The Difference between the Retained and the Contingency Recruitment.
The recruitment process is tough, but the alternative choice, which is leaving the position unfilled id even worse. Employers take few days to snap up the great talents in the candidate job market that we have today, and no longer therefore have the luxury to run the recruitment process as they please. The recruiters are making the process quite fast to make sure that the do not miss on the chances. There are two types of recruiter, the contingency and the retained recruiters and many people think only differs with the fee but this is not true. If you are thinking of working with the recruiters then here is all you need to know.
The contingency recruitment is the one that you only pay when you accept a candidate that the recruiter puts forward. With the contingency, you only pay when you hire the candidate that the recruiter puts forward. For the first one you pay when you hire the candidate that the contingency recruiters puts forwards. These ones usually are independent or part of an agency, and can either submit their applications or get hired by the HR team. They usually are in competitions with their fellow recruiters and the inside hiring team, and because of this, they usually submit candidates faster and in larger numbers so that they can beat the other recruiters and also increase their chances of getting the fee. The retained recruiters on the other hand is the ones that you pay upfront, so that they can then hunt a candidate for you. These ones usually have no competitions as they work exclusively until the task is complete, and alongside the onboarding and the HR team. Unlike the contingency recruiters, these operators usually take their tome and have some pre-determined and agreed upon methodology that gives the list more control but at a cost. They usually are also socialized in particular niche or senior positions.
You get more of the candidates and the liberty to choose whether to interviews them or not and you don’t pay for that, or upfront which usually saves you a few dollars. They are therefore ideal for the specialized and general positions. When you have some specific position to fill then the retained recruiters will be bets here. Chances are that they know someone that you need.
The contingency work from outside and have less Intel, but their marketing skills are better for the job seekers, and the retainers on the other hand usually have more information. The positions that you want to fill, the state of the job market where you are located and the industry that you are in, are among the things that will determine the best recruiters type for you. When looking for the perfect candidate, the most important thing is to hire the right recruiter and that is why making this comparison is important.