The Difference between the Retained and the Contingency Recruitment.
There is nothing easy or cheap about the recruitment and hiring process, but leaving the position unfilled is even worse. The today’s candidate pools are way too qualified, and the employers are even making extra effort to impress and entice those best job candidates. The recruiters are making the process quite fast to make sure that the do not miss on the chances. There are the contingency and the retained recruiters, and many people usually think that the difference is on the few alone which is not the case. There are two types of the recruitment, the contingency and the retained, that a good number of people usually think wrongly that they differ with the fee alone. Here is all you need to know about working with the recruitment services when hiring.
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. The HR teams can hire these ones or they an actually submit their applications, and they work for agencies or independently. 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. With the retained recruitment on the other hand, there is a fee to pay before they can get started with the talent hunt. These ones usually have no competitions as they work exclusively until the task is complete, and alongside the onboarding and the HR team. Normally, this will cost to around fifty percent of the first yearly salary of the hire, but you get the advantage of the control over the process and they also take time. They usually are also socialized in particular niche or senior positions.
Among the advantages of contingency recruitment is that you save a lot upfront, and also get a verity of the candidates to vet. They are therefore ideal for the specialized and general positions. Retained on the other hand are better for when you are looking for some specific candidate. They probably have the candidate that you are looking for on their rolodex and this makes the process even easier.
The contingency recruited work from the outside and the retained ones from the inside and therefore have inside Intel on the job detailers. The positions that you want to fill, the state of the job market where you are located and the industry will determine the best recruiters for you. Last but not least, make sure that you choose the right recruiters for whatever type that works for you.
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