What is a Contingency Executive Search Firm?
Finding the right executive talent can make or break your organization. But navigating the world of executive search firms? That’s where many companies get stuck.
You’ve probably heard terms like “contingency search” and “retained search” thrown around. So, which approach best suits your hiring needs?
Contingency executive search firms offer a unique approach to finding top-tier talent. Understanding how it works could save you time and money finding the right strategic partnership.
The Basics of Contingency Executive Search
A contingency executive search firm operates on a payment model that requires no up-front fees, and no payment is made until an executive placement is made.
The payment structure of retained search firms differs from that of contingency firms, as retained firms charge fees up front and in phases throughout the recruiting process.
Contingency firms assume the risk. The firm dedicates time, resources, and professional expertise without assurance of receiving payment.
When Contingency Search Makes Sense
While some firms offer contingency executive search, it is not common. When sourcing executives or high-impact professionals, retained search is the most commonly used arrangement.
Contingency staffing is very common for entry to senior-level positions where the talent search is more public-facing and requires less time and dedication sourcing candidates.
For executive search, a contingency model can make sense for smaller companies with a limited budget or want results before paying a staffing fee. The downside of this is that a contingency search may not be as hands-on with a dedicated team working to fill the position, so time to fill can be longer.
It can also provide a lower number of highly-qualified candidates because this model provides less budget for the agency to do research and outreach.
How Contingency Search Works
The process starts when you request services from the search firm, and they thoroughly review your requirements. They will ask about your company culture, your growth plans, and the specific challenges this role must address. Good consultants focus on solving business problems rather than just filling open positions.
Then, once a contract is agreed upon, the search begins. The firm uses its network, databases, and sourcing techniques to find suitable candidates. They’re not just screening resumes; the firm actively searches for qualified candidates who may not be actively engaging with job openings.
Your Next Step Forward
Hunter Recruiting has built its reputation by delivering top executive talent through executive search. Our consultants focus on identifying leaders who drive business results, rather than just finding candidates.
Every executive recruitment decision shapes the future direction of your organization. Our team commits time to understanding both your unique business challenges and potential opportunities.
Ready to find your next executive? Contact Hunter Recruiting today and a team member will be in touch within one business day to discuss your needs and start our partnership.
