Type of Search
The type of Executive Search services that we provide are:
(1) Contingency Search; (2) Retain Search; (3) Semi Retain Search; (4) RPO Search.
Contingency is a type of search when the Recruitment Agency is paid upon their talent being hired by the employer. These types of searches are mostly for low and mid-level positions.
- Employer does not need to make any advance payment. Consulting Fee will be paid only for successful placement. Sometimes it's called ZERO FEE Search.
- Employer does not need to bear any monetary risk as no advance payment is necessary.
- May receive countless resumes as many Recruitment Agencies will be working on one position. Employer may have opportunity to hire the best talent from a large number candidates.
- Employer may find difficulty with time management, as they need to work with many agencies at the same time. Also resume screening, for short-listing candidates, may take a lot of time.
- Agencies may not be very dedicated in research to find the right talent. They may spend a very limited amount of time on a contingency type of search.
- If you are very busy and conscious about time, it is better not to use Contingency Search.
- If you are looking for someone at a staff level, it may be the right decision to use a Contingency Base Search.
- If you have a lot of time and are in no rush to hire someone immediately, it may be a good idea to use a Contingency Base Search.
Retain is a type of search when the Recruitment Agency is partially paid (non-refundable) in advance by the employer. This type of search takes place when the Employer has a very good relationship with an Agency and believes that the Agency can fill their vacancy. These types of searches are mostly for Managerial and C-level positions.
- Recruitment Agency will be very dedicated and remove most of your hiring and talent search stress from your thoughts.
- Initially some advanced payment will be made to the exclusive Agency; however, once the placement has happened, only the remaining balance of the total consulting fee needs to be paid to the Agency.
- No need to spend a lot of time to screen and meet candidates. Your agency should do this job on behalf of you and introduce you to short-listed candidates.
- The probability of filling the vacancy is very high within the designated time line (3-6 months). Average success rate is 98%-100%.
- Your Agency will update you from time to time about the progress of search activities.
- Employer may bear some monetary risk. If the placement does not happen successfully, you may lose the advance payment.
- Though the project is exclusive, sometimes it may fail for several reasons. In such cases, there is a possibility that you may lose trust in your Agency.
- You may not have the opportunity to make a comparison among a large number of candidates to hire the best talent.
- If you are very busy and conscious about time, it is better to use a Retain Search.
- If you are looking for someone at a senior level and do not want to make this information public, retain search may be one of the best methods to use.
- To make the project successful, you should try to help your agency through advice and sharing your regular feedback. If there is a slight chance that the project may fail within the designated time line, sit down with your agency and extend the search period. In such cases, you may not need to make any additional payment.
Semi-Retain is a type of search when the Employer assists the Recruitment Agency through paying off the daily recruitment activities expenses (eg. meeting and travelling expenses) incurred by the Agency. This type of expense is non-refundable and usually is calculated on a monthly basis. This is similar to Contingency Search except the daily meeting and travelling expenses.
- Consulting Fee will be paid only for successful placement.
- Recruitment Agency feels very motivated to spend lot of time in Research and Head Hunting.
- Employer may have some special favour (eg. Agency may give priority in search) compared to Contingency Search.
- No need to bear a big monetary risk (Non-refundable down payment).
- If the placement does not happen successfully, may have some monetary loss.
- Employer may find difficulty with time management, as they may need to work with many agencies simultaneously.
- If the Employer would like to avoid both time and monetary risk, it may be a good decision to ask the Agency for Semi-Retain search services.
Recruitment Process Outsourcing (RPO)
RPO is a type of search when the Employer transfers all or part of their recruitment activities to the External Recruitment Service Provider. Depending on the contract, RPO providers may manage the entire recruitment process from job profiling through onboarding of the new hire including staff, technology, and methods and reporting.
- RPO providers are specialized in Recruitment. Therefore, they can find the best recruitment solution through economies of scale such as limited budget and time.
- Employer can reduce unnecessary fixed costs such as hiring a permanent HR specialist.
- As RPO is basically a contract base, the employer can terminate the contract at any time with a minimum notice period.
- Low risk to find the appropriate talent for the vacancy.
- RPO services may not work if the employer's existing HR department or management is not cooperative in providing necessary company information, feedback, monitoring and so on. Without team work, it is sometimes difficult to bring the expected result.
- RPO provider sometimes may be bias in hiring. In such cases, the employer may fail to be neutral and hire the best talent for the company’s success.
- If the employer is willing to spend time on discussion and brainstorming with the RPO provider, it may be good decision to outsource the recruitment process.