When deciding how to approach your hiring needs, it’s important to understand the differences between a retained search and a contingent search. Both methods are designed to help companies secure the best talent but are suited for different types of hiring situations. Here’s a guide to help you determine which search method fits your business goals.

Best Times for a Retained Search

A retained search is ideal for filling highly confidential, executive-level, or specialized roles where the stakes are high, and the need for precision is paramount. This approach involves a dedicated recruitment team that conducts a deep, customized search to identify, vet, and deliver top-tier candidates. Retained searches often are used when companies need:

• Expertise in identifying candidates with niche or hard-to-find skill sets.
• A highly discreet hiring process for leadership roles.
• A dedicated team providing tailored support throughout the process.

By engaging in a retained search, you can ensure that every aspect of the hiring process is meticulously managed, offering you the best possible results for these critical hires.

Best Times for a Contingent Search

A contingent search is best suited for companies looking to fill roles quickly while maintaining a high standard of candidate quality. This method is often used when:

• There is an immediate need to hire and a desire to move swiftly through the hiring process.
• Companies want to evaluate external candidates without committing to an upfront fee structure.
• The role is important, but not necessarily at the executive level, requiring an efficient recruitment process.

Contingent searches offer flexibility while ensuring access to a broad network of pre-vetted, qualified candidates.

Benefits of a Retained Search

A retained search provides an elevated level of service and dedication. Some key benefits include:

• Confidentiality: Retained searches are often used for executive roles that require discretion to protect the organization’s interests.
• Comprehensive Candidate Evaluation: Recruitment teams focus exclusively on your search, performing in-depth assessments of both skills and cultural fit.
• Regular Progress Updates: Transparent communication throughout the process ensures visibility and confidence in the search’s progress.
• Access to a Broader Candidate Pool: Includes leveraging extensive networks and proactive outreach to uncover top-tier, often passive candidates.

Benefits of a Contingent Search

A contingent search is designed to provide flexibility and speed while maintaining high-quality hiring standards. Key benefits include:

• Quick Turnaround: Ideal for companies that need to fill a role promptly, contingent searches prioritize efficiency without sacrificing quality.
• Performance-Based Model: You pay only if the recruitment firm successfully places a candidate in the role, ensuring accountability and results-driven service.
• Access to Qualified Talent: Firms draw from their expansive networks of pre-vetted professionals to deliver top candidates quickly.

Retained Search Fee Structure

Retained searches operate on a different payment model to reflect the high level of service and commitment required. The fee typically is a percentage of the candidate’s annual compensation, paid in installments based on timing or success milestones. This upfront investment guarantees a dedicated team focused exclusively on filling your critical role.

Contingent Search Fee Structure

With contingent searches, payment is due only if the role is successfully filled. Fees are usually a set percentage of the candidate’s base salary and may vary depending on the specifics of the search and the role’s complexity.

How to Decide Between a Retained and Contingent Search

When deciding which search method to use, consider these factors:

• Confidentiality: If the role requires discretion or involves sensitive information, a retained search is likely the better option.
• Timeline: If you need to hire quickly, a contingent search may be more suitable.
• Candidate Profile: Executive or specialized roles often benefit from the in-depth service of a retained search, whereas contingent searches can address roles that require swift placement of skilled professionals.

To make the best decision, consult with a recruiter who can provide tailored advice based on your unique hiring needs.

Are You Looking for a Retained or Contingent Search?

At UNITY, we specialize in both retained and contingent searches for finance, tax, and IT professionals. Whether you need a highly confidential search for an executive role or a quick turnaround to fill a critical position, we’re here to help. Reach out to discuss your hiring goals today!