Retained vs contingency recruitment – which is better?
Many employers err on the side of contingency – seeing ‘pay as you play’ as the more ‘cost-effective’ method. However, when you look at the long-term value a recruiter brings to the table retained is a clear winner.
This is especially so for high-calibre roles in disruptive tech: in the yearly CIO Survey, 3,000 leaders said hiring challenges are proving damaging for the industry. Working closely with one recruiter on your hiring plans, rather than putting every role out to tender, is the best way to maximise your chances of seizing the very top talent.
Here, we explain more about why you need a retained recruiter.
Contingency: a false economy
You’re probably used to using multiple agencies when it comes to contingency recruitment. Recruiters only get paid if they fill the role. The result? A race to place a candidate. It becomes a matter of speed, not quality.
The retained model has the opposite effect. Your recruiter will work hard to find candidates that are a genuine fit for your team. After all, if they want to keep your business, they need to make sure you keep hold of quality people. As a result, you get much more bang for your buck.
They’ll take the time to understand what your needs are now – and in the future. Rather than adopting the false economy of contingency recruitment, retained recruiters will guarantee that the timing and pricing supports long-term business growth plans.
By offering them exclusivity, you’ve put your trust in them, and so the recruiter will want to demonstrate they’re worthy of it.
Retained: sourcing the right talent
Retained recruitment is specifically effective for building teams and filling hard-to-recruit roles. By getting to know the intricacies of your business and where it sits in the market, your agency will be far better placed to deliver an effective solution for your hiring needs.
They will guarantee that each candidate is effectively screened, suitable to the likes of not just the job specification, but your company culture too. You can be certain that you’ll only be presented with candidates who meet your criteria.
Ideally, your recruiter will already have specialist expertise in the technology you’re hiring in. Edge Tech specifically recruit for multiple verticals of the disruptive technologies sectors and can advise you on your end-to-end hiring plan.
Recruitment: more than just finding candidates
Specialist recruiters don’t just help you source top talent. They also have the insight and expertise to advise on where you might be going wrong with your recruitment process. Have you lost a candidate to a competitor or counter offer before? Do you have a high turnover of staff?
By getting under the skin of your business – as well as communicating closely with the candidates in their network – they will help you tighten up your value proposition and hiring process so you never lose out on top talent.
Things like people analytics are incredibly important. A LinkedIn survey found that 73% of talent professionals cited these as a major priority for their enterprise over the next five years. A retained agency will help you to focus on these. Plus, they can prove valuable for using insights to target your specific demographic in the role market – for instance, the survey also revealed that Gen Z is the most likely group to value training.
Introducing Edge Tech: your next talent partner
From RPA to data science, and whether it’s a permanent, contract or interim positions, Edge Tech have the skills and network to help you build a stand-out team in disruptive tech.
Thinking of partnering with Edge Tech? Speak to our team on 01908 382 398 or email info@edgetechconsulting.io.