For many companies, hiring senior-level executives can be a time-intensive process that drains productivity from other important areas of the business. Therefore, hiring retained search firms has emerged as a common practice among businesses of all sizes.
In addition to reducing the time expenditure required of the hiring company, retained search firms can offset the cost of turnover, which can exceed 150 percent of an executive position’s annual salary. By using retained search to seek out executives, companies can realize a greater return on their investments and fill key positions as quickly as possible.
Retained search firms often focus on specific fields, narrowing the search to only those candidates with the experience and qualifications for a particular position. Similarly, these firms benefit from a wide network of candidates and professional contacts, virtually guaranteeing that their reach will exceed that of the hiring company. They also handle all communication between the company and its candidates, streamlining the process and developing trust among all parties involved.