Retained Recruitment: Why?
Retained recruitment, also known as executive search, refers to a specialized service provided by recruitment agencies where they are engaged on an exclusive basis to fill senior-level or executive positions. Here are some reasons why retained recruitment is important for companies:
1. Access to Top-Level Talent: Retained recruitment agencies typically have extensive networks and specialized expertise in executive search. Studies show that they can identify and engage with passive candidates, who make up around 80% of the talent pool for senior-level positions.
2. Confidentiality and Discretion: According to industry data, approximately 70% to 80% of executive searches are conducted under strict confidentiality to protect sensitive information and maintain discretion during leadership transitions or strategic hires.
3. Extensive Market Research and Analysis: Retained recruitment agencies invest significant resources in market research and analysis for executive roles. They provide companies with detailed market reports, including compensation benchmarks, talent availability, and industry insights.
4. Customized and Targeted Search: Retained recruitment agencies tailor their search strategies to the specific requirements of executive positions to engage in a focused and proactive approach. On average, these agencies spend around 120 to 150 hours on each executive search assignment, ensuring thorough coverage of the talent market.
5. Comprehensive Assessment and Evaluation: They conduct in-depth interviews, reference checks, and comprehensive assessments tailored to the specific role and industry. On average, retained agencies report a success rate of 90% or higher in presenting highly qualified candidates who meet or exceed client expectations.
6. Long-Term Partnership and Support: Studies indicate that approximately 80% of clients engage the same agency for subsequent executive searches due to the value and expertise provided. These agencies develop a deep understanding of the company’s culture, which enhances their ability to make successful executive placements.
7. Mitigation of Hiring Risks: Making the wrong executive hire can be costly. On average, the financial impact of a mis-hire at the executive level is estimated to be 3x-5x the executive’s annual salary. Retained recruitment agencies focus on minimizing this risk through their thorough search and assessment processes, reducing the likelihood of costly hiring mistakes.
*The data provided here represents general trends and averages observed in the executive search field.
About MKIS Professional Search:
MKIS is a veteran owned organization working with companies to fill technical roles in sales, marketing, and engineering. We deliver a service with a distinctive feel and touch. Everyday our team conducts human-to-human reach out. Please visit our site at www.mkis.us for more information on technical recruitment in the manufacturing industry.