Contingency VS Retained
In permanent recruitment there are 2 main models to choose from:
Retained – Our method
Contingency – Traditional recruitment model
So, what is the difference?
With the contingency recruitment model, as a business you pay a recruitment business to find you staff at a pre-agreed % of the annual salary. A key benefit to this model is that you only pay the agency that successfully finds you the candidate you hire. On the surface this sounds great for an employer as you only pay on results. Often employers send vacancies out to several agencies in the hope one of the companies will find the right candidate.
There are however several flaws to this method, below are a few key reasons we choose not to work in this method:
It becomes a race to see which recruiter can send over the CV’s the fastest.
As speed is so important, quality inevitably is reduced.
The candidates you receive are the ones that are available at that snapshot in time not necessarily the best candidates available in the market.
Due to speed being the motivating factor the candidates are likely not to be referenced.
As the vacancy will be with other agencies. Recruiters will not have a high level of commitment, as often the employer will be working with 3 to 4 agencies at one time.
One statistic that supports lack of commitment from recruiters is; Only 1 in 5 vacancies on average were successfully filled by contingency recruiters in 2019.
By working with several agencies often you will receive the same CV from a range of recruiters.
You have to give the brief and feedback to several companies instead of 1 preferred supplier
So, what is the alternative?
At Perfect Path Recruitment we offer a model called retained recruitment (also called deposit-based recruitment) this is a true partnership between the employer and agency. As an employer you commit to work with us exclusively on
the position. By doing this quality then becomes the number one factor not speed (however we do work to pre-agreed timescales). As a result, we take the time to meet you in person, as well as any other stake holders that will be involved in the process. We will get to know the business and where it sits in the market. Once we have a good understanding of the company, we will formulate a detailed brief to ensure we provide you with candidates that will be suitable for the company.
To enhance the candidate attraction, we create a fully branded commercial video for you, by doing this we are able to give a true insight from hiring managers, colleagues and directors from your business. Not only is this great for your
brand but it is a way to entice the best talent in the market and a great way to show how important this position is to you as a company.
We then use our full resources as a business across all channels to assess the candidates that could be suitable for you, this search usually takes up to 10 days however depending on the role this can vary. During this process the
candidates will go through a first phase interview with the recruiter using our industry leading video technology (for more information on our Video platform please click this link). Successful candidates will then be fully vetted and
At this point we will introduce you to each candidate by sending you their CV along with references & the first phase interview that we have already conducted on your behalf.
We will highlight key areas where each candidate is strong and why they have passed the vetting process. From this point we move to arranging interviews. This is where you can utilise our video interviewing technology by hosting fully branded video interviews. As the interviews are recorded this can then be shared with key stakeholders.
As you can see this is a tailored approach to recruitment for companies that value their personnel and wish to attract and maintain the best calibre candidate. To have a discussion about how this could work for you please don't hesitate to
get in touch directly on 033 00 43 43 76.