources.  In-house recruitment teams are unlikely to have access to the same connections and networks.  By engaging a retained search those recruitment headaches that come with sourcing and screening candidates internally are minimalized. 

• Working in partnership with an experienced recruiter using a retained search will provide confidence that confidentiality is maintained especially when recruiting for high-level or sensitive roles.  This is particularly important during organisational transitional periods or when internal promotion isn’t perhaps an option. 

• As part of the retained search process recruiters can offer advice and support to develop the company ‘Employee Value Proposition’, ensuring that candidates are aware of what the company as a whole has to offer them.  They also work with organisations to look at succession planning and the best approach to building a talent pipeline to fit with future growth goals.

• Experience recruiters will have already explored salary requirements and the likelihood of counter offers ahead of time, ensuring that the offer stage of the recruitment process does not offer up any unwanted surprises.

Strategic Integration of Retained Partnerships

The decision to engage with recruitment through retained partnerships marks a conscious strategy toward building a robust workforce. These partnerships are collaborative where the recruitment specialist becomes an extension of the company's strategic vision. By aligning closely with a recruitment specialist who deeply understands the company’s ethos and future aspirations, organisations are better equipped to navigate the complexities of the job market and reduce the risk of recruiting a bad hire. This partnership facilitates a targeted approach and stands as a testament to the commitment towards not just acquiring talent, but growing a workforce that resonates with the core values and strategic objectives of the company. It is a deliberate step towards ensuring that every recruitment decision is a building block towards achieving a sustainable competitive edge.

Using a retained search for business-critical roles is a worthwhile investment. The total investment varies across recruitment businesses and is generally dependent on the seniority of the role and includes the complete process including marketing, screening and shortlisting.  Some companies will ask for 50% of their fee upfront while others split the fee across stages of the process for example, initial search, shortlisting and offer.

Why choose Jenkins Recruitment to be your retained search talent partner?

Selecting Jenkins as your talent partner ensures a partnership that's not merely transactional but fundamentally transformational. We pride ourselves on our commitment to understanding the unique DNA of each organisation we work with. Our approach is rooted in the belief that successful recruitment is as much about the alignment of values and visions as it is about skills and experience. We employ a methodical and consultative approach, ensuring that each retained search is not just a search for a candidate but a strategic move towards enhancing your organisational synergy and future readiness. We distinguish ourselves by not just filling positions but by fostering enduring relationships, where our expertise becomes an integral part of your success. With Jenkins, you gain more than a recruitment service; you gain a strategic ally committed to navigating the complexities of the talent market with precision and insight. Allow us to find your next great hire. Choose Jenkins Recruitment, where your vision meets our expertise.