| Retained (aka Retingent Search) |
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| Qualifind’s approach to “traditional” retained search firms is substantially different. One of the shortcomings of the traditional approach to retained search projects is the costly up-front retainer with virtually no guarantee of timely success. This is a problem that has come to light over the past few years and has made an impact on the entire retained search industry. |
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| Our approach is to formulate what the industry is now referring to as “Retingent Agreements”. A retingent agreement is a hybrid Retainer/Contingent search agreement. We believe this type of agreement is more “performance based” because it delays the final payment until a successful placement has been made. The traditional approach used by many old school firms would have you paying the final portion of the agreement irregardless of whether a placement was made or not. |
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| When would a Retingent Search be appropriate? |
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| Retingent search agreements are appropriate for search projects when the following conditions exist: |
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- High level of confidentiality is required
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- Searching for an individual with a high degree of specialization
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- The search project requires priority and a higher level of individual attention
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- Special assessments, resources or deliverables are needed to ensure a successful placement or that the placement represents the highest levels of performance and experience available within the desired market
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- Significant levels of research and investigative work are required
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- You want to guarantee the placement is made
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| Retained search projects involve much more work and individual attention than contingent searches. Therefore to ensure that performance levels are not compromised, Qualifind maintains a policy of not taking more than 4 or 5 retained searches at any given time. |
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| Many search firms will only take searches with compensation plans in excess of $100K, however our experience has shown that there are other critical needs that require guaranteed results. Qualifind’s approach is to allow for an initial investment to start the search and engage the resources required. We have a secondary payment that is then invoiced after continuing interest is expressed in one or more candidates that have been interviewed in person and the final payment is entirely contingent upon the hire being made. Traditional retained agreements require the final payment be made whether you make a hire or not. |
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| We’ve managed over 122 retained search projects in the past eight years and only one of those resulted in us not making the placement. In that case, due to the extensive due diligence that was done in the project, we were able to identify an internal manager that had been overlooked by management. After benchmarking the internal candidate against high performing candidates that we sourced for the project, we were able to illustrate that the internal candidate was their right choice. We didn’t collect the final fee on that project but our client was satisfied and our analysis was proven over time with the same individual being promoted again after being in the role for less than 36 months. |
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| Many older Ivy League search firms frown on this approach. We believe it’s simple. Our risk is mitigated through the retainer, you invest in good faith in the work required and our final payment is simply a measure of our performance. Results equal profit to your organization and ours. |
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| At the end of the day, no two companies are the same and neither should their search criteria. That’s why we offer alternatives that provide our clients with the flexibility and guarantee of performance that they need. |
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