3 reasons for a Retained Search

“It’s expensive”

 “We have always dealt with our PSL”

“It’s recruitment dressed up as something else”

“Aren’t all those guys driving Porsche’s”

“We have always done it this way, why change now”

Here are just 3 reasons why you should consider a retained search for your next hire…

Committed Resource

  • On average contingency recruiters will be working on upwards of 15 vacancies at a time.
  • This means that over a 40 hour working week your vacancy will receive approximately 160 minutes of their time.
  • Typically recruiters prioritise vacancies by fee, interview availability and candidate scarcity.
  • To guarantee the best person for your vacancy is 160 minutes enough time to cover the whole market?

CV’s – Interviews – Hires

  • To guarantee hiring in a timely manner typically hiring executives will engage with 3 – 5 recruitment consultants for every vacancy.
  • Only one can make a placement, this means the other 2 – 4 recruiters will go unrewarded for their efforts, how incentivised are they to find the best person versus sending any relevant candidate that comes close to meeting your job requirement?
  • With a retained search hiring managers engage with one firm, the firm is not working to submit as many candidates as possible instead they are focused on delivering the best candidate possible.

Our average retained search in numbers

1 vacancy – 5 Candidates Sourced – 4 Interviews – 1 hire

Cost  

It’s perceived that Executive Search firm’s fees are much higher than that of a contingency recruiter.

But it makes for an interesting comparison:

The average hiring executives spend upwards of 30 hours dealing with multiple recruiters for each position (this includes review, interviews and negotiations) Average fee for a £100,000 position – £25,000

Retained search reduces the hiring executives’ time to approx. 16 hours

Average fee for a £100,000 position – £30,000

Are 14 hours of hiring executives time worth £5,000?

Is the right hire versus a hire worth £5,000?

Don’t just take our word for it

“I was nervous about the position being touted in the market, we confidentially engaged Midas Global on a retained arrangement and were impressed not only with how they managed the search but how they delivered exactly on our requirement. It has changed our thinking on recruitment processes” – Chairman, International Freight Forwarder.

“We wanted to deal with a single agent for the search, Midas Global due to their network and approach were selected for the assignment.” – CEO, US-based freight & transport company

“We had been looking to fill our position for six months and were not finding the right candidates through our internal recruitment function and our established PSL. Midas offered something different and after 3 weeks of retaining them we had made an offer of employment” – People and Development Director, P.E backed logistics company.

Discuss your search with us…

UK & Europe

James Hughes 

+44 (0) 117 248 2674

James.hughes@midas-global.com

USA & Canada

Samuel Wilding

+1 312 598 3550

Samuel.wilding@midas-global.com

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