What is Retained Recruitment? Everything you need to know

Have you ever struggled to fill a critical role within your company? Retained recruitment might be the answer you’ve been looking for.

Retained recruitment is an effective method of hiring top talent. Unlike other recruitment approaches, retained recruitment involves partnering with specialized recruiters on a retained basis. 

In other words, it is paying a recruiter an upfront fee or monthly rate to utilise their expertise and support in helping you hire the right talent. This approach ensures that your organization receives the personalized attention and expertise needed to identify, attract, and secure the best candidates for key roles.

At the end of this article, we highlight where and how you can work with recruiters on a retainer at the click of a button through one platform. 

What is Retained Recruitment?

In retained recruitment, you partner exclusively with a recruiter to fill specific openings. Unlike traditional recruitment, you pay the recruiter a retainer fee upfront, securing their dedicated focus on your needs. This approach is ideal for high-level or specialized positions where finding the perfect candidate is crucial.

Why Choose Retained Recruitment?

There are several advantages to this approach:

• Top-Tier Talent: Recruiters have extensive networks and expertise in identifying highly qualified individuals, even those who may not be actively seeking new opportunities (headhunting).
• Quality Over Quantity: Retained recruiters prioritize finding the best fit for your company culture and specific needs, reducing the time and resources wasted on unqualified applicants.
• Streamlined Process: By working with dedicated recruiters, you save time typically spent managing multiple recruitment agencies and avoid a flood of irrelevant resumes.
• Expert Guidance: Retained recruiters bring specialized knowledge and experience to the table, ensuring the search process is efficient and effective.

Are There Any Downsides with Retained Recruitment?

While retained recruitment offers significant benefits, there are a few things to consider:

• Upfront Investment: The retainer fee requires an upfront financial commitment before a placement is made.
• Success Not Guaranteed: There’s always a chance a suitable candidate won’t be found during the search period outlined in the contract.
• Contractual Flexibility: Long-term contracts may not adapt easily to changing market conditions or your company’s evolving needs.

With these in mind, be sure to outline expectations and targets to avoid misalignment. 

The Right Choice for Your Company?

Retained recruitment is an excellent option for companies seeking to fill critical leadership, executive, or highly specialized roles. The expertise and focus provided by a dedicated search firm can significantly increase your chances of finding the perfect candidate to drive your company’s success.

Key Takeaways:

• Retained recruitment is a specialized approach that helps organizations fill crucial positions.
• Retained recruitment is excellent when trying to fill multiple positions through one recruiter.
• Partnering with a specialized recruiter ensures personalized attention and expertise.
• Retained recruitment offers numerous advantages, including saving time, resources and if done right, money. 

Choosing a Retained Recruiter

When it comes to filling key roles within your organization, choosing the right retained recruiter is crucial. The partner you select will play a significant role in the success of your hiring process, so it’s important to consider several key factors when making this decision.

1. Evaluating Expertise

One of the first considerations when choosing a retained recruitment partner is their expertise in your specific industry or field. Look for a partner who has a deep understanding of your organization’s needs and the skills required for the positions you’re looking to fill. A well-versed partner will bring valuable insights and connections, ensuring a higher likelihood of finding the ideal candidates.

2. Checking Reputation and Track Record

Reputation matters in recruitment. Take the time to research and evaluate the recruiter’s reputation and track record. Ask for testimonials, case studies, or client references that showcase their success. A recruiter with a proven track record is more likely to understand your unique requirements and deliver the desired outcomes.

3. Assessing Communication and Collaboration

Effective communication and collaboration are vital for a fruitful partnership. Consider a retained recruitment partner who values open and transparent communication, keeping you informed throughout the entire process. Look for a recruiter who understands your organization’s culture, values, and goals, ensuring alignment in the recruitment efforts.

4. Understanding the Approach

Each retained recruitment partner may have a slightly different approach. Take the time to understand their methodology, processes, and strategies. A partner who takes a personalized and tailored approach to each search assignment is likely to yield better results. Clear communication of their methodology will help you align expectations and ensure a successful partnership in filling your key roles.

5. Considering Fees and Terms

It is important to consider the fees and terms associated with a retained recruitment partner. While quality and expertise are crucial, you must also find a recruiter whose services align with your budget. Examine their fee structure, payment terms, and any guarantees or commitments they offer to ensure a mutually beneficial partnership. Be sure to set targets and clearly define expectations.

Giig Hire — Recruitment Marketplace

With the Giig Hire recruitment marketplace, you have the ability to engage with freelance recruiters in multiple ways including on a retainer basis. All through one contract and one platform, your organisation can work with as many or as few freelance recruiters as you like.

The Giig Hire platform enables you to work with vetted freelance recruiters on a retained basis as well as a contingency basis.

You can book a demo here for more information on how you as an organisation can connect and work with vetted freelance recruiters.