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Retained or executive search is our premium service of finding and recruiting highly qualified candidates for senior-level positions in an organization. This process typically involves engaging the services of a senior / executive recruitment consultant that specializes in executive search.
Here are the steps involved in a typical retained/executive search process: 1. Defining the search criteria: The recruitment consultant will work closely with the hiring organization to understand the requirements for the position, including the desired skills, experience, and personality traits of the ideal candidate. 2. Developing a candidate profile: Based on the search criteria, the recruitment consultant will create a detailed candidate profile that outlines the key qualifications and characteristics that the ideal candidate should possess. 3. Identifying potential candidates: The recruitment consultant will use various methods to identify potential candidates, including searching its own database of candidates, advertising the position, and reaching out to its network of contacts in the industry. 4. Screening candidates: Once a pool of potential candidates has been identified, the recruitment consultant will screen each candidate to determine if they meet the search criteria and are a good fit for the position. 5. Interviewing candidates: The recruitment consultant will conduct in-depth interviews with the most promising candidates to assess their skills, experience, and fit with the organization. 6. Presenting candidates to the hiring organization: The recruitment consultant will present a shortlist of the most qualified and suitable candidates to the hiring organization for further consideration. 7. Facilitating the hiring process: The recruitment consultant will provide support throughout the hiring process, including negotiating offers and facilitating the transition of the successful candidate into their new role.
Cost breakdown of a retained/executive search: - The cost of a retained/executive search can vary depending on the size and complexity of the search, the seniority of the position, and the location of the hiring organization. Typically, the cost is calculated as a percentage of the candidate's first-year salary and can range from 25% to 35%. Here is a breakdown of the typical costs: Engagement fee: This is an upfront fee that covers the cost of initiating the search and developing the candidate profile. It is usually around 30% of the total fee. Search fee: This is the main fee for the search process and covers the cost of identifying and screening potential candidates, conducting interviews, and presenting a shortlist to the hiring organization. It typically ranges from 70% to 90% of the total fee. Expenses: In addition to the search and engagement fees, the recruitment consultant may charge for expenses such as travel, advertising, and candidate assessments. It is important to note that the cost of a retained/executive search may seem high, but it can be justified by the value of finding the right candidate for a senior-level position. A high-quality search process can help organizations avoid the costs associated with a bad hire, such as lost productivity, reduced morale, and the need to repeat the hiring process.