The Difference between the Retained and the Contingency Recruitment.
The recruitment process is tough, but the alternative choice, which is leaving the position unfilled id even worse. The today’s candidate pools are way too qualified, and the employers are even making extra effort to impress and entice those best job candidates. This has made the recruiters to make their processes faster and better, in order to avoid missing out on the few chances. There are two types of recruiter, the contingency and the retained recruiters and many people think only differs with the fee but this is not true. If you are thinking of working with the recruiters then here is all you need to know.
The contingency recruitment is the one that you only pay when you accept a candidate that the recruiter puts forward. With the contingency, you only pay when you hire the candidate that the recruiter puts forward. For the first one you pay when you hire the candidate that the contingency recruiters puts forwards. These ones can be working independently or as part of an agency, and can submit their application or get hired by the HR teams of the clients. They also are usually competing with other external recruiters of the internal hiring team, and therefore puts forwards a lot of the candidates and fats to increase their chances of hire and getting the fee. With the retained recruitment on the other hand, you usually pay upfront and then they can start hunting the talent. There is no competition for these ones and they therefore work until the task is complete, alongside the onboarding and the HR team. Normally, this will cost to around fifty percent of the first yearly salary of the hire, but you get the advantage of the control over the process and they also take time. These ones also specializes in some particular niche or senior position.
With the contingency recruitment, you save a lot up front because you only pay the ones that you hired from or not at all if you happen to hire internally, and you also get a lot of the potential candidates. They are therefore ideal for the specialized and general positions. Retained on the other hand are better for when you are looking for some specific candidate. There is a very high chance that they already have one in their rolodex.
The contingency work from outside and have less Intel, but their marketing skills are better for the job seekers, and the retainers on the other hand usually have more information. The positions that you want to fill, the state of the job market where you are located and the industry will determine the best recruiters for you. Last but not least, make sure that you choose the right recruiters for whatever type that works for you.