Contingency Search Firms- What is a Contingency Search Firm?
To understand Contingency Search Firms, you must first understand how executive search firms, such as Global Edge Recruiting, work. Executive Search Firms generally have agreements with many different companies to assist them in locating and recruiting the top talent on an ongoing basis. These types of search firms are generally independent contractors / outside vendors.
Executive search consultants should partner with Human Resources and your Talent Acquisition department to assist them in recruiting top talent for your open positions. As a hiring partner, the search firm gathers information about your company and open positions to gain an understanding of the key skills and abilities needed in various roles within your organization. With this knowledge, the search consultant can then network and search for successful candidates with the skill sets needed to work for your company.
The search consultant is responsible for carefully prescreening candidates. If a candidate is identified by the search firm to meet the qualifications of the open position, the search consultant will present the candidate to the hiring authority for review and assist with candidate communications, interviews and follow-up.
If a candidate presented by the search firm is hired by the company, the search firm is paid a commission fee for their work. There are two types of recruiting firms, retainer and contingency. Contingency search firm fees are paid by the employer only if a candidate is hired for the position.