A lot of people don’t realize that there are actually two different types of recruiters or headhunters. Recruiters in fact work either through a retained or through a contingency basis. Below are the differences and on how it affects a job seeker.
If you will work on a retained basis, it means that the recruiter will charge you with an upfront fee in order to conduct a search. They also will operate through an exclusive basis, which means the job will only be filled through the recruitment company. The recruiters also works closely with clients and takes the time and also use the agreed methodology in order to find the best individual for the job. The process can be rigorous and have a shortlist of anything from 3 to 10 names presented before the start of the interview.
Retained recruitment assignment also does not come cheap. The clients will have to expect about 50% of the projected first annual salary from a successful candidate. Companies also will request a retained employment search when trying to fill a senior position and sometimes to when all cheaper search options were exhausted.
On the other hand, a contingency search would be when a candidate is actually the bargaining chip. Contingency is usually described as a no win, no fee. This is actually what it says on its tin, which is a service performed by the recruitment company for free until the candidate represented by them will take a position with the client. Recruiters who works on such basis usually needs to compete with the internal HR department, advertising, direct applications and other recruitment companies of the client.
The secret here would be in representing the best candidate available or candidate and do this a lot faster compared to other channels. Incase the vacancy is hard to fill, there’s a good chance that there will be few candidates qualified for such position. Getting to it before others is essential to get a successful no win and no fee recruiters.
Differences on Methodology
Retained recruiters will take the time in getting things right by using processes and also agreed methodology, knowing that they will then eventually fill the position due to their exclusivity terms. Also, the contingency recruiter is much faster and may deliver more candidates on increasing the odds in making replacements. Kindly visit this link Slone Partners for more useful reference.
Retained recruiters also signed up to a service level, where a retained search can be challenging sometimes and can be challenging and the projects can be lengthy. Contingency recruiters also moves on to another vacancy or client to where they think they could get more assurance on a win.
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