The Difference between the Retained and the Contingency Recruitment.
The recruitment process is not an easy one, but leaving the position unfilled will be even more expensive. We live in world today where the employers no longer have the luxury to make the hiring decisions as they wish. 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. 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 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 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. 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. When you have some specific position to fill then the retained recruiters will be bets here. Chances are that they know someone that you need.
The contingency work from outside and have less Intel, but their marketing skills are better for the job seekers, and the retainers on the other hand usually have more information. There are a number of things that will determine the best recruiters for you and among them is the position that you are looking to fill, the candidate availability and the industry too. Last but not least, make sure that you choose the right recruiters for whatever type that works for you.