Everything you need to know about the Contingency Vs. The Retained Recruitments.
There is nothing easy or cheap about the recruitment and hiring process, but leaving the position unfilled is 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 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. The HR teams can hire these ones or they an actually submit their applications, and they work for agencies or independently. They also are usually competing with other external recruiters of the internal hiring team, and therefore puts forwards a lot of the candidates and fats to increase their chances of hire and getting the fee. With the retained recruitment on the other hand, you usually pay upfront and then they can start hunting the talent. There is no competition for these ones and they therefore work until the task is complete, 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. These ones also specializes in some particular niche or senior position.
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. These ones are ideal for the general and the specialized 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.
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.
Reference: click resources