Yolk Recruitment are a specialist provider of employee search, engagement and management services. Here at Yolk, our 3 primary areas of expertise include;
Yolk RPO (Recruitment Process Outsourcing), Yolk Retained and Yolk Contingency.
Retained recruitment explained
The hiring demands of businesses differ dependant upon many variables, generally speaking, company size and budget often play a significant role when deciding on the preferred recruitment model to suit your needs.
Retained search is used by organisations to recruit mission and business critical roles where there is a high risk attached to unfilled positions. The roles do not necessarily have to be top level but they will be integral to the deliverables of the organisation. Retained Search might be used in volume recruitment or when a key skill and, or, a particular experience is difficult to recruit.
As opposed to contingency recruitment, the organisation commits to retaining the recruiters services on an exclusive basis by investing in the project on an up front basis. A typical retained model may see the client pay the placement fee on a split payment basis. An example of this may be a third of the fee on engagement, a third of the fee on delivery of a suitable short list, and the final third of the fee upon candidate placement.
When to engage in retained recruitment
Retained recuitment is a popular choice with established businesses requiring executive level hires to fulfill business-critical roles. This partnership and commitment offers both parties the satisfaction that they are working together on the assignment and they can invest time and resources based on the fair and justified remuneration model.
If your business has a project specific volume requirement, or, a one off executive hire, retained recruitment can ensure your complete commitment from the recruiter to fulfill these vital breifs.
It costs the same
It will not usually be more expensive to work on a retained basis with a specialist search firm, and in some cases the fee will be the same as a contingency fee.
The significant difference is the way in which the fees are paid. A portion of the fee will be paid up front, before any work has been carried out at all. This demonstrates a key factor in the relationship between the client and recruiter – showing ultimate trust that the recruiter understands the needs of their business and the type of person they are looking for.
By paying an initial up-front fee, the client gains more attention than any contingency arrangement – as in effect, the client has specifically paid the recruiter to research the market fully on their behalf.
Exploring all possibilities
The next stage is to map the entire market through all the resources available (market knowledge, in-house data, web, advertisements and external research) – most of the best people are in jobs already – so the recruiter’s ability to sell their client’s role is key.
Another valuable outcome for a client is often why some candidates will not be interested in the role, gaining feedback on their company’s perception in the marketplace at the same time.
Level of Reporting
The presentation of market mapping, availability, shortlist of candidates and interview reports are all very in-depth and thorough, as well as the service offered the whole way through the candidate leaving a previous position to joining the client organisation. (A tricky time for all parties, as good candidates are often counter-offered by their existing employer and negotiation skills again come to the fore!)
A retained recruiter will always find a suitable candidate, despite any problems that should arise in the process, and will keep on with the search until the position is filled.
When contingency fails – it’s often then that the client resorts to a retained arrangement – possibly at a much higher cost to the future of their business.
A true partnership. Yolk's Retained Service is a commitment to deliver people with the right skills at the right time to a budget agreed with you. The agreed fee allows our senior, specialist consultants to focus their time to a shared objective. And you can be sure that you will have people working on your behalf, that have a key understanding of the requirement at hand.
Get in Touch
For an informal chat about how our Retained Recruitment Service could benefit your business or to discuss your specific Retention needs please do not hesitate to get in touch.