Retained Search vs Contingency search
From emerging startups to established companies, every organization is unique. Sourcing high-level talent in competitive sectors like finance and fintech is both challenging and time-consuming, which is where the experts at Shanley Search Partners come into play.
There’s more than one way to discover gifted leaders who can drive your company forward, and we excel at finding talented credit union professionals on retained executive and contingency searches. Leveraging these unique recruitment methodologies for the banking and financial sector enables us to match you with the most qualified candidates on your terms. Here’s an in-depth look at the retained executive and contingency search process and which is best for your situation.
Explaining Retained Executive Search for Financial and Banking Institutions
The retained executive search model is best utilized when financial organizations need to find highly specialized, confidential, or critical leadership talent like executives or C-Suite positions. In this search method, the recruiter is paid an upfront or scheduled fee and works exclusively. In other words, that agency will be the only entity looking for the candidate.
The exclusive nature of retained search enables us to assign a team dedicated to filling that role. Our experts work closely with your human resources department, executive management, or board to pinpoint the competencies, profile, experience, and characteristics of the person you’d like to hire.
Once top-tier candidates are identified, we perform in-depth vetting of their qualifications and skillsets to gauge how they will perform in the role and fit into the financial organization as a whole. As a result, only optimally talented candidates who align with your organization’s culture are presented for consideration.
The Contingency Search Advantage
In contrast to the retained search method, contingency recruitment works on what can be best described as a no-win, no-fee basis. There’s no exclusive agreement, and we’re rewarded just when a candidate we find accepts the position.
Working with multiple recruiters on a contingency recruitment basis enables you to tap into a wider talent pool and incorporate different perspectives when trying to fill a role. Additionally, you’ve invested no money into the search.
As a result, contingency searches are ideal for organizations with limited resources or budgets. They’re also great for finding talent for entry-level or mid-tier positions. When a recruiter is rewarded only when their candidate is chosen, the search strategy is typically not as customized as retained search.
No One-Size-Fits-All Approach
With no money out of pocket until the right candidate is found, the contingency search process may seem like the best path forward every time. Unfortunately, it’s not that easy.
With no exclusive agreement, recruiters are free to walk away if the search becomes too tricky. In this case, you may have to spend time finding a new search partner while the position remains unfilled, wasting productive time.
Top-level candidates can also be turned off when several recruiters approach them for the same role. When this happens, the employer may look desperate or unfocused when using the contingency search process.
Which Is Right For You
Whether retained or contingency recruitment is best for your business depends on many factors. Examples include:
- Importance Of Position To The Organization
- Types Of Candidates You Want To Attract
In every sense of the word, retained search is more exclusive. It shows candidates the organization is serious about the hire. For senior roles that often require hard-to-find skillsets, the retained executive search process almost certainly garners the best results.
Contingency searches may be best for other roles within an organization or when time and money are tight. A recruiter has a solid incentive to present many candidates quickly since the client is working with several agencies.
Meeting Your Banking & Financial Institution Recruitment Needs
Whether you’re seeking a non-exclusive recruiting partnership to fill a role or want one firm to stop at nothing until the perfect candidate is found, Shanley Search Partners is here to help. With decades of experience, clients across the financial sector depend on us to discover amazingly talented individuals.
- Credit Unions
- Financial Institutions
Unlike other search firms that cover many industries, Shanley Search Partners focuses solely on finance. This high degree of specialization enables us to find and access talent other firms can’t. Typical positions we can fill include:
- Chief Executive Officer
- Chief Financial Officer
- Chief Operations Officer
- Chief Information Officer
- Chief Lending Officer
- Chief Administrative Officer
- Executive Vice President
- Senior Vice President
- Vice President
- Information Technology
- Finance and Accounting
- Human Resources
- Digital Services / Strategy
- Mortgage and Consumer Lending
- Commercial Lending
- Accounting / Finance
- Risk Management / Compliance
At Shanley Search Partners, client satisfaction is our utmost priority. We’re with you regardless of which search method you choose. If you’d like to discuss the recruitment process for your situation, don’t hesitate to get in touch.
Give us a call to learn about the merits of retained search vs contingency search. Our experts would love to understand your situation in greater detail.