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Forum Search Partners
260 Madison Avenue
New York, NY 10016
Tel: 212-973-4100
Fax: 917-256-0314
Email: info@forumsearchpartners.com
Frequently Asked Questions
What are retained executive search firms?
Retained executive search firms are engaged by clients under contractual commitments to identify the most suitable executives for a critical position. Retained search is generally required for top level positions for which there are a limited number of appropriate candidates. A retained executive search firm will contact qualified candidates whether they are actively or passively seeking a career change.
What are contingent recruiting firms?
Contingent recruiting firms are firms which charge fees contingent upon the placement being made. Services of more than one firm are generally used simultaneously to fill open positions. They usually also work on temporary or contract positions at lower salary levels. These firms usually provide services from office support positions to staff accounting to marketing professionals.
What is online recruiting?
Online recruiting has experienced the highest growth rate in the last ten years. Websites offer jobs from various providers at various experience levels. E-Recruiting exposes the candidate’s information to anyone with access to the Internet websites.
Why should candidates determine the nature of a firm?
The type of firm and its relationship with the company’s top executives is critical when seeking a top talent position. In addition, limiting a candidate’s information to a firm which will assure confidentiality is vital to passive (employed) candidates who must be certain the firm is going to use this information in a professional and discrete manner.
Why do companies use retained executive search firms?
Companies use retained executive search firms for various reasons. Retained executive search firms are generally used for critical hires when “Good Enough” is sometimes not the best answer for top management positions. Other considerations may include the need for absolute confidentiality, and/or time requirements.
What are some of the differences between a contingent and retained search?
Retained Search Firms develop a though understanding of the client company and its specific vision of the candidate. For example, they meet with the company’s management and discuss the style, business strategy, working environment, growth strategy, regulatory concerns, banking relationships, capital expenditure programs, etc.
Retained Search Firms also use a different approach to search for candidates
- They contact a substantial number of candidates in the industry and related industries as well as through professional relationships and proprietary databases.
- They devote much more time contacting passive candidates (i.e. currently employed) compared to contingent firms which usually provide active candidates (i.e. unemployed or actively looking)
- They handle the interviews personally and are able to provide a better candidate assessment, personal management style, reasons for career moves, complete salary profiles, career goals and personal interests.
- They do reference checks upon request before they send candidates to the company.
- They also provide status reports and a long term replacement guarantees.
What is the relationship between search firms and candidates?
Retained executive search firms are representing their clients. However, developing professional relationships with candidates and other individuals with whom they come into contact during a search is totally appropriate and beneficial to all parties. Retained executive search firms receive many resumes but generally meet with executives who fit the requirements of the search they are conducting or possibility a future search they are anticipating. Maintaining a high and visible public profile and developing a good professional relationship with retained search firm executives is the most advantageous way to stay aware of opportunities when they occur.