Ask an HR Expert
Q: As a hiring manager seeking to fill a critical leadership role in my organization, what are the key differences I should understand between contingent and retained search, and which approach would be better for ensuring the success of this pivotal hire?
A: In order to identify whether a contingent or retained search would be the best fit, it’s essential to get clear on your organization’s needs and the criticality of the role you’re seeking to fill first.
A contingent search, which focuses on speed and casting a wide net for candidates, can be beneficial if you need to fill the position quickly and have a relatively straightforward set of requirements. Since payment is contingent on success, you’re not obligated to pay upfront (helpful if budget constraints are a concern). Contingent searches often attract multiple recruiters or agencies, which can create a broader candidate pool, but can also result in a wider range of quality candidates to sift through.
If speed is of the essence and you’re willing to sacrifice some degree of exclusivity and in-depth assessment for a faster hiring process, contingent search may be the best fit.
For critical leadership roles where there’s no room for error and the impact of hiring is significant, a retained search offers a more tailored and quality-focused approach. Retained search firms commit to the search, making it their priority until the hire is made. This commitment ensures a thorough and exhaustive search process, with a focus on finding the best possible candidate match for your organization’s needs. Additionally, retained search firms often have access to top-tier candidates, including those who may not be actively seeking new opportunities. The confidential nature of retained search can also be advantageous for high-profile roles.
Ultimately, the choice between contingent and retained search depends on your organization’s priorities. If speed is crucial and you’re open to considering a wider range of candidates, contingent search may be the way to go. However, if you’re seeking top-tier talent and a thorough, quality-focused approach, retained search can provide the level of attention, expertise, and exclusivity necessary to ensure the success of such a crucial hire.
Do you have more questions about executive-level searches? Boly:Welch Executive Search brings market expertise and recruiting acumen to businesses ready to hire the people who will help them go farther.
