Why Retained Search?
Most employers agree the following factors justify retained
- A limited candidate pool as specific experience, education,
training or certification is mandatory.
- Other recruiting resources have failed (word-of-mouth, advertising,
internal referrals, agencies, the internet, contingent recruiters,
- The hiring company has potential negatives (losing money, vulnerable
to merger or acquisition, high turnover, low industry standing,
recent reorganization or acquisition, poor location, etc.).
- The compensation range set for the position is below industry
average. Thus, professional help is needed to sell the opportunity.
- The company has interviewed a number of candidates who either
turned down or expressed no further interest in the position.
- The company does not have personnel capable of handling the
demanding requirements for the search.
- The critical nature of the position requires a full-time search
consultant accomplished in all facets of finding, evaluating and
recruiting candidates plus negotiating the hiring package.
- The employer has a highly confidential situation (e.g., replacement
of a key employee, a new market, product or process, etc.).
- Analysis of the position is necessary to determine the exact
prerequisite skills and experiences.
- Analysis of the industry is necessary to determine if such skills
and experiences are available.
- Surveys are advisable to assist the client in developing competitve
- Written reports and summaries are required for management.
Benefits of Retained
Employers cite these benefits:
- Faster, more economical, particularly with fees of 30% - 33
1/3% (based on number of searches) and elimination of monthly
- Provides in depth search, reference checking, candidate briefing,
interview preparation, offer negotiation and acceptance.
- Relieves company of considerable administrative cost, risk and
- Insures maximum assistance from cooperating search firms.
- Minimizes the possibility of candidates accepting counter offers.
- Fosters a bond between the search firm and the client
company. This is due to the development of a thorough knowledge
of the company culture, products, objectives, history, operating
procedures and management vital to recruit top talent.
- BioPharmMed becomes a Public Relations partner and enhances
clients image in the marketplace.
- Most important, because of the commitment on both sides,
the search firm can concentrate on seeking out and attracting
the most qualified and talented individuals who normally are not
on the market. The client is assured of this because the search
firm has entered into an arrangement cemented by the retainer.
There is no doubt that the search firm represents only the client.
To date our clients have benefited from a retained search success
rate of 100%.