There are numerous method to hiring employees. Online searches are the most common means, but we offer 4 options to educate and help you understand the recruiting/retained search process. They are:
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Online job posting
Using websites such as Indeed, Glass Door, etc. are effective but somewhat costly. Typically, a job post is around $400 for 30 days. That includes one search engine. If you use multiple search engines, the cost continues to grow.
Jazz HR Portal
We recommend Jazz HR as a portal to help you post and manage multiple openings. This is especially useful for small businesses because of the plan options. Let us help you find a convenient easy way to search for candidates, manage your screening process, and send out letters. We have partnered with Jazz HR to provide a simple method for you to maintain control of this process.
Staffing Firm or Contingency Recruiters
Staffing firms or contingency recruiters are more familiar to clients because the employer pays the agency to find them candidates. These firms are more common. Additionally, with so many agencies on the market, it’s difficult to figure out who is good and who is not, so it’s a much lower risk to give searches to contingency partners. The contingency recruiter helps Clients that need to fill mid-level to lower-level positions often choose to hire one or multiple contingency search firms to fill the role. As the name suggests, a contingency firm only gets compensated once a candidate is placed. The fee for a contingent search is typically a lower percentage of the total annual compensation than for a retained search and can vary greatly by industry and difficulty.
Retained executive search is a form of management consulting. The phrase refers to the contract under which consulting and recruiting advice is performed. The process of contacting and introducing senior executives is a sensitive one and should be performed correctly. It is not just a matter of payment. The retainer provides an umbrella of professionalism, credibility, and recognized practice in an area of management where considerable harm may be caused to the individual and the organization concerned if proper process is ignored. It also implies a partnership between Melody L. Beach Consulting Group and the hiring organization. We bring industry-specific expertise and unique insight into the client’s leadership needs.
This method is used by high-end executive search firms to get a retainer (up-front fee) to perform a specific search for a corporate officer or other senior executive position. Typically, retained searches tend to be for positions that pay upwards of $100,000. Yes, working on a retained basis means we will charge an upfront fee to the client to conduct a search. They will operate on an exclusive basis meaning the job will only be filled through this recruitment company.
Gone are the days, you post a simple ad in the local paper and expect to find top talent.
How much do search firms charge?
‘Big’ executive search firms (e.g. Korn Ferry, Russell Reynolds) who do work across industries charge at least a $100,000 retainer and 33% of all-in 1st year compensation with a cap.
Why use a retained search at all?
Retained search is designed to fill more challenging roles. In the end, the placement fee will be close to the same and will likely yield a higher rate of success.
Some clients simply don’t, won’t, or can’t see the value of a retained search. Let us point out the benefits of a using retained search which include:
- Wider Reach
- Higher Stakes
At Melody Beach we know your time is valuable. We have conducted so many types of searches over the years. Retained searches are often conducted throughout the country. Our vast network and wide reach make engagement worthwhile. We help you narrow the focus more efficiently and with the expertise you may not have yourself. Investing in a retained search with save you time and costs.
Contact us to discuss your hiring needs. We have solutions to meet your needs. One size does not fit all when it comes to hiring, engage a company that really understands how to solve your requests.