The search process between contingency recruiting and retained executive search is vastly different.
The contingency recruiting process is quite simple.
- Junior recruiters learn the basic facts about the job vacancy
- Scan known candidates and
- Submit their resumes as quickly as possible
The retained search process has many more steps.
The top retained executive search firms provide senior-level service to their clients. For White Hat Executive Search, you can expect ownership partners to be your hands-on search partners.
The retained executive search consultant will conduct detailed interviews with the client organization’s management team to develop a full understanding of the position to be filled and the qualifications of the talent to be recruited and will often visit the client’s site to understand the company culture.
A summary of this understanding, including a detailed profile of the qualifications and experience of the desired candidate, will be communicated to the hiring executive at the outset of the engagement in the form of a detailed Position Specification.
The engagement letter will also include a complete description of how the search will be conducted and will outline the retained executive search consultant’s policies on fees, expenses, guarantees and assurances against recruiting talent away from the client organization in the future.
The retained executive search consultant will conduct original research, targeting organizations identified as likely employers of potential candidates and access in-house proprietary databases for sources of potential candidates.
White Hat Executive Search is typically going to know at least 95% of all potential candidates in their space and already will have identified the top 15% high performance individuals. We employ a 24/7/365 Inbound One-to-Many System implementation that we call “The White Hat Roundup”TM that allows us to investigate our prospects thoroughly and only approach those with the strongest potential of most closely matching your Position Specification.
Through this focused research, White Hat Executive Search “rounds up” a “long list” of potentially qualified candidates, and then conducts telephone interviews to screen for specific skills and experience and develop candidates for possible in-person interviews.
During one or more in-person interviews the senior-level retained executive search consultant conducts a thorough evaluation of each candidate’s suitability for, and interest in the position, along with culture fit and motivation.
The retained executive search consultant presents several qualified and thoroughly vetted candidates to the client for interviews, and throughout this process acts as a mediator to assure that all issues relevant to filling the position are being addressed. Typically, White Hat arranges the interviews in cooperation with the client and their calendar.
Once the client has selected one or more candidates it would like to hire, the consultant conducts final reference checks, referencing those who have had close working relationships with the candidate to confirm the accuracy of judgments about the candidate’s suitability and to assure that all relevant information about the candidate has been gathered.
The senior-level retained executive search consultant will help the client develop the offer letter based on conversation he has had with the candidate and what that candidate would likely find attractive considering the client’s compensation budget.
The retained executive search consultant will then assist the candidate in preparing to accept the offer, including negotiating the offer in a neutral manner and coaching them on what to expect when they give notice and how to deal with the likely response from their current employer.
After the hiring, the consultant will stay in touch with both the client and the successful candidate to assure an orderly transition. As mentioned in a previous blog, the candidate might be surprised by something in his new position that is bothering them. The retained executive search consultant can make management aware of this situation so that management can address the issue before it becomes a retention concern.
Finally, the hiring organization can expect two assurances from the retained executive search firm.
First, the retained executive search firm will pledge that, during a given period of time, if the hired candidate does not work out for reasons the search consultant should have foreseen, the firm will repeat the search one time at no extra charge (out-of-pocket expenses only).
Second, the retained executive search firm will pledge not to recruit from the hiring organization for a stated period of time following the engagement.
All this is part of the standard process with White Hat Executive Search. We combine these above elements to deliver an effective, rigorous, and comprehensive approach to all our executive searches to ensure we meet your needs precisely.