CHOOSING THE AGREEMENT THAT BEST SUPPORTS YOUR NEEDS:
Depending on factors such as urgency (cost of vacancy), level of confidentiality or magnitude of the potential talent pool, Sanford Rose Associates®-Madison (SRA-Madison) may perform a search under one of three types of fee agreement; engaged, retained or contingency.
If you have a critical hiring need where you cannot afford an error or don’t have the luxury of time on your side, you should strongly consider an engaged search agreement. By sharing a portion of the risk, and having ‘skin in the game’, our clients are typically most comfortable with this arrangement, knowing that this is the best way to fill their critical talent needs.
We fill virtually 100% of engaged searches. SRA-Madison gives our engaged and retained searches the highest priority and will not rest until the position has been filled.
Our candidates also prefer engaged job searches because they know there is a higher level of commitment and probability to the overall process.
We generally see quicker turn-around on interviews and a significant reduction in the overall time on the search. We have successfully filled positions in half the time period of contingency searches, significantly reducing the Cost of Vacancy (COV), making it a great “Return on Investment”.
The retained search represents the ultimate partnership in identifying, attracting, and landing the target candidate from your industry or your direct competitor.
At Director, VP or C-Level higher, this is almost always a question asked by the candidate and the answer determines their level of their cooperation and commitment.
Retained also makes sense where there is a very high need for confidentiality and each phone call or email is critical. Because each retained search is different, talk with your SRA-Madison Consultant if you think this might be the way to go and he or she can work with you on structuring the best approach.
A contingency search may be most appropriate if the search is not urgent, if there is an internal candidate being considered or if there is a reasonable chance that the search might be terminated.
The probability of the search coming to a successful closure is less than half of engaged or retained, often times by no fault of any party; there is simply often inherent uncertainty.
Understandably, it may not be the right arrangement in many situations. Because we employ our Complete Services and our Dimensional Search Process ®, even on contingency searches, SRA-Madison may accept the full risk of a contingency search if the client agrees to move swiftly and provide transparency throughout the process. For example, we must have feedback on candidates we submit within 1-2 business days, updates on any search status changes, etc.
Exclusivity with SRA-Madison always carries weight and adds to probability of success.