Everything you need to know about the Contingency Vs. The Retained Recruitments.
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. This has made the recruiters to make their processes faster and better, in order to avoid missing out on the few 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 are some of the facts about the recruiters that 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 can be working independently or as part of an agency, and can submit their application or get hired by the HR teams of the clients. 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, you usually pay upfront and then they can start hunting the talent. These ones work alongside the onboarding and the HR team, and also work alone until the task is complete. 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. Most of these ones also specializes in the top position or particular niche.
Among the advantages of contingency recruitment is that you save a lot upfront, and also get a verity of the candidates to vet. These ones are ideal for the general and the specialized positions. If on the other hand, you are looking for some specific candidate then a limited number if the recruiters of retained services will be better. There is a very high chance that they already have one in their rolodex.
As a job seeker, when approached by a retained recruiters, you will get information like the role’s full briefing, get a number of interviews and also know who will be doing that, and also info on details and benefits and the contingency, the info is usually limited but you still are likely to get the job because they have better marketing skills. 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. 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.