Contingency Search
Fees and Methodology
A contingency search is a type of recruitment process that is commonly used in the tech industry. It involves a recruiting firm or agency being paid a fee only if they successfully place a candidate with the hiring company. This fee is typically a percentage of the candidate’s annual salary. In a contingency search, the recruiting firm will send a selection of resumes to the hiring company, who will then interview and select the candidate they consider to be most suited for the role. This process is different from a retained search, where the recruiting firm is paid a fee upfront to conduct an extensive search and remain committed until the recruitment process is seen to its completion.
The advantages
Contingency searches are often used in the tech industry because they can be more cost-effective than other recruiting methods. The tech industry is highly competitive, and companies may need to fill positions quickly to stay ahead of the competition. Contingency searches allow companies to quickly access a pool of potential candidates and only pay a fee if they successfully hire a candidate. However, there are also potential downsides to contingency searches, such as a lack of exclusivity and a higher risk of staff turnover. Hiring companies should carefully evaluate their needs and weigh the pros and cons of different recruiting methods before deciding on a contingency search.
THE PROCESS
AVAILABLE CANDIDATES
Upon receiving a thorough brief where the recruitment consultant will in collaboration with the client understand the circumstances and key requirements for the role, we will reach out to known candidates who fit the profile.
CLIENT INTERVIEWS
Together with the client, the consultant will review and present the identified candidates and agree which ones should be interviewed and liaise between the two parties to coordinate schedules. Following the interviews the consultant will collect feedback from both sides and continue the process.
INTERVIEWING AND VETTING
During this stage, the research team will approach our pool of existing candidates and brief them on the role as well as assess how well they fit the position. Once the assessment and the interviewing phase is complete, the CV will be immediately submitted to the client for the first round.
OFFER STAGE
The consultant will repeat the above process until the client is happy and satisfied that they have identified a potential hire and advise on the offer to be made by giving an indication of expectations and market ranges. The recruitment consultant will continue to speak with both parties until an agreement has been reached.