When a company decides to initiate the retained search model, they choose one executive search firm to take care of their external interests when looking for an ideal candidate for a specific high-level position. The executive firm and company enter into a mutual agreement allowing the firm to exclusively fill in the job position with the best candidate within the agreed timeline. The firm begins the search and becomes the first point of contact for the company’s hiring needs. It represents the company and becomes their ambassador out there. According to many experts, retained search delivers the best results when searching for highly specialized candidates for top-level job positions.

When looking to hire an executive search firm to conduct a retained search for a role in your company, it is crucial that you understand how it works. That way, you know what it entails and what to expect from the search firm. Let us look at the process involved in a retained search.

Developing the roadmap for the search

This is the first step, which involves meeting with the executive search firm representative and developing the road map for the search. The firm engages with you to understand what the specific position entails and what kind of a candidate you require. In other words, it is a research phase to find more about the company and the specifics of the desired role placement. It helps the firm develop a candidate profile or a document that outlines the job position’s scope and the ideal candidate’s requirements, qualifications, and personality traits.

Candidate screening

This involves identifying the potential candidates for the given position based on the developed candidate profile. Here the executive search firm leverages their vast network of contacts and connections to attract highly skilled candidates for the job. It also involves interviewing them and evaluating the most promising candidates to remain with only the top-level ones who fit in the position. As an employer, you only meet with the final vetted candidates who are highly skilled and have a history of executive success. Here, the firm maintains constant communication with you regarding the search process, the potential candidate profiles, and market feedback.

Final interviews 

When the executive search firm vets the final candidates, they present them to you to make your choice. Typically, this may be five or fewer candidates who have the potential to fit in the job position.  The firm works with you to find the ideal candidate who will drive the company to achieve its goals and finalizes the negotiations. At this point, you have now gotten a highly-skilled candidate for your role.

Final background checks

Here the executive search firm initiates the final background checks into the candidates, including verifying all the necessary certification and licensing. Then, they present a detailed reference report to your company that entails the candidate’s fit into the job position profile.

Concluding the retained search

The retained executive search company facilitates a smooth transition of the candidate in filling up the job position and follows up to ensure no problems arise. This leads to the development of a mutually beneficial relationship between you and the recruitment company, which ensures you benefit from a comprehensive hiring process.

Final words

Locating an ideal candidate on your own for a specific executive role is not easy, especially if you need a unique set of skills. However, a retained search simplifies everything and helps you find a top-level candidate.