A retained search calls for exclusivity for the search firm, much the same as you might expect to experience when retaining an accounting firm to perform an external audit, or a law firm to handle a particular legal matter. Fees are typically paid out over three phases:
- At the beginning of the search
- Upon submission of a short list of qualified candidates
- Upon acceptance of the offer by the candidate
The advantages of a retained search are significant. Retained searches take precedence over contingency assignments due to the mutual commitments that are involved in the search process.
The Search Process is highly structured:
- Target dates are set and agreed upon between the Client Company and iSearch.
- We provide a full-service search with a dedicated team and provide a short list of candidates within 4 to 6 weeks. The Client Company has the right of first refusal of the candidate until they determine that they have no additional interest in the candidate
- Initiating a retained search allows potential candidates to see how serious the hiring company is about filling the position, therefore giving more credibility and legitimacy to the search firm’s consultants when discussing this position with potential applicants.
Retained searches should be used when there is a need for confidentiality, or when the need is urgent and critical and needs to be accomplished within a defined time frame.