In the recruitment industry, there are 3 main types of recruitment: Contingency, Exclusive, and Retained. So what is the difference between them? As a candidate, you should be able to recognise which kind of recruiter has been in touch with you. As an employer, you should consider which type of recruitment suits your business needs better. Whilst exclusive and retained recruitment strategies appear to be similar, here we take a look at the difference between them from an recruiter’s point of view…
Contingency recruitment
This type of recruitment allows for numerous recruiters to find candidates. As the recruiter, we are paid once the position has been filled. The fee depends on the salary and whether candidates pass their probation. It is the type of recruitment that most people have experience of. As a business, the benefits of this type of recruitment are there are no upfront costs, and no costs at all if the vacancy is unfilled. For an agency, they can inform numerous candidates on the open job market, about one particular role. This is typically the strategy used for many jobs not within a niche market, such as administration or retail jobs. For candidates, this means that they might be contacted about the same job by several different agencies. As the candidate, you may not be aware it is the same job because the agency will typically keep their client’s details confidential.
Exclusive recruitment
This type of recruitment is where we are hired exclusively to fill a position. We get paid once the position has been filled but have peace of mind that you we are not competing with others. We will use our professional networks to contact people suitable for the position and will screen candidates prior to putting them forward. This is to ensure we are only putting forward those who are a good fit for your role. For a business, this is advantageous as you are getting a commitment from us. Businesses can be reassured that you will only receive submissions from candidates who meet your requirements. For a candidate, we will have contacted you if we believe you fit this particular role. This shows that the company is committed to finding the right person for the job, rather than recruiting anyone.
Retained recruitment
Often referred to as headhunting, this type of recruitment has all the features of exclusive recruitment, but we are paid an upfront fee. As a client, you pay this fee to demonstrate your commitment to hire from us. In return, you get our commitment to finding the right candidate for you. We use our networks and candidate pool and screen candidates before putting them forward. It is usually used for roles within niche markets where candidate pools are small or difficult to recruit. Similarly, for job roles where the experience and salary requirements are at a higher level. So as a business, your upfront cost may be more expensive but can sometimes cost the same overall if you were to continue to pay several agencies. As a candidate, it shows that the company is serious about hiring for the position and finding the right candidate.
What do we do at Placing Faces?
The type of recruitment we would typically employ here is contingency recruitment. We are recruiting within a niche market and are specialists in the field. Knowledgeable in the mortgage, property, and protection market, we use this knowledge and skillset to provide the best candidates. We see the screening process as being a two-way street. We are committed to finding the best fit for both our clients and candidates. This means ensuring that everybody’s expectations and requirements are met before candidates are put forward for roles. So whether you’re looking for a job, or looking for a new recruit, we are confident that we can find you a new Face!
