Types of Executive Search
Executive search, also called headhunting, is a recruitment service in which organisations engage executive search firms to seek out and recruit highly qualified candidates for senior-level and executive positions.
When organisations elect to use a third-party executive search firm, it is usually due to the lack of internal research resources, professional networks, or evaluative skills to properly conduct the whole recruitment process themselves. Using an executive search firm allows organisations to gain access to a wide range of professional networks the executive search firm has. Organisations also benefit from the firm’s detailed specialised knowledge of the industry or field of specialty.
Often times, executive search firms would act as an intermediary between the candidate and organisation, carrying out the initial screening of the candidate, coordinating the interviews, facilitating negotiations on remuneration and benefits, preparing the employment contract and being involved in onboarding processes.
The contractual relationship between executive search firms and their clients typically falls into two broad categories: contingent and retained.
Retained Search VS Contingency Search
In a retained search, clients pay an up-front fee to the executive search firm to perform a search for a position. The fee is for the time and expertise of the executive search firm, and the search consultant invests time and resources in understanding their client’s industry and individual needs.
In comparison, in a contingency executive search, search consultants seek to place as many candidates in the shortest possible time. They tend to work on many assignments concurrently. They offer their service with no money up front.
Choosing between contingency search and retained search would depend on the seniority level of the position and market factors.
|Contingency Search||Retained Search - Talent Guaranteed|
|Ideal for roles with abundant candidate availability||Ideal for hard-to-fill roles requiring niche skill sets|
|Suited for junior to mid level positions||Suited for mid to senior level positions|
|No up-front fees||Refundable fee deposit required|
Why Retained Search?
Searching for IT talent in Singapore’s candidate-short market comes with a unique set of challenges. This is especially so for niche skill sets. Retained Search is the more effective recruiting method for such a market. At Evolution, our retained search service (Talent Guaranteed) provide clients with these advantages:
- Retained search consultants work with clients on an exclusive basis.
- Search consultant work very closely with the client to develop a methodology, action plan, milestones and timing that is realistic and that matches with the needs of the client.
- Search consultants are true specialist in IT recruitment with a wide network of passive and active candidates. They are also able to provide market insights on trends, industry competitors, compensation and benefit, employer branding etc.
- The goal of the executive search consultant is to present four to five high-quality candidates with the skills, fit, salary etc, desired by the client.
- Intelligence is provided through exhaustive research on the industry, competitors and ideal candidates.
- Candidates are screened and assessed using modern assessment tools and are pre-qualified to fit the position and client's company culture.
- Similar fees as contingency search but offer much more and is guaranteed to yield the results.
- With Talent Guaranteed Retained Search, you will receive full briefings on the search process, competitors, market, and talent pool.
Great recruitment experience
We develop close and effective working partnerships with clients to ensure we understand their strategic challenges and search requirements.
Deep market insights in IT recruitment
Attracting and retaining IT talent begin with knowing what appeals to them. Conducting research studies and gathering market intelligence are essential parts of our search approach.
Ambitious, Innovative and Collaborative
Our values guide our approach to recruiting the best-matched talent for our clients and securing the best opportunities for our candidates.