Everything you need to know about Retained Executive Search Recruitment

Hiring a “big boss” like a CEO, VP, or someone with a very specialized/rare skill set can be difficult; therefore, you will have to look beyond typically used recruiting sources (e.g. job boards) for candidates.

This is where we come in. We consider ourselves to be an extension of your existing team. While your internal HR team is handling your day to day hiring needs, we handle the more complex and critical roles. So how does the process actually work?

Let’s take a closer look at what retained executive search is and how we find an individual who can lead your organization into the future.

What is Retained Executive Search?

Retained executive search involves the company retaining the services of a search firm or agency on a fixed fee basis for a specific period of time; therefore, once retained by a company, the recruiter will devote 100% of his or her time, energy and resources toward completing the specified search until a candidate has been identified and accepted by the company.

This is a high-end, in-depth process that is specifically designed for companies who want to identify a qualified candidate for an extremely important position.

The difference of retained recruitment from contingent recruiting is in contingent recruiting, the agency is compensated only if they identify a candidate who is then hired for the position.

Why Do Companies Use Retained Executive Search?

The majority of companies use retained search services for any of the following reasons:

• • Executive search for a C-Level executive position (CEO, CFO, CMO or head of department).
  • Locate a candidate with unique or extremely rare skill sets (e.g., technology, finance or legal).
  • Conduct the candidate search confidentially because a company is undergoing a significant transition or reorganization in executive management.

How to Find Your Future Leader – Our Step-by-Step Process

We do not simply place an ad on LinkedIn and wait for something to happen; our approach is well-thought-out, and we approach each task strategically. For example, the first step in our process is:

1. The Strategy Session

Before we even look at a single resume, we spend time getting to know you and your business inside and out. Our goal is to understand what it’s like to work with you, the challenges the new hire will face, and where you would like to see your business in five years from now.

This information helps us identify candidates that fit with your company culture and NOT just someone that has an amazing resume.

2. The Talent Hunt

The next step is to begin searching for candidates. This is done through our proprietary data, access to advanced search technology, utilize our extensive exclusive networks and conduct a direct competitor landscape assessment to gain insight into who is currently performing well in similar types of positions.

In addition, we focus on identifying passive candidates (individuals that are not currently looking for a job because they enjoy their work).

The next step is to begin searching for candidates.

We do this by using our proprietary data and our advanced search technology. We also tap into our extensive exclusive networks to identify high-potential talent. This process involves a direct competitor landscape assessment. This allows us to identify professionals currently performing well in similar roles and organizations.

In addition, we focus on identifying passive candidates (individuals that are not currently looking for a job because they enjoy their work).

3. The Ultimate Evaluation

Once we have created a complete list of candidates for the role, we will not have just an informal chat with each of them. Instead, we will conduct thorough, structured, behavioural interviews with each of them. This assesses their past performance through reference checking, and assesses their demonstration of leadership capability.

4. The Shortlist

Unlike some executive selection firms, we will not overwhelm you with numerous profiles. We will provide you with a carefully curated shortlist of the best-suited candidates.

Each candidate’s strengths and weaknesses, background, and cultural fit within the existing team will be outlined for you.

5. Interviews & Selection

We’re your behind-the-scenes coach as you transition into the interview phase. We’ll take care of the scheduling and then we’ll meet up with you afterwards to give you honest feedback on how each candidate did.

We’ll help you compare the benefits and drawbacks of your top choices.

6. Seal the Deal

We help you seal the deal when you find the perfect person. We take care of the tricky stuff – salary, benefits, contract details – to ensure you and your new hire come away happy.

7. Onboarding Assistance

Our work doesn’t end once the contract is signed. If you want us to stay, we can help your new leader get comfortable in the company. We want to be sure they are set up to hit the goals you hired them for from day one.

Is Retained Executive Search For You?

Not every open job requires a retained search. But if you can tick two or more of these boxes then this is probably just what you need right now:

• • • [ ] The role is critical. You are hiring a leader who will directly affect the long-term success of your company.
    • [ ] You need to find “passive” talent. The ideal candidate is not on job boards and you need professionals who know how to approach them discreetly.
    • [ ] You require total confidentiality. The hiring is related to sensitive internal or business changes.
    • [ ] You are entering a specialized field. Your internal team doesn’t have the right network to uncover this kind of talent.
    • [ ] Your normal ways of hiring are hitting a wall. You’ve tried the usual places but you’re being inundated with resumes that just aren’t right.
    • [ ] You can’t afford a bad hire. The position is too important to chance a mistake and you need an airtight vetting process.

Let’s Find Your Next Leader

We know that finding the right leader is a huge milestone and getting it right changes everything for your business. If you’re trying to figure out your next big hire, we’re always here to help you map out a plan.

See how De Vore Recruiting can do the heavy lifting for you with our recruiting services.